Petroleum Africa
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Thursday, October 1, 2015
Tower Resources issued an operational update of its activities in Africa. In Cameroon the company signed the Thali Block PSC in September. The company said it is now reviewing existing discoveries and upside potential, as well as planning for H1 2016 3D seismic.
In Zambia the completion of the initial period commitments in Blocks 40 and 41 of the frontier Zambezi basin showed encouraging results. In Nambia the company submitted an application for new licenses covering PEL0010 and other areas to the Namibian Ministry of Mines and Energy following PEL0010 relinquishment notice being submitted by the operator, Repsol.
In Kenya the company drilled the Badada-1 exploration well on Block 2B, unfortunately it was not a success which has led to Tower and Premier giving notice to exit the license.
Graeme Thomson, CEO of Tower said: “Our September entry into the Cameroon shallow waters marks a shift in our risk profile from frontier towards proven producing basins and introduces an asset with existing discoveries and significant upside to the Tower portfolio. In Namibia, we have a number of applications in process as we seek to build our acreage position in what remains a hugely underexplored but highly prospective area. Our early stage field work in Zambia has been encouraging, and we have now received approvals in South Africa to move into the next license stage on Algoa-Gamtoos. These positive developments have been made possible largely through the support of existing and major new institutional shareholders and the unstinting efforts of the directors, employees and consultants, for which we are grateful.
“We have now refocused our portfolio and resources to areas predominantly on the Atlantic Margin where we are confident we can add value even in this difficult market. Accordingly, we have withdrawn from areas where we feel there is no medium-term likelihood of commercially worthwhile success. Our near-term commitments are low, and yet we have significant working interest holdings which we aim to farm down as appropriate to manage our risk-reward position. Tower intends to take advantage of the current difficulties in the sector to continue to assemble a high quality acreage portfolio in our focus areas.”
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