Petroleum Africa
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Tuesday, September 3, 2013
Tower Resources updated its progress on the Wilton Petroleum acquisition, announced on July 3. Wilton holds a 20% stake in Madagascar’s Marovoay Block 2102, partnered with operator Ophir Energy.
Due to the decision by Ophir not to drill the commitment well, which under the agreement with the government has to be drilled by April 2014, Tower and Wilton have agreed to push back the completion date of the acquisition until September 30.
The commitment well due to be drilled by April 19, 2014 is related to Wilton’s carry of $4 million by Ophir. Discussions between the parties are in progress, including the Wilton vendors.
Jeremy Asher, chairman of Tower, commented: “In the light of Ophir’s changed position, discussions are progressing to restructure our arrangements in a way that better suits the current objectives of all parties concerned, including the Madagascan authorities and ourselves. There have been positive proposals and hence we have agreed an extension to the closing deadline and will provide a further update as soon as appropriate.”
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