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Wednesday, July 3, 2013
Tower Resources issued an update on an independent update to the CPR compiled by Oilfield International in June 2011. With respect to Tower’s 30% working interest in Namibia Petroleum Exploration License 0010 (PEL 0010), held through Neptune Petroleum.
The CPR update was provided by Oilfield International in view of the significance of the following exploration drilling results within the WalvisBasin, offshore Namibia, and the potential impact on the prospectivity of PEL 0010. The wells most recently drilled offshore Namibia were the Tapir South-1 drilled by Chariot Oil & Gas in 2012 and the Wingat-1well drilled by HRT earlier this year.
The CPR said that the probability of encountering light oil relative to gas in the Welwitshia Prospect increased from 50% to 65%, and in the Alpha, Gamma, and other inter-structural prospects has increased from 45% to 65%. This assessment is primarily driven by the discovery of light oil in the Wingat-1 well and the presence of abundant source rock.
Commenting on the CPR update Graeme Thomson, CEO, stated: “Oilfield International’s view of an increased probability of the Welwitschia and surrounding prospects containing volatile oil is welcome news and is aligned with our positive view of the results of the Wingat-1 well communicated to the market on May 22, 2013. As a result of the increased probability of a volatile oil case, their best estimate of net risked prospective resources being targeted with the Welwitschia-1 well, scheduled for Q1 2014, has increased from 458 mmboe to 496 mmboe. We believe that the shareholders of Tower Resources are exposed to one of the highest impact exploration wells scheduled for 2014 in sub-Saharan Africa.”
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