Tower Seeks South African Farm Down

Monday, September 24, 2018

Tower Resources updated its farm out of its Algoa-Gamtoos license in South Africa. The company holds a 50% interest through its wholly owned subsidiary, Rift Petroleum, partnered with operator New Age Energy Algoa.

New Age have appointed Envoi to conduct a farm-out process on behalf of both New Age and Rift to seek a partner for a material share of the license working interest, in return for funding a further 3D seismic survey over a portion of the license area.

The new 3D seismic survey would focus on the Gamtoos Basin and/or the South Outeniqua Basin, the latter being part of the slope margin play being targeted by Total, Exxon and Equinor in adjacent acreage. Any prospects identified and high-graded during the processing and interpretation of the new 3D dataset could ultimately lead to a well being drilled in the third Renewal Period, presently due to end in December 2023.

In December 2017 Rift, together with New Age, entered the first two-year Renewal Period, having integrated the results from the reprocessed existing 2D seismic dataset together with the 2D and 3D seismic survey acquired as part of the Initial Exploration Period. The operator’s work during the Initial Exploration Period and the current Renewal Period has led to the generation of an enlarged inventory of prospects and leads across the three basinal plays identified on the Algoa-Gamtoos block. The initial (unaudited) prospective resources estimate, prepared to the SPE resource classification standard by the operator for the five primary new prospects/leads identified during that process, is summarized on an unrisked volumetric basis.

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