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Thursday, September 4, 2014
Tower Resources released its Interim Results for the six months ended June 30, 2014. In the report the company highlighted strategic developments that took place during the period. During H1 the company saw the all-share acquisition of Rift Petroleum Holdings Ltd. which gave it entry into South Africa and Zambia. It also saw the company’s farm-in to Kenya’s onshore Block 2B. The farm-in gives Tower exposure to the drill-ready Badada-1 well scheduled for drilling in late-2014/early-2015.
Operationally Tower is seeing the ongoing processing and interpretation of 3D seismic acquired over the Algoa-Gamtoos license in South Africa and there is also the reprocessing and merging of an older 3D survey. Geological fieldwork in Blocks 40 and 41 in Zambia was completed in August 2014 and evaluation of samples and information is underway.
The period also saw the drilling of the unsuccessful Welwitschia-1A exploration well in Namibia’s Walvis Basin. Despite the less than stellar results from drilling in Namibia, post well studies are continuing on License 0010 and a conditional application has been made for the next exploration period. Unfortunately the partners are in the midst of a dispute over drilling costs.
Graeme Thomson, CEO, commented: “This has already been an extremely busy year for the company. The first-half of 2014 saw us participate in the drilling of the Welwitschia well and our new business drive came to fruition with the acquisition of Rift Petroleum and our farm-in to Block 2B in Kenya. Whilst the potential upside of Welwitschia was clear, we were conscious of the high-risk nature of all frontier exploration, and instigated a program of portfolio diversification which maintained Tower’s focus on game-changing exploration opportunities while at the same time mitigating the reliance on Namibia. Despite the Namibia drilling program being a disappointment for us, our near term drilling in Kenya is evidence of the prudent early steps which were taken to turn Tower into a pan-African explorer with a broadening portfolio of high-impact exploration opportunities.”
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