Petroleum Africa
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Monday, January 27, 2014
Tower Resources has made considerable progress in its farm-out process for its acreage in Namibia. The company is seeking a farm-in partner for a 10% working interest in Namibia’s PEL 0010. Tower said that a number of interested parties have conducted a full review of the data-room and subsequent follow-up enquiries have been or are in the process of being dealt with.
Tower expects the final well design and budget to be agreed soon with its partners, Repsol and Arcadia, and anticipates that this should allow the farm-out process to be brought to a timely conclusion.
Tower and its partners are preparing to drill their first well on the acreage, the Welwitshcia-1 well. The contracted drillship, the Rowan Renaissance, departed from South Korea last week. It is now expected that the well will spud on April 11.
Jeremy Asher, Chairman of Tower, said “We are pleased with the progress on the farm-out process and on the planning and preparation for the important Welwitchia-1 well, one of the largest upside wells to be drilled by an independent in 2014. We are also well advanced on a number of possible new ventures and we hope to be able to say more about these in the near-future.”
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