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Wednesday, April 23, 2014
The Welwitschia-1 well offshore Namibia has a new spud date, April 25. The date is a little later than expected due to prolonged acceptance testing on the rig contracted to drill the well, the Rowan Renaissance, by Repsol the operator of the well.
Repsol is partnered with Tower Resources on PEL0100 through its wholly owned subsidiary Neptune Petroleum.
The well is located offshore Namibia on PEL0100 and is targeting net risked recoverable resources of 496 million boe to Tower’s 30% interest and will intersect up to five separate reservoir targets ranging from the Palaeocene-Maastrichtian to the Albian Carbonate sequence at a potential total depth of 3,000 meter TVDSS.
During drilling there will be no updates to the market as this well is classified as a tight hole. Accordingly the company will provide a comprehensive update only once operations on the Welwitschia-1 well have been fully completed and analyzed.
Graeme Thomson, Tower’s CEO, commented: “We are very excited that the high potential Welwitschia well is to commence drilling in the coming days. This follows hard-on-the-heels of our announcement of a $32 million placing, acquisition of exploration interests offshore South Africa, onshore Zambia and of an interest in Block 2B onshore Kenya where we expect to be drilling in late 2014. We are fulfilling the strategy we set out in mid-2013 to build a pan-African portfolio of high upside exploration licenses combined with near-term material drilling opportunities.”
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