08:00 Thu 03 Oct 2019
Tower Resources PLC - Namibia Update
3 October 2019
Namibia Update
Tower has disclosed technical and commercial information to a major international oil company, in order to explore the potential to co-operate in respect of Tower's Namibian Blocks. This follows preliminary discussions initiated by that company and held earlier this summer.
"This process is at a very early stage, and may not lead to any agreement. However, it does provide a timely reminder that, in addition to our
Our Namibian Blocks, in which we have an 80% interest as operator, include two giant four-way dip closures in the West and four large structures in the Dolphin Graben where the 1994 Norsk Hydro well 1911/15-1 encountered three source rock intervals, and recovered oil from Albian carbonate core samples.
Our Algoa-Gamtoos license in
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Contacts:
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+44 20 3470 0470 |
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+44 20 7659 1234 |
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+44 20 3657 0050 |
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+44 7764 947 137 +44 7951 402 336 |
Notes:
Tower Resources Cameroon S.A, a wholly owned subsidiary of
The Thali PSC covers an area of 119.2 km², with water depths ranging from 8 to 48 metres, and lies in the prolific
An independent Reserve Report conducted by
· Gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks;
· Gross mean prospective resources of 20 MMbbls of oil across the Njonji South and Njonji South-West fault blocks;
· Gross mean prospective resources of 111 MMbbls of oil across four identified prospects located in the Dissoni South and Idenao areas in the northern part of the Thali licence;
· Calculated EMV10s of
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