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Tower Resources shares up as Repsol farm-out approved

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Tower Resources (LON:TRP) shares rose in early deals as it said it has received approval for its farm-out agreements with Spanish major Repsol.

The approval from the authorities means the firm will double its interest in licence 0010, and planning for a well on the Delta prospect offshore Namibia can now begin.

Repsol will become the operator and the partners' interests will be Repsol 44%, Tower 30% and Arcadia 26%.

Tower's chief executive, Graeme Thomson said today that Repsol was one of the foremost experts in West African offshore exploration.

 "Planning for drilling the Welwitschia well on the Delta prospect, which our CPR [competent person's repot] indicates has multi-billion barrel potential, can now progress in earnest," he said.

Given market conditions it is now expected that the tender and procurement processes for the long-lead items could take around a year, he added.

Tower's Namibian licence is targeting the giant Delta structure with five targets estimated to contain 9.3 billion barrels of recoverable oil and 14.5 trillion cubic feet of gas.

Tower shares rose 5.15% to 2.55 pence in early deals.

Quick facts: Tower Resources PLC

Price: 0.37 GBX

AIM:TRP
Market: AIM
Market Cap: £4.9 m
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