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Tower Resources encouraged by Namibian oil discovery

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Tower Resources (LON:TRP) says it is encouraged in the build up its first drill programme offshore Namibia, after another explorer made the country’s first oil discovery.

Brazilian explorer HRT found oil it the Wingat well, but not in commercial volumes.

While by no means a home run Wingat, the first well in HRT’s three well programme, represents something of a landmark in the Namibian oil exploration story following previous disappointments.

Wingat is located in the south of the Walvis basin, about 200 kilometres from Tower’s Welwitschia prospect. 

Drilling is slated for the first half of next year at Welwitschia, a Repsol operated multi-billion barrel prospect. 

"This result is very encouraging for the future potential of the Walvis Basin and for our upcoming well,” said Tower chairman Jeremy Asher. 

“Although the chance of success at any individual prospect depends on several factors, the presence of more than one mature source rock interval significantly reduces the overall risk in the basin, and should encourage additional exploration activity. 

“We hope that this result, along with additional evidence from seeps and other offset data, such as the Norsk Hydro well, will also dispel the myth that Namibia is solely a gas province, and we look forward to the result of HRT's next well in the Walvis Basin, Murombe-1.”

 

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