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Tower Resources more likely to find oil in Namibia, expert says

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Namibia focused explorer Tower Resources (LON:TRP) is more likely to find oil in its next well, according to a new competent person's report.

Tower hired Oilfield International, which has assessed the group’s assets in light of recent exploration activity in the area.

Most significantly, Brazilian firm HRT struck oil with its Wingat exploration well, and, as a result, Oilfield International believes Tower’s Welwitschia prospect is more likely to find oil rather than gas: it estimates the probability of finding light oil has increased to 65% from 50%.

Similarly, the consultant says the Alpha, Gamma and ‘inter structural’ prospects are also now thought to have a 65% chance of finding oil (rather than gas), up from 45%.

Oilfield International said there was insufficient evidence to make an inference from the third party wells to make volumetric estimates for the Welwitschia prospect. Similarly, the geological chance of success remains unchanged.

"Oilfield International's view of an increased probability of the Welwitschia and surrounding prospects containing volatile oil is welcome news and is aligned with our positive view of the results of the Wingat-1 well,” said chief executive Graeme Thomson.

According to Thomson, the Welwitschia well, which is slated for the first quarter of next year, is one of the highest impact exploration wells to be drilled in sub-Saharan Africa in 2014.

Quick facts: Tower Resources PLC

Price: 0.575 GBX

AIM:TRP
Market: AIM
Market Cap: £6.35 m
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