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UPDATE - Tower Resources looks ahead to Welwitschia well as drillship arrives in Namibia



Excitement is growing for the drilling of the Welwitschia-1 well offshore Namibia as the Rowan Renaissance drillship has now arrived.

Tower Resources (LON:TRP), which has a 30% stake in the Repsol operated well, confirmed the drillship arrived in Namibia yesterday.

The new build ship will now be prepared and tested by Repsol, which has it on a three year contract, and it is expected to begin work on Welwitschia-1 on or around 11 April.

It is expected that the well will spud one week thereafter.

On AIM, Tower shares advanced over 7% this morning to trade at 5.58p each.

“2014 is all about the Welwitschia-1 well and shares have risen to within proximity of our price target range (5.6p-9.4p) on anticipation of the spud,” Northland Capital analyst Andrew McGeary said in a note.

“Despite Tower’s strong recent run, the well maintains potential to be a company maker. 

“Conversely, whilst a negative result would not entirely destroy the company, a dry hole could remove the majority of value from the shares.”

Quick facts: Tower Resources PLC

Price: 0.37 GBX

Market: AIM
Market Cap: £4.9 m

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