logo-loader
viewTower Resources PLC

Tower Resources expects Welwitschia-1 to spud by Friday

drill_pipe350_5356197881b1e.jpg

Tower Resources (LON:TRP) has been notified by the operator of the Welwitschia-1 prospect offshore Namibia that drilling will commence by 25 April.

Tower, which has a 30% interest, said the start date its later than expected owing to prolonged acceptance-testing by operator Repsol in advance of it taking the drillship on a three-year contract.

Welwitschia-1 is targeting net risked recoverable resources of 496 mmboe to Tower's 30% interest and will intersect up to five separate reservoir targets ranging from the Palaeocene-Maastrichtian to the Albian Carbonate sequence at a potential total depth of 3,000m. 

The well is expected to take up to 46 days to drill, but Tower advises there will be no updates during this period and a comprehensive update will be published once the results have been analysed.

Graeme Thomson, Tower's chief executive, said: "We are very excited that the high potential Welwitschia well is to commence drilling in the coming days. 

“This follows hard-on-the-heels of our announcement of a $32m placing, acquisition of exploration interests offshore South Africa, onshore Zambia and of an interest in Block 2B onshore Kenya where we expect to be drilling in late 2014.”

Quick facts: Tower Resources PLC

Price: 0.525 GBX

AIM:TRP
Market: AIM
Market Cap: £5.8 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Tower Resources PLC named herein, including the promotion by the Company of Tower Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: 'Major oil firm' expresses interest in Tower Resources'...

Tower Resources PLC's (LON:TRP) Jeremy Asher speaks to Proactive London's Andrew Scott after revealing they're advancing partnering efforts - sharing key technical and commercial information with 'a major international oil company'. Asher says they've shared the information to explore the...

on 4/10/19

2 min read