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Tower Resources expects Welwitschia-1 to spud by Friday


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: 0.3819 GBX

Market: AIM
Market Cap: £5.06 m

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