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Tower Resources seals Kenya entry


Tower Resources (LON:TRP) has completed its farm-in to Block 2B, onshore Kenya, where preparations are underway for the Badada exploration well.

It has acquired a 15% interest in the project from Taipan Resources subsidiary Lion Petroleum, and it will now also partner Premier Oil (LON:PMO) which acquired 55% of the asset in October.

Block 2B, located in Kenya’s Anza basin, is estimated to contain 1.5bn barrels of prospective resources across 19 exploration leads. And the partners are now analysing recently acquired 2D seismic data to identify drill locations.

Badada, the first well on Block 2B, is planned for late 2014 or early 2015. This prospect is estimated in the order of 251mln barrels oil equivalent.

"We are extremely pleased to conclude this exciting farm-in to Kenya at a time when it is opening up as an oil province,” Tower chief executive Graeme Thomson said.

“The farm-in perfectly fits our strategy of securing material positions in very high upside exploration assets coupled with near-term drilling which offers the potential to materially add-value for shareholders. 

“This licence is right at the forefront of new plays and we look forward to drilling in the coming months."

In the meantime, the Block 2B partners’ plans may be boosted by nearby exploration drilling, as Marathon Oil is currently drilling the Sala-1 well, a large prospect (400mln barrels) in the Cretaceous Anza rift system. A result is expected for Sala this month.

Quick facts: Tower Resources PLC

Price: 0.475 GBX

Market: AIM
Market Cap: £5.25 m

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