logo-loader
viewTower Resources PLC

Tower Resources seals Kenya entry

africa_topographical_map_350_538d74645c0f7.jpg

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

AIM:TRP
Market: AIM
Market Cap: £5.25 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