logo-loader
viewTower Resources PLC

Tower Resources rally continues as investors look forward to Kenya drilling

oil_rig_drillbit350_543669c3e7a99.jpg

Anticipation of new drilling in Kenya sees Tower Resources (LON:TRP) shares rising again on Thursday.

Following up yesterday’s rally the explorer’s shares were up 14% this morning changing hands at 0.83p each.

The share is now up 25% for the past two days.

Drilling on the Badada-1 well in Kenya is expected to start somewhere between mid-December 2014 and mid-January 2015.

Tower, which has a 15% working interest in the well, said the operator, Taipan Resources, has contracted the GW-190 land rig for planned drilling.

The well, described as a “potential play-opener” by Tower, is planned to be drilled to a total depth of between 3,000 and 4,500 metres to test primary Tertiary age reservoirs and, dependent upon results, secondary upper Cretaceous age reservoirs.

If the Badada-1 well is successful it will de-risk many other prospects and leads within Block-2B and provide important information about the detailed geological evolution of the Anza Basin to aid future exploration.

Preparations at the well site are already underway with a number of auxiliary services and long-lead items already contracted. Gross well costs remain estimated at US$20 to US$25 million (US$3.0 to US$3.75 million net to Tower).

"We are very excited by the upside potential in Block-2B and whilst this is a frontier well, if it succeeds then there is scope for repeating the success several times over,” said Graeme Thomson, chief executive officer of Tower.

“There are already a large number of leads mapped and additional seismic in 2015 could delineate these so that an aggressive exploration programme can follow in 2016/17," he added.

Quick facts: Tower Resources PLC

Price: 0.45 GBX

AIM:TRP
Market: AIM
Market Cap: £4.97 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