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Tower Resources advances possible co-operation with international oil major

Tower chief Jeremy Asher said the early stage situation may not lead to a deal but its a timely reminder that the explorer has extremely attractive exploration opportunities in its portfolio.

Tower Resources PLC - Tower Resources advances possible co-operation with international oil major

Tower Resources PLC (LON:TRP) revealed it is advancing its partnering efforts, sharing key technical and commercial information with "a major international oil company".

In a statement on Thursday, the AIM-listed company told investors that it shared the information "to explore the potential to co-operate in respect of Tower's Namibian Blocks".

This comes after preliminary talks between the parties during the summer.

WATCH: 'Major oil firm' expresses interest in Tower Resources' Namibian assets

"This process is at a very early stage, and may not lead to any agreement,” said Jeremy Asher, Tower chief executive.

“However, it does provide a timely reminder that, in addition to our Cameroon appraisal and development project, the company has two extremely attractive exploration opportunities in Namibia and South Africa.”

Highlighting geology, Asher added: “Our Namibian Blocks, in which we have an 80% interest as operator, include two giant four-way dip closures in the West and four large structures in the Dolphin Graben where the 1994 Norsk Hydro well 1911/15-1 encountered three source rock intervals, and recovered oil from Albian carbonate core samples.”

He also, separately, noted that Tower’s 50% owned Algoa-Gamtoos license, in South Africa, adjoins Total's license where it made its recent 1-billion barrel Brulpadda gas-condensate discovery in the Outeniqua basin.

Quick facts: Tower Resources PLC

Price: 0.3899 GBX

AIM:TRP
Market: AIM
Market Cap: £2.94 m
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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

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