Tower Resources PLC’s (LON:TRP) partner in the Algoa-Gamtoos license, offshore South Africa, has provided a new prospective resource estimate which details the potential for some 5.27bn barrels of oil to be present.
The company, in a statement, highlighted that the new estimates are triggered by the reprocessing of 4,500 kilometres of 2D seismic data which improved the image quality, improved confidence, and identified new targets.
Altogether, the new estimates have increased prospective resources by 54%.
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New Age Energy Algoa, Tower’s partner and project operator, highlighted that the impact of new seismic data is especially pronounced in the deep-water areas in the project area.
A ‘deeper slope’, previously unseen by the operator, has been estimated to host a potential 231mln barrels of resources and a ‘basin floor fan’, also not seen previously, ascribes some 710mln barrels of potential resources.
It identifies a ‘submarine fan complex’, in the shallow water section, with 135mln barrels.
At the same time, another shallow portion of the project area is also estimated to host a slightly larger resources, now marked at 470mln barrels.
Algoa-Gamtoos is located adjacent to Total's Blocks 11B/12B, where the French oil major has discovered over 1bn barrels of oil.