3rd Oct 2019 10:02
(Alliance News) - Tower Resources PLC on Thursday said it is in talks with a potential partner to collaborate on the development of its 1910A, 1911 and 1912B blocks in Namibia.
The AIM-listed oil & gas company said it has shared technical and commercial information of its Namibian blocks with an undisclosed oil company, in order to explore the co-operation potential.
This follows preliminary discussions initiated by that company and held earlier this summer, Tower explained.
"This process is at a very early stage, and may not lead to any agreement," cautioned Tower Chair & Chief Executive Jeremy Asher.
Tower's Namibian blocks, in which it has an 80% interest as operator, include two four-way dip closures in the west and four structures in the Dolphin Graben.
The stock was trading 13% higher on Thursday in London at 0.42 pence a share.
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Tower Resources