24th Apr 2014 12:14
LONDON (Alliance News) - Tower Resources PLC Thursday announced that it has received notification that its drillship has started drilling the Welwitschia-1 well in Namibia.
The independent oil and gas exploration company focused on Africa said it received formal notification from Repsol Exploration Ltd, the operator of the PEL0010 site that its drillship started drilling Wednesday.
The company said earlier this week that the new start-date is later than the previously announced end of March date due to prolonged testing by Repsol in advance of it taking the drillship on a three-year contract.
The Welwitschia-1 prospect is targeting net risked recoverable resources of 496 million barrels of oil equivalent to Tower's 30% interest in the site and intersect up to five separate reservoir targets.
Tower Resources has said that Repsol expects the process to take up to 46 days and during drilling there will be no updates to the market due to the particular classification of the drillhole.
The company said earlier this week that it will provide a comprehensive update only once operations on the Welwitschia-1 well have been fully completed and analysed.
Tower Resources shares were down 1.4% to 3.92 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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