8th Feb 2021 10:36
(Alliance News) - Tower Resources PLC on Monday said its subsidiary Rift Petroleum Ltd has received updated resource estimates from its partner and license operator New Age Energy Algoa Ltd for the Algoa-Gamtoos license, offshore South Africa.
The Africa-focused oil and gas company said the reprocessing work encompassed 4,500 line kilometres of 2D seismic data, incorporating data already owned by the partners, plus data acquired from the Petroleum Authority of South Africa. This includes tie lines from Brulpadda to the Algoa-Gamtoos area, together with two post-stack merged 3D seismic surveys in the Algoa Basin.
The work was undertaken by Petroleum Geo-Services, with the focus on creating a time and phase matched dataset covering the Gamtoos Basin and the Deepwater, or the Outeniqua basin, section of the license area.
"The resulting seismic dataset shows an overall improvement in bandwidth, de-noise and imaging. Structural imaging is substantially sharper than in the previous vintage dataset, gathers are significantly flatter with less noise, and the operator places greater confidence in the amplitude versus offset analysis," said Tower Resources.
"The impact on what can be seen in the Deepwater, or Outeniqua basin, section of the license is especially pronounced, allowing the operator to identify a deeper level slope, as seen at Brulpadda, and three separate reservoir targets," it added.
The targets include a shallow section, to which the operator ascribed 470 million barrels of oil equivalent recoverable resources, a deeper slope section to which it ascribed 231 million barrels, and a basin floor fan section with 710 million barrels. The figures all are mean values within a range probable resource estimates.
In addition, Tower Resources said NewAge has identified a new "substantial" lead in a submarine fan complex in the shallow-water Gamtoos area of the license, which it estimates to contain 135 million barrels of oil equivalent Pmean recoverable resources. Overall, it has increased the portfolio volumes by 54% as a result of reprocessing seismic data and reinterpretation.
Shares in Tower Resources were up 11% at 0.56 pence in London on Monday.
By Zoe Wickens; [email protected]
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