21st Jan 2015 14:53
LONDON (Alliance News) - Tower Resources PLC Wednesday said the Badada-1 well, in Block-2B onshore Kenya, is planned to be drilled to a total depth of between 3,000 and 4,000 metres in order to test primary targets in Tertiary age reservoirs.
Tower Resources, an Africa-focused oil and gas exploration company, owns a 15% interest in Block-2B. Lion Petroleum Inc, a subsidiary of Taipan Resources Inc is the operator, while Taipan holds a 30% working interest. Premier Oil PLC holds a 55% interest.
The well is expected to take up to 70 days to complete, according to Tower Resources.
"The company will provide the next operational update in approximately two weeks when Badada-1 has progressed further. A comprehensive update will also be provided once operations on the Badada-1 well have been fully completed and analysed," the company said in a statement.
Shares in Tower Resources rose 18.2% to 0.650 pence Wednesday afternoon. Premier Oil shares were trading 3.9% higher at 148.10 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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