22nd Apr 2014 12:02
LONDON (Alliance News) - Tower Resources PLC Tuesday said it expects formal notification from Repsol Exploration Ltd that the Rowan Renaissance Drillship will start drilling operations in the Walvis Bay, Namibia by April 25.
The independent oil and gas exploration company focused on Africa said the start-date is later than the previously announced end-March date due to prolonged testing by Repsol, the operators of its PEL0010 site, in advance of it taking the drillship on a three-year contract.
The company said the Welwitschia-1 prospect at the PEL0010 site 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 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 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 4.9% to 4.26 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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