27th May 2014 15:09
LONDON (Alliance News) - Tower Resources PLC Tuesday said it now expects to recommence drilling of the Welwitschia-1A well in Namibia during the first week of June, and for it to be completed within budget.
Last week, the AIM-listed Africa-focused oil and gas exploration company said there has been a delay to its drilling schedule in Namibia, and while it will not have a material financial consequence for the company, it doesn't expect drilling operations to recommence until the end of May.
Tower said Tuesday that it now expects drilling of the Welwitschia-1A well in Namibia to re-commence during the first week of June and to be completed within budget.
Tower Resources said that preparation for the first potentially play-opening well, Badada-1, on the Kenya Block-2B are underway with spudding expected towards the end of 2014 or early 2015.
The group said that processing and interpretation of 3D seismic acquired over the Algoa-Gamtoos licence earlier in the year in South Africa is currently underway and is expected to be completed in the third quarter of this year.
Tower Resources also said Tuesday that it is still in negotiations with the Cameroon government with regard to the Dissoni block offshore Cameroon following its selection as preferred bidder in a licence round held in 2013.
Tower said it hopes that a production sharing contract can be agreed soon, and that 3D seismic acquisition can commence in early 2015.
Shares in Tower Resources were trading 4.0% higher at 3.05 pence Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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