21st Sep 2018 11:43
LONDON (Alliance News) - Tower Resources PLC said Friday that New Age Energy Algoa Ltd, the operator of the Algoa-Gamtoos licence in South Africa, is seeking a partner for a share of the licence working interest.
Tower Resources holds a 50% stake in the licence through its subsidiary Rift Petroleum Ltd.
New Age has appointed ENVOI Ltd to conduct a farm-out process to seek a partner in the licence in return for funding a further 3D seismic survey over a portion of the licence area, Tower Resources explained.
Tower Resources Chief Executive Officer Jeremy Asher said: " We look forward to seeing further 3D data which should enable us to identify, with our partners, the best locations for drilling.
"We believe that each of the three plays on the Algoa-Gamtoos license is interesting and any one, or all three of them, can justify further exploration and we look forward to providing further updates as the farm-out process progresses."
Tower Resources shares were trading down 5.6% at 1.51 pence each.
Related Shares:
Tower Resources