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Repsol to spud Walvis Bay well this week

LONDON -- Tower Resources through its wholly-owned subsidiary, Neptune Petroleum Namibia, expects formal notification from Repsol Exploration Namibia, the operator of Namibia PEL0010 (Neptune 30% working interest), that the Rowan Renaissance drillship will commence drilling operations in Walvis Bay, Namibia, by April 25, 2014.

This is a little later than expected owing to prolonged acceptance-testing by Repsol in advance of it taking the drillship on a three-year contract.

The Welwitschia-1 prospect which is targeting net risked recoverable resources of 496 MMboe to Tower' s 30% interest will intersect up to five separate reservoir targets ranging from the Palaeocene-Maastrichtian to the Albian Carbonate sequence at a potential total depth of 3,000 m TVDSS. The operator expects this to take up to 46 days.

Graeme Thomson, Tower Resources' s CEO, commented: "We are very excited that the high potential Welwitschia well is to commence drilling in the coming days. This follows hard-on-the-heels of our announcement of a $32m placing, acquisition of exploration interests offshore South Africa, onshore Zambia and of an interest in Block 2B onshore Kenya where we expect to be drilling in late 2014. We are fulfilling the strategy we set out in mid-2013 to build a pan-African portfolio of high upside exploration licences combined with near-term material drilling opportunities."

04/22/2014

 

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