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Tower Resources encouraged for Welwitschia-1 well by nearby results

BY IAIN PACKHAM

LONDON --Tower Resources, said that the recent Wingat-1 well drilling results from HRT Participacoes em Petroleo, on the Walvis Basin offshore Namibia, offers significant encouragement for Tower' s Welwitschia-1 well, scheduled to be drilled in the first half of 2014.

Wingat-1 is located in Petroleum Exploration License 23 in the south of the Walvis Basin, some 200 km south of Tower' s multi billion barrel Welwitschia-1 prospect, which is to be drilled by mid 2014 in PEL0010 by its operator,Repsol.

A report published by Oilfield International in October 2011, attributed net risked recoverable resources of 458 MMboe to Tower' s 30% interest in this first prospect alone, which is just one of four large dip closed prospects within the acreage.

The Wingat-1 wildcat well was drilled to a total depth of 5,000 m and whilst not encountering commercial quantities of oil, recovered four samples of light 38 to 42 degree API oil from thin sands of undisclosed age.

It drilled through two well developed source rocks, which are rich in organic carbon and both are within the oil generating window. The principal target of the well, a carbonate reservoir in the Albian, was not as well developed as HRT had anticipated.

Offshore Namibia remains exceptionally under explored, with just 12 wildcat wells drilled along a coastline of 1570 km and one of the key uncertainties remains the distribution of mature oil prone source rock.

The Wingat-1 well provides clear evidence that oil has been generated and migrated, and is especially encouraging in identifying not just one but two source intervals, both in the ' oil window' .

Dow Jones Newswires

05/23/2013

 

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