Tower Resources Spies Hydrocarbons in Namibia

Tower announced its final results for the 12 months ended December 31, 2010.


  • Namibia
    • Independent Competent Persons Report (CPR) in mid-2010 confirmed huge potential based on 2-D seismic
    • 3-D seismic survey interpretation has been completed since the year end and confirmed clear structural closure, sustained reservoir thickness and direct hydrocarbon indicators at the main Maastrichtian prospect level
    • A recently identified Albian age reservoir may be significant.
    • 3-D AVO interpretation fine tuning still in process but near completion
    • CPR update incorporating full 3-D interpretation underway and due for completion by end-June 2011
    • Financial and operational planning activities in progress with a view to drilling early in 2012
  • Uganda
    • Prospectivity of EA5 has been enhanced by the results of an aero gravity gradiometry survey
    • A probable oil generation kitchen has been identified
    • A large high structural area has also been identified where reservoir quality may be productive
    • A seismic survey is ready to begin so that a well can be drilled before the end of 2011

Commenting on the results, Peter Kingston, Executive Chairman of Tower said, "The 3-D seismic data acquired in Namibia has confirmed the exciting potential in the Delta Maastrichtian reservoir with very strong hydrocarbon indications being seen. A second potentially significant reservoir has been identified in a formation of Albian age and the secondary leads have been confirmed to be present. A well early in 2012 will finally test one of the world-class, multi-billion barrel resource potential prospects in the Company's Namibian License. While Namibia can transform Tower as a company, I am pleased that Uganda may still deliver substantial shareholder value from a well in the second half of this year. The next year promises to be one of the most exciting of my professional career."


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Petroleum / Facilities Engineering Specialist - Offshore
Expertise: Petroleum Engineering
Location: Houston, TX
Petroleum Engineer
Expertise: Petroleum Engineering
Location: Houston, TX
Reservoir Engineering (Oil / Gas Reservoir Management)
Expertise: Reservoir Engineering
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours