Repsol Namibian Well to Spud February 2014

Sub-Saharan Africa-focused Tower Resources reported Friday that drilling of the Welwitschia-1 well in the Walvis Basin, offshore Namibia, is now planned to begin in mid-February 2014. The company confirmed a firm rig is in place, a drilling located agreed, a site survey largely completed and the longest lead items are being manufactured.

Tower said Repsol, the operator, will take delivery of the Rowan Renaissance (UDW drillship) in December this year when it will move directly to Namibia.

Tower CEO Graeme Thomson commented in a company statement:

"Preparations for the Welwitschia-1 well are progressing at accelerating pace. Based on Tower's updated CPR, the Welwitschia-1 well will target risked prospective resources of 496 million barrels of equivalent net to Towers' 30-percent interest in Licence 0010 across multiple reservoir horizons.

"The drilling cost equates to about five cents per risked barrel of oil equivalent. Drilling is now scheduled to be starting earlier, in mid-February 2014. We look forward to further updates as we move quickly to drill on this giant prospect."

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