Tower Welcomes Murombe-1 Result

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Africa-focused junior explorer Tower Resources said Monday that it welcomed results from the Murombe-1 well drilled offshore Namibia by Brazil's HRT Participações em Petróleo, in spite of the well not finding a quality reservoir in the primary Murombe objective. Tower noted that the well reconfirmed the presence of an Aptian marine source in the Walvis Basin.

Murombe-1 is the second well of a three-well exploration program being executed by HRT in Namibian waters. HRT reported Friday that the well was drilled to its total depth of 18,800 feet, but the Murombe target lacked reservoir-quality facies and had low porosity, while the secondary Baobab target was found to be water-wet. However, a mature Aptian marine source in the "oil window" was encountered above the primary Murombe target, confirming the source previously encountered in the Wingat-1 well in late May.

Tower highlighted that the well was drilled some 130 miles south of the Tower's own multi-billion barrel prospect, Welwitschia-1, which it expects to be drilled in mid-February 2014 by Tower's partner Repsol.

Tower CEO Graeme Thomson commented in a company statement:

"The result of the Murombe-1 well, although disappointing for HRT, offers further evidence of a working source in the Walvis Basin. The question remains, to where has the oil from these source rocks migrated?

"The multiple structural reservoir targets due to be tested by the upcoming Welwitschia-1 well all lie on a possible oil migration path given the regional structural closure provided by the Walvis Ridge.

"An updated [Competent Person's Report] completed by Oilfield International in June 2013, following the results of the Wingat-1 well, attributed net risked recoverable resources of 496 million barrels of oil equivalent to Tower's 30-percent interest in the Welwitschia-1 prospect which will be the next well to be drilled in the Walvis Basin in mid-February 2014."



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