London-based independent company Tower Resources plc and Spanish oil giant Repsol have entered into an agreement under which Repsol will take a 44% working interest in the Namibian offshore licence 0010 and become operator.
Tower’s Chairman, Jeremy Asher, commented:
“We are delighted to welcome Repsol, one of the foremost experts in West African offshore exploration, as a partner and operator in the 0010 licence. Repsol brings with it a wealth of operational expertise and a very impressive record of exploration success offshore Africa. This partnership further validates our belief in the very large hydrocarbon potential in the licence.”
Regarding the area’s potential, a Competent Person’s Report produced in 2011 identified a number of prospects in the Licence, including five targets in the Delta structure which, if oil and gas bearing, are estimated to contain some 9.3 billion barrels of recoverable oil and 14.5 TCF of gas.
Repsol has already initiated the search for a suitable drilling rig to drill the well.
“We look forward in due course to updating the market once a rig has been secured to drill the first well on the independently certified 9.3bn barrel Delta Prospect. We will be in dialogue with Repsol regarding a rig and look forward to updating shareholders in due course. We are not willing to overpay for an early slot and are quite prepared to be patient if this achieves the best economics for us,” said Tower’s CEO Graeme Thomson.
Offshore Energy Today Staff, July 30, 2012