Tower Resources (TRP) told investors that it is progressing its partnership efforts, revealing it disclosed technical and commercial information to “a major international oil company”.
The company said that it will “explore the potential to co-operate” with its Namibian blocks 1910A, 1911 and 1912B.
Jeremy Asher, Tower's Chairman and CEO, said: "This process is at a very early stage, and may not lead to any agreement. However, it does provide a timely reminder that, in addition to our Cameroon appraisal and development project, the Company has two extremely attractive exploration opportunities in Namibia and South Africa.”
Shares in Tower Resources were trading 6.67% higher after the news
Tower Resources has an 80% interest in the Namibian blocks as operator.
Mr. Asher provided more detail on the blocks under discussion which include “two giant four-way dip closures in the West and four large structures in the Dolphin Graben where the 1994 Norsk Hydro well 1911/15-1 encountered three source rock intervals, and recovered oil from Albian carbonate core samples.”
He also commented on the company’s South African license: “Our Algoa-Gamtoos license in South Africa, operated by NewAge, where our interest is 50%, adjoins Total's license where it made its recent 1-billion boe Brulpadda gas-condensate discovery in the Outeniqua basin, and that Algoa-Gamtoos license includes a 364 million boe prospect identified by NewAge in the same Outeniqua basin."
Tower Resources initiated preliminary discussions earlier this summer.
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