Tower Resources sees renewed interest in assets with rising oil price

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Tower Resources PLC (LON:TRP) said that its assets in Africa are seeing renewed interest with the price of Brent rising to more than US$70 per barrel again.


A growing realisation that industry still needs short-cycle, low-cost projects to sustain oil production over the next few years as well as long term gas production is also helping, the AIM-listed oil exploration group said.


That is driving interest is the offshore frontiers of Namibia and South Africa and Tower said the data room for its joint-venture license in South Africa is seeing a lot of activity.


“The partnership (operated by NewAge) has made considerable progress in identifying and quantifying the potential reservoir targets in the Deep-water (Outeniqua Basin) section of the block, which adjoins both Total’s Blocks 11B/12B to the West and Shell’s blocks to the East,” Tower added.


In Cameroon, Tower added it hopes a farm-out will be completed soon following due diligence carried out by several parties and the recent licence extension.


Covid-19 depending, Tower added it hopes to drill the NJOM-3 well at Thali in 2021.


Losses in the year to end 2020 were US$930,000 (US$2.2mln).

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