Tower Resources PLC Award of Reserves Report Contract to OIL (3272K)
April 10 2018 - 2:00AM
UK Regulatory
TIDMTRP
RNS Number : 3272K
Tower Resources PLC
10 April 2018
10 April 2018
Tower Resources plc
Award of Reserves Report Contract to Oilfield International
Ltd
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed oil and gas company with its focus on Africa, is
pleased to announce the award to Oilfield International Ltd ("OIL")
of a contract to act as Competent Person ("CP") and prepare a
Reserves Report in respect of Tower's Thali license in
Cameroon.
The contract, awarded following a competitive tender, will cover
a review of Tower's work on the Thali license to date, including
historical well data and regional datasets. The preliminary
reprocessed 3D seismic data, which Tower has now received from DMT
Petrologic, together with the final dataset to be received over the
next couple of weeks, will also be incorporated into the Reserves
Report. OIL expects to complete its work during May 2018, with the
report expected to be completed and available reasonably soon
after.
Oilfield International Ltd, established in 1990, provides
technical, valuation, acquisition and contracts services to oil
companies and governments. Their website can be found at
www.oilfieldinternational.com.
Jeremy Asher, Chairman & CEO, commented:
"We are looking forward to completing a more detailed evaluation
of the many prospects on the Thali block, especially the existing
discoveries at Njonji. Our work and OIL's work, over the coming
weeks, should identify new potential leads and prospects, and will
crystallise greater confidence in the volumetric estimates. This
will form the basis for the Reserves Report and our drilling
plans."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
Tower Resources +44 20 7157 9625
plc info@towerresources.co.uk
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate
Affairs
SP Angel Corporate
Finance LLP
Nominated Adviser
and Broker +44 20 3470 0470
Stuart Gledhill
Caroline Rowe
Notes:
Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower
Resources plc, holds a 100% interest in the shallow water Thali
(formerly known as "Dissoni") Production Sharing Contract (PSC), in
the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC
on 15 September 2015 for an Initial Exploration Period of 3
years.
The Thali PSC covers an area of 119.2 km(2), with water depths
ranging from 8 to 48 metres, and lies in the prolific Rio del Rey
basin, in the eastern part of the Niger Delta. The Rio del Rey
basin has, to date, produced over one billion barrels of oil and
has estimated remaining reserves of 1.2 billion barrels of oil
equivalent ("boe"), primarily at depths of less than 2,000 metres.
The Rio del Rey is a sub-basin of the Niger Delta, an area in which
over 34.5 billion barrels of oil has been discovered, with 2.5
billion boe attributed to the Cameroonian section. The Thali Block
has the potential to hold up to four distinct oil play systems,
including the established play in which three discovery wells, one
gas (Rumpi-1), one oil and gas (Njonji-2) and one oil (Njonji-1),
have already been drilled. The current contingent Oil-In-Place
estimate for the Njonji discovery is 39 million barrels (Pmean,
gross) with an estimated 7 to 15 million barrels of recoverable
oil. These have historically been viewed as sub-commercial
discoveries, but once the re-interpretation of seismic imaging has
been achieved Tower sees potential to add incremental oil reserves
to achieve commerciality. There is also significant potential to
develop prospects at deeper levels, in both structural and
stratigraphic traps, once better imaging has been achieved.
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr Mark Enfield, BSc, PhD, FGS, Advisor to
the Board of Tower Resources plc, who has over 30 years' experience
in the oil & gas industry, is the qualified person that has
reviewed and approved the technical content of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEASLNELLPEFF
(END) Dow Jones Newswires
April 10, 2018 02:00 ET (06:00 GMT)
Tower Resources (LSE:TRP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tower Resources (LSE:TRP)
Historical Stock Chart
From Apr 2023 to Apr 2024