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0.019 0.00 (0.00%)

Bid:

0.018

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0.02

Spread: 0.002 (11.111%)

Market Cap: £7.89m

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Tower Resources Notes Arrival Of Drillship To Namibia

Wed, 05th Mar 2014 11:18

LONDON (Alliance News) - Tower Resources PLC Wednesday said its Rowan Renaissance Drillship arrived to Walvis Bay in Namibia on Tuesday.

The independent oil and gas exploration company focused on Africa said the drillship will now undergo scheduled preparation and final acceptance testing by Repsol Exploration Ltd, to whom it is being hired on a three year contract.

Tower said it is expected to commence its operations for the Welwitschia-1 well, in which Tower has a 30% interest, on or around April 11, with test production being roughly a week later.

In November, the company said its subsidiary Neptune Petroleum Ltd received formal notification from Repsol that the departure of the rig was being held back by a month and was now scheduled to arrive at the site on March 23, 2014, and drilling of the Welwitschia-1 well will commence at the end of March 2014.

The vessel, which was built in South Korea, received further wet testing for its Blow-Out Preventers before its departure in January.

Tower Resources shares were up 6.0% to 5.51 pence Wednesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1