Tower Resources Share News (TRP)

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0.02 -0.0005 (-2.44%)

Bid:

0.019

Ask:

0.021

Spread: 0.002 (10.526%)

Market Cap: £8.06m

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Tower Resources notes slight delay to drilling offshore Namibia

Tue, 22nd Apr 2014 14:17

Africa-focused oil and gas group Tower Resources said that drilling at its part-owned Welwitschia-1 well offshore Namibia is to start later than anticipated.The company said that its wholly-owned subsidiary Neptune Petroleum, which owns a 30% working interest in Welstischia, expects operator Repsol Exploration to start drilling operations in Walvis Bay on April 25th. "This is a little later than expected owing to prolonged acceptance-testing by Repsol in advance of it taking the drillship on a three-year contract," the company said.Drilling is expected to take up to 46 days.Tower's Chief Executive Graeme Thomson said he is "very excited" that the high-potential Welwitschia well will soon be drilled.The share price was 6.9% lower at 4.17p by 14:29 on Tuesday.BC