LONDON (Alliance News) - Tower Resources PLC on Friday noted the discovery by Total SA of "significant gas condensate" at the Brulpadda exploration well in South Africa.
The Brulpadda well is located adjacent to the Algoa-Gamtoos licence, operated by Tower Resources and its partner New Age Energy Algoa (Pty) Ltd on a 50-50 basis.
"The [Brulpadda] well was drilled to a total depth of 3,633 metres and encountered 57 metres of net pay in lower Cretaceous reservoirs, and with this discovery opens a new world class gas and oil play," Tower said.
"Importantly, the Brulpadda well has successfully tested the lower Cretaceous turbidite fan play of the Outeniqua basin slope, which is interpreted to extend along strike into the southern part of the Algoa-Gamtoos block, in which New Age has identified on 2D seismic a substantial prospect."
"The operator has assessed the analogue prospect potential on the Algoa-Gamtoos block at 364 million barrels of oil equivalent on an unrisked basis from 2D reprocessed data, which is an increase on its previous 2018 estimate," Tower continued.
Shares in Tower Resources, an AIM-listed oil & gas firm, were trading up 19% at 1.07 pence each on Friday morning.
Tower Resources (TRP)