RE: Interview on the way !!2 Oct 2024 12:23
October 2, 2024, Offshore Energy
#trp #gbp
As the Namibian frontier continues to gain momentum it appears the market may be coming to Tower, and the company’s early bet on the Walvis could be set to pay off.
Investors will no doubt be keeping a close watch on this London small-cap in the coming weeks and months.Chevron is ready to invest big to move in Cameroon The farm-out to Tower Resources covers USD15 million towards the expected USD16.8 million cost of the NJOM-3 well that Tower is planning to drill for a 15% stake. The UK-based oil and gas company Tower Resources has received an offer to finance its planned drilling campaign in Africa via a farm-out of a minority interest in a production sharing contract (PSC) for an asset offshore Cameroon. Namibia’s oil boom has this week moved closer to home for AIM-quoted explorer Tower Resources PLC (AIM:TRP), as US major Chevron agreed a deal to take control of an offshore block in the Walvis basin.
Attentions have mainly been on the Orange basin recently as a series of large-scale, ‘world class’ discoveries have spurred an influx of industry interest in an oil play that straddles both Namibian and South African waters.
Tower was an earlier entrant to Namibia and as an early mover secured prime acreage in the Walvis basin, another area located further north up the country’s coast that’s deemed by geologists to also have ‘high impact’ exploration potential.
As interest in the Namibian oil frontier grows, evidently majors like Chevron are now taking the untapped potential of Walvis seriously.Having taken 80% of the PEL licence block, Chevron is now planning to drill an exploration well in the fourth quarter of this year.
The well will likely see plenty of interest and attention, not least in the offices of Tower Resources.
Success in Chevron’s Walvis project will further boost the appeal of Tower’s acreage which spans some 23 square kilometres and is believed to have ‘billion barrel oil potential’.
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