Inv Case - Namibia18 Dec 2024 19:43
Investment case part 3
This is probably the most exciting one
รฐลธโยฅNamibiaรฐลธโยฅ
We were approached by a major in late 2019 just before covid for our blocks in Namibia
hTTps://www.lse.co.uk/rns/namibia-update-ped9qgjh2h7gfb5.html
"As previously disclosed, Tower received an unsolicited approach from a Major oil company regarding its license PEL 96 in the second half of 2019. That company has told Tower that it remains interested in working on this project, but has not prioritised it during the first half of 2020, and we expect discussions to remain on the back burner in the second half of the year, or at least until the Covid-19 pandemic situation is clearer. This has not affected our own plans for the license, and we await with great interest the outcome of further work, such as Global's, and also further wells being drilled in Namibia, including Shell's well on license PEL 39 and Total's Venus well, all of which will enhance our own basin modelling and prospect evaluation.
Jeremy Asher, Tower's Chairman and CEO, commented:
"At present we are concentrating on getting our Cameroon farm-out finalised and preparing for Covid-19 conditions to permit us to resume well preparations at Thali, and we hope to update the market with further news about this shortly. But we are also continuing to work on our Namibian license. Even though most of the work is desk-based at this early stage of the Initial Exploration Period, it will be profoundly influenced by the insights we can gain from the physical exploration efforts of other parties, even in other basins in Namibia. We are especially interested in what Global is doing on PEL-94, and note that the amount of 3D data already obtained on the Welwitschia Deep prospect suggests that this might already be close to being drill-ready. If Global is able to drill an early well on PEL 94 targeting the Albian carbonates and Cretaceous turbidites, this would bring extremely valuable insight to Tower on the multiple structures and leads on our PEL 96, and if it is on Welwitschia Deep, then it might also bring an early discovery providing immediate reserves to our Company."
hTTps://www.lse.co.uk/rns/namibia-update-1logv6rxg3ma4ms.html
This was thought to be a work in progress...as Tower think itรขโฌโขs too early รขโฌยฆBut due to the recent massive oil discoveries and the work tower has completed - basin modelling, migration pathways have highlighting the sheer scale and size of our licence area with additional leads identified namely the stratigraphictraps and further work is required to update the ever increasing prospective volumetrics and priority of leads
Towers work hasnรขโฌโขt gone unnoticed and interest has now taken over
19.02.24
Walvis Basin
Tower holds acreage in the Walvis Basin, which Asher said was somewhat neglected by industry. ExxonMobil has operations in the Namibe, in the north, although not revealed many insights into the area.
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