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Highlights Operational
• The focus during the reporting period, and subsequently, has been the Company’s farm-out process and entering the next exploration period in respect of its Namibian licence PEL0094 (“Licence”);
• On 14 August 2023 the Company announced that the Namibian authorities had given approval for the Company and its partners to proceed to the First Renewal Period of the Licence, with a duration of two years from September 2023 to September 2025. Importantly, the usual requirement at the end of the Initial Exploration Period to relinquish 50 per cent of the Licence area was waived; • Global has continued its efforts to farm-out an interest in the Licence. Further announcements will be made as and when appropriate;
• On 15 September 2023, the Company announced that it had been informed that appeals against the environmental decrees granted in its favour for Licence Applications D 80 F.R- GP, D 81 F.R-GP, D 82 F.RGP and D 83 F.R-GP (“the Applications”) by the Italian authorities had been dismissed. The Company submitted additional documentation in connection with the Applications to the Italian Ministry of Ecological Transition and has been awaiting a response from the Ministry regarding the process going forward. Further announcements will be made as and when appropriate.
It appears that TRP is discussing the Walvis Basin, even though it's not their priority. I would have expected us to be in discussions with a Major now, as gbp more prepared to go for a deal.
Https://www.proactiveinvestors.co.uk/companies/news/1046733/tower-resources-namibia-potential-in-the-spotlight-as-chevron-deals-into-walvis-1046733.html
Prospectivity
Welwitschia-1A well drilled in western part of PEL0094 in 2014, targeted Upper Cretaceous sandstones, which were absent at this location, but the well proved excellent seals
Global believes that there is significant prospectivity – similar to that in PEL0029 – in deeper Albian carbonates (“Welwitschia Deep”), which Welwitschia-1A did not reach
Additional prospectivity in Upper Cretaceous reservoirs on the flanks of the Welwitschia structure e.g. the Marula prospect
Welwitschia Deep prospect
Albian carbonates in a fault and dip-closed trap
Mapped on 3D seismic data
Best estimate (P50) unrisked prospective resource 671 MMbbls gross in PEL0094, 523 MMbbls net to Global with a geological chance of success of 14%
Marula prospect
Upper Cretaceous sandstones mapped on 3D seismic data in a distal pinchout trap with a strong amplitude anomaly conforming to structure down-dip
Best estimate (P50) unrisked prospective resource 210 MMbbls gross in PEL0094, 164 MMbbls net to Global, with a chance of success of 22%
Gil Holzman, CEO of Eco Atlantic said ...... ‘this is a farm-out basin opener and as we knew and expected everyone will now rush to the Walvis Basin, after Chevron showed has signed up for this block........... (Malcy)
When all 4 wells operating 8000 per day production.
60 dollers per barrel.
Per day revenue 480 000
300 per year revenue 144 000000
Trp Mark size conservative 5 times the yearly revenue - 720 000000
Increase of market capital compared to current one(720/3.1) - 232 times