Interest 29 Apr 2015 01:34
Our current cash balance remains in excess of US$4 million even after paying in full for the Kenya well.
Namibia PEL0010, 30% interest
We remain of the view that oil will be discovered in commercial quantities offshore Namibia and we note plans announced by other international companies for contingent drilling in late 2015/16/17. There has also been considerable seismic acquisition in recent months and ongoing in 2015. This remains a very underexplored and potentially exciting province.
South Africa, 50% interests
The First Renewal Application to the Algoa-Gamtoos Exploration Right has been submitted to the Petroleum Authority of South Africa (PASA) and we expect this to be granted in H2 2015. With technical studies hopefully demonstrating improved prospectivity the Joint Venture hopes to be in a position to commit to drill in 2016/17. Tower's preferred option is to farm-out part of its interest in advance of that time.
Brulpadda-1 returning to drill in early 2016.
Cameroon, 100% PSC application
Tower was selected as preferred bidder on the shallow-water Disonni block, offshore Cameroon and negotiations regarding the Production Sharing Contract (PSC) are now entering the final stages. The block is located in the under-explored Rio Del Rey Basin, which is an extension of the Niger Delta play systems, and offers Tower access to potentially lower risk prospectivity combined with material upside in deeper gas-condensate plays. On signing of the PSC our priority will be the acquisition of 3D seismic in H2 2015. A partner will be sought to share Tower's financial commitment and provide additional technical input.
Sign In
Follow the stocks
