Last checked at 18 Feb 2015 12:00
Tower Resources plc
Badada-1 Well Drilling Update
18 February 2015
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed Africa-focussed oil and gas exploration company, provides an update on drilling operations for the Badada-1 well, Block-2B, onshore Kenya.
Tower has received formal notification from Lion Petroleum Inc. ("Lion"), the wholly-owned Kenya-based subsidiary of Taipan Resources Inc. ("Taipan")(TSX-V:TPN), and Operator of Block-2B (Tower 15%, Premier Oil 55% and Taipan 30% working interests) regarding the status of the Badada-1 well as at 24:00 GMT on 17 February 2015.
The Badada-1 well was spud at 14:00 GMT on 7 January 2015 and has been drilled to a total depth of 3,372 metres MDBRT (Measured Depth Below the Rotary Table) intersecting the Neogene sequence. Preparations are underway for the logging of the 12¼-inch hole section from the 13⅜-inch casing point, located at 1,644 metres MDBRT, to a drilled depth of 3,500 metres MDBRT and is expected to be completed in the next few days. The well is planned to be drilled to a total depth of between 3,000 and 4,000 metres in order to test Tertiary age primary targets.
It is the Company's intention to provide operational updates when Badada-1 has progressed further. A comprehensive update will also be provided once operations on the Badada-1 well have been fully completed and analysed.
Contacts
Tower Resources plc
Graeme Thomson (CEO)
Nigel Quinton (Head of Exploration)Andrew Matharu (VP - Corporate Affairs)+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Emily Morris+44 20 7647 2800
Vigo Communications
Chris McMahon/ Peter Reilly+44 20 7016 9572
Notes
In accordance with the guidelines for the AIM market of the London Stock Exchange, Nigel Quinton, BA, MA, FGS, Head of Exploration for Tower Resources plc, who has over 30 years' experience in the oil & gas industry, is the qualified person that has reviewed and approved the technical content of this announcement and assessment of the Company's estimate of the resource potential set out below.
Tower's estimate of the gross unrisked prospective resources to be tested by Badada-1 ranges from 16mmboe (P90) to 402mmboe (P10) with a Pmean of 169mmboe. This compares to the Operator's gross mean unrisked recoverable resources estimate of 251 mmboe (Source: Sproule International Limited, February 2014).