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Tower Resources PLC sees renewed interest in assets with rising oil price

() said that its assets in Africa are seeing renewed interest with the price of Brent rising to more than US$70 per barrel again.

A growing realisation that industry still needs short-cycle, low-cost projects to sustain oil production over the next few years as well as long term gas production is also helping, the AIM-listed oil exploration group said.

That is driving interest is the offshore frontiers of Namibia and South Africa and Tower said the data room for its joint-venture license in South Africa is seeing a lot of activity.

“The partnership (operated by NewAge) has made considerable progress in identifying and quantifying the potential reservoir targets in the Deep-water (Outeniqua Basin) section of the block, which adjoins both Total’s Blocks 11B/12B to the West and Shell’s blocks to the East,” Tower added.

In Cameroon, Tower added it hopes a farm-out will be completed soon following due diligence carried out by several parties and the recent licence extension.

Covid-19 depending, Tower added it hopes to drill the NJOM-3 well at Thali in 2021.

Losses in the year to end 2020 were US$930,000 (US$2.2mln).

Read More: Tower Resources PLC sees renewed interest in assets with rising oil price

2021-06-07 04:04:00

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