Award of 3D Seismic Reprocessing Contract
Thursday 30 November 2017
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, is pleased to announce the award to DMT Petrologic GmbH & Co. KG ("DMT Petrologic") of a contract to reprocess the 3D seismic data over and around Tower's Thali license in Cameroon.
The contract, awarded following a competitive tender among six companies, covers merging and reprocessing data from five existing surveys, to cover an area of approximately 500 km2 including the entirety of the Thali block and also the surrounding area, encompassing both the three discovery wells on the Thali block itself, and additional key wells which will provide further data control.
The reprocessing work will achieve higher resolution imaging and obtain additional information to upgrade the existing prospect inventory on the Thali block.
DMT Petrologic has extensive experience in the reprocessing of legacy 3D seismic data in West Africa and elsewhere, including in Cameroon, and expects this work to be completed in the first quarter of 2018 at a cost in line with the Company's original expectations.
Jeremy Asher, Chairman & CEO, commented:
"This work will allow us to make a more detailed evaluation of the many prospects on the Thali block, including the existing discoveries at Njonji and Rumpi. We expect to crystallise greater confidence in the volumetric estimates of existing leads and prospects as well as identifying new ones. This will form the basis for our drilling plans, to be confirmed via a Competent Person's Report (CPR) next year. We look forward to working with DMT Petrologic and will update shareholders as the work proceeds. We are also finalising our plans for an environmental survey in advance of drilling on the Thali block, and will advise further when those arrangements are complete. We are fully committed to our goal of reaching production at Thali as soon as possible."