Business
Acquisition
Acquisition.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 7332W Tower Resources PLC 13 June 2008 \n \nTower Resources Plc\n('Tower' or 'the Company')\n\nAcquisition\n\n\nTower Resources, the oil and gas exploration company, is pleased to announce that the Company has completed the acquisition of Comet Petroleum Ltd ('Comet'). \n\nDescription of Comet \nComet Petroleum is the 50% holder of two exploration licences in the SADR (see editor notes below) originally awarded in March 2006. Other parties to the licences are Maghreb Exploration Limited (10%) and Osceola Hydrocarbons Limited (40%).\nThe Guelta and Bojador Blocks are in the Aaiun basin which is essentially unexplored in modern times. This basin is one of a series of mature passive margin basins that lie along the North Atlantic margin of Northwest Africa. A well drilled by Conoco in shallow water more than 25 years ago encountered ashphalt in the early Tertiary and throughout the early to late Cretaceous. A13 metre thick tar saturated sand was found in the Aptian. An extensive Lower Cretaceous deltaic sequence is present in the shallow to mid-range of water depths, and becomes progressively more marine to the west.\n\nTriassic salt to the west provides the mechanism for the development of large tilted fault blocks, overlain by drape structures, providing multi-level prospectivity. Although seismic and well information is very sparse, it appears from the available evidence that all the ingredients for a working petroleum system are present in the Guelta and Bojador Blocks, namely, source rocks, reservoir rocks, seals and potentially large structures.\n\nThe basin is one of very few West African basins to be left essentially unexplored in modern times, and lies adjacent to the proven petroleum productive basins of Mauritania.\n\nThe Licences \n\nThe Guelta Licence is offshore having an area of 15,760 square kilometres and water depths varying between 100 and 2,800 metres. The Bojador Licence is onshore having an area of 44,298 square kilometres.\n\nGross Licence Commitments are commercially confidential but are consistent with industry norms and the uncertainties surrounding the Licence awards. They comprise agreed geological and geophysical studies, seismic acquisition and well drilling operations over three phases of exploration each of three years duration....