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Namibia - Competent Persons Report
Namibia - Competent Persons Report.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4111J Tower Resources PLC 30 June 2011 \n \n\nPRESS RELEASE 30th June 2011\nTower Resources plc\n(\"Tower\" or the \"Company\")\n \nNAMIBIA - COMPETENT PERSONS REPORT\n \nTower Resources plc (AIM:TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, is pleased to provide details of the outcome of a second detailed technical and economic evaluation of the 0010 Licence, located offshore Namibia. Tower has a 15% working interest in the Licence and is fully carried financially by Arcadia Expro Namibia (PTY) Ltd (\"Arcadia\") through an initial exploration well and a contingent second well.\n \nThe Tower Board has now received an updated Competent Persons Report, compiled by Oilfield International Limited (OIL), over Licence 0010. The CPR update follows the interpretation of the high quality 3D seismic data acquired in 2010 over the primary drilling target \"Delta\". OILconducted a detailed review of the \"Delta\" structure and calculated the Expected Monetary Values (EMV's) of the prospects and leads identified. OIL also updated the EMV of two other structures, \"Alpha\" and \"Gamma\" which were the subject of the previously reported June 2010 CPR on Licence 0010.\n \n The main conclusions of the CPR are summarised below.\n \n· The Delta Maastrichtian prospect remains the principal target for an exploration well. Best estimate prospective...