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Namibia Technical Update
Namibia Technical Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n\n16 June 2023\nTower Resources plc\n(\"Tower\" or the \"Company\")\nNamibia Technical Update\n \nTower Resources plc (TRP.L, TRP LN), the AIM-listed oil and gas company with a focus on Africa, is pleased to provide an update on activity in respect of license PEL 96 in Namibia, covering offshore blocks 1910A, 1911 and 1912B (the \"Namibian Blocks\") and, in particular, the recent basin modelling work undertaken over the license area.\n \nTower is the operator of license PEL 96 with an 80% working interest.\n \nHighlights\n \n· A basin and thermal maturity study has been undertaken within PEL 96 which has significantly progressed the understanding of the hydrocarbon prospectivity of the license. This basin modelling study has been carefully integrated with seismic sequence stratigraphic interpretation of the large 2D seismic datasets and integrated with the well data within PEL96 and available well data elsewhere in the Walvis Basin region.\n· The integrated analysis of the seismic, wells and the basin modelling results shows clear evidence of a working petroleum system present within the Dolphin Graben in PEL 96; in the form of oil recovered from cores in the 1911/15-1 well and direct hydrocarbon indicators (DHIs) observed on seismic.\n· The objectives of the basin modelling study were to assess the critical elements of the hydrocarbon charging system, i.e. thermal maturity, distribution of generative source kitchens, volumetric estimation of generative capacity of mature source rocks, timing of generation/expulsion of hydrocarbons and mapping of migration pathways.\n· Main conclusions of basin modelling study:\no Generative source kitchens have been calculated and have been mapped within PEL 96. Lower Cretaceous syn-rift sediments within the main depocenters of the Dolphin Graben calculate as mature for main oil and late oil generation.\no Timing of the main and late oil generation phases calculated to be mid-Tertiary (Oligocene) to present-day.\no Migration pathways for oil charge have been mapped and the main foci of migration identified. The volumes of hydrocarbons generated have been calculated for each source kitchen.\no The main fetch areas that are able to focus migration towards each of the main prospect...