Business
Namibia Update
Namibia Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n\n\n \n \n2 August 2024\nTower Resources plc\n(\"Tower\" or the \"Company\")\nNamibia Update\n \nTower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on Africa, is pleased to provide the following update on its activities in respect of its PEL 96 license, offshore Namibia.\n \nHighlights\n \n· Tower has been notified by the Namibian Ministry of Mines and Energy (\"MME\") of its agreement to the extension of the Initial Exploration Period of PEL 96 to October 31, 2024 and has invited the Company to apply to enter the First Renewal Period of PEL 96, for a period of 2-3 further years.\n· The remaining work commitment for the Initial Exploration Period is already substantially complete, and the MME has also agreed to defer the Company's commitment to acquire 1,000 square kilometres (\"km2\") of new 3D seismic data to the First Renewal Period.\n· The Company is continuing to work on the evaluation of large stratigraphic and structural leads and prospects and plans to reprocess the previously acquired 2D seismic data over large areas of the license both in the remainder of the Initial Exploration Period and in the First Renewal Period.\n \nThe Company has been notified by the Namibian MME of its agreement to the extension of the Initial Exploration Period of PEL 96 to October 31, 2024 and has invited the Company to apply to enter the First Renewal Period of PEL 96, for a period of 2-3 further years. The MME has also agreed to defer the Company's commitment to acquire 1,000 km2 of new 3D seismic data to the First Renewal Period.\n \nThe remaining work commitment for the Initial Exploration Period, comprising the oil seep satellite analysis, play fairway analysis, development of an updated prospect and lead inventory, and the high-grading of acreage, is already substantially complete. However, the Company is continuing to work on the evaluation of large stratigraphic and structural leads and prospects and plans to reprocess the previously acquired 2D seismic data over large areas of the license both in the remainder of the Initial Exploration Period and in the First Renewal Period, in order to support the optimal selection of an area for the further 3D data acquisition.\n \nThe evaluat...