Business
Namibia Update and Competent
Namibia Update and Competent.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 0111P Tower Resources PLC 08 July 2010 \n \n\nTower Resources plc\n(\"Tower\" or the \"Company\")\n \nNAMIBIA UPDATE AND 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 a brief update of its current operations in Namibia and the outcome of a detailed technical and economic evaluation of the 0010 Licence. Tower has a 15% working interest in the Licence and is fully carried financially by Arcadia Petroleum Limited (\"Arcadia\") through the current 3-D seismic survey and an initial exploration well.\n \nThe Tower Board is pleased to announce that the 3-D seismic survey being undertaken by the \"Geowave Master\" produced its first seismic recordings on Friday 2nd July in fair weather conditions. It is still expected that processing and interpretation can be completed early in 2011.\n \nThe Board is also pleased to issue a letter from Oilfield International (\"OIL\") (attached and on the Tower Resources plc website) summarising the principal conclusions from their Competent Persons Report (\"CPR\") which independently appraises the resource potential and Expected Monetary Value (\"EMV\") of Tower's 15% interest in Licence 0010. The conclusions set out in the CPR and the CPR letter are summarised below.\n \n· OIL have estimated that the net risked prospective resources attributable to Tower's 15% working interest of Namibia Licence 0010 is 170 million barrels of oil equivalent, having an EMV of US$ 696 million (UK£ 0.45/share)\n \nThe OIL review team included two geophysicists, a geologist and a petroleum engineer having a total of 125 years of experience as technical specialists in the oil and gas industry. In particular, two of them have considerable experience of South America where South Atlantic exploration is most advanced. The OIL assessment has been undertaken in compliance with the SPE Petroleum Resources Management System (SPE-PRMS). OIL has had access to all available data from the Licence and a wide variety of regional technical information. They reviewed the work undertaken by Arcadia and Tower and where relevant, undertook technical analysis of their own to accommodate their own wide and relevant exp...