Business
Namibian Update
Namibian Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6675I Tower Resources PLC 05 July 2013 \n \n\n5 July 2013\nTower Resources plc\nNamibian Update\nGiant potential Welwitschia-1 well to spud mid-February 2014 and Operational Update\nTower Resources plc (\"Tower\" or the \"Company\"), (TRP.L, TRP LN), the AIM listed Africa focused oil and gas exploration company, is pleased to announce the following update with respect to its Licence 0010 in the Walvis Basin, Offshore Namibia.\nThe drilling of the Welwitschia-1 well is now planned to commence in mid-February 2014 and a firm rig is in place, drilling location agreed, site survey largely completed and longest lead items are being manufactured.\n· Rig approved and spud date: After a competitive process to scour the market for the most suitable rig for this exploration well, the Joint Venture has formally approved the use of the new-build Rowan Renaissance, which Repsol has secured on a 3 year contract for international work. Repsol will take delivery of the rig at the end of December 2013 and it will move directly to Namibia whilst undergoing further trials and crew familiarisation activities. This rig overwhelmingly won on technical, financial and safety considerations and contractual matters within the Joint Venture are now being completed. \n \n· Welwitschia-1 well location: Following the completion of a drilling hazard evaluation by the operator, Repsol, the Welwitschia-1 well location has been selected in order to evaluate primary and secondary target reservoirs in both the Maastrichtian and Aptian-Albian reservoir sequences. It is estimated that the Welwitschia-1 well will be drilled to a total depth of 3,000m TVDSS. \n \n· Site survey: A site survey of the Welwitschia-1 well location has almost been completed by the MV Ocean Endeavour operated by Gardline for geotechnical and oceanographic purposes. The survey consisted of the following components which were all completed satisfactorily and indicated that the seabed conditions at the Welwitschia-1 well location do not present any obstacles to drilling: \n \n- Seafloor bathymetry\n- Seabed sampling\n- Water sampling\n- &n...