Business
Update to Competent Persons Report
Update to Competent Persons Report.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3501I Tower Resources PLC 02 July 2013 \n \n\n2 July 2013\n \nTower Resources plc\nUpdate to Competent Persons Report (\"CPR\") by Oilfield International\nIncreased chance of oil in upcoming Namibian well\nTower Resources plc (\"Tower\" or the \"Company\"), (TRP.L, TRP LN), the AIM listed Africa-focussed oil and gas exploration company, is pleased to provide the following independent update to the Competent Persons Report (\"CPR\") compiled by Oilfield International (\"OIL\") on 29 June 2011 with respect to the company's 30% working interest in Namibia Petroleum Exploration Licence 0010 (PEL 0010) held through Neptune Petroleum (Namibia) Ltd.\nThe CPR update was provided by Oilfield International in view of the significance of the following exploration drilling results within the Walvis Basin, offshore Namibia, and the potential impact on the prospectivity of PEL 0010:\n1. Tapir South-1: Drilled by Chariot Oil & Gas plc on Block-1811A between March and May 2012 and encountered over 200 metres of high quality reservoir in the Cretaceous and Carbonate sequences.\n \n2. Wingat-1: Drilled by HRT Participações em Petróleo S.A on Block-2112A between March and May 2013 and encountered two oil generating source rocks within the Cretaceous sequence and several poorly developed reservoir sequences from which oil samples with a gravity of 38o to 42o API were extracted. \nHighlights: \n§ Potential for oil versus gas:\nThe probability of encountering light oil relative to gas in the Welwitschia prospect has increased from 50% to 65% and in the Alpha, Gamma and other inter-structural prospects has increased from 45% to 65%. This assessment is primarily driven by the discovery of light oil in the Wingat-1 well and the presence of abundant source rock.\n\n\n\n\nFluid Type\n\n\nCPR 2011\n\n\nUPDATE to CPR \n(June 2013)\n\n\n\n\n\n\n\nWelwitschia (previously \"Delta\")\n\n\nAlpha, Gamma and Inter-structural Areas\n\n\nWelwitschia\n(previously \"Delta\")\n\n\nAlpha, Gamma and Inter-structural Areas\n\n\n\n\nDry Gas\n\n\n10%\n\n\n11%\n\n\n10%\n\n\n11%\n\n\n\n\nGas Condensate\n\n\n40%\n\n\n44%\n\n\n25%\n\n\n24%\n\n\n\n\nVolatile Oil \n\n\n50%\n\n\n45%\n\n\n65%\n\n\n65%\n\n\n\n\nTotal\n\n\n100%\n\n\n100%\n\n\n100%\n\n\n100%\n\n\n\n\n \n§ Geological ...