Tower Resources climbs on resource estimate

8th Jul 2010 09:00

There was good news for shareholders of sub-Saharan Africa focused oil and gas explorer Tower Resources in the form of a resource estimate for its Namibia Licence 0010.Independent consultancy Oilfield International has estimated that the net risked prospective resources attributable to Tower's 15% working interest of Namibia Licence 0010 is 170m barrels of oil equivalent, having an estimated monetary value $696m, equivalent to 45p per Tower share. Unsurprisingly, Tower's chairman, Peter Kingston, declared himself delighted "that such a comprehensive independent review of the prospectivity of Namibia Licence 0010 has confirmed its potential as a world class group of oil and gas prospects.""It is also encouraging that the independent view of gross reserve potential and the estimated chance of success for the likely first well are favourable," Kingston added.The company added that the 3-D seismic survey being undertaken by the motor vessel "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.