Tower Resources Namibia 3-D Seismic Produces First Recordings

8th Jul 2010 07:26

LONDON (Dow Jones)--Tower Resources PLC (TRP.LN), an oil and gas exploration company with interests in sub-Saharan Africa, said Thursday that the 3-D seismic survey being undertaken by the "Geowave Master" at the 0010 License, Namibia, produced its first seismic recordings on July 2 in fair weather conditions. MAIN FACTS: -Tower has a 15% working interest in the license and is fully carried financially by Arcadia Petroleum Ltd. through the current 3-D seismic survey and an initial exploration well. -It is still expected that processing and interpretation can be completed early in 2011. -Oilfield International competent persons report has estimated that the net risked prospective resources attributable to Tower's 15% working interest of Namibia License 0010 is 170 million barrels of oil equivalent, having an expected monetary value of $696 million. -Net risked prospective resources to Tower 91 million barrels and 474 billion scft natural gas; together 170 million barrels oil equivalent. -Shares closed Wednesday at 2.4 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 08, 2010 02:26 ET (06:26 GMT)