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Repsol to begin drilling off Namibia within days

22nd April 2014

A joint venture partner of Repsol has confirmed that a suitable drillship has been chartered for exploration work off the Namibian coast expected to start on Friday.

Repsol to begin drilling off Namibia within day
Tower Resources expects the Welwitschia-1 project to target net-risked recoverable resources of 496 million barrels of oil equivalent for its 30 per cent interest in the block.

Spanish company Repsol’s operating partner, Tower Resources, has announced that the Rowan Companies-owned Rowan Renaissance Drillship has been chartered and will commence drilling operations in Walvis Bay, Namibia on Friday after a delay owing to prolonged acceptance-testing by Repsol in advance of it taking the drillship on a three-year contract.

Tower Resources expects the Welwitschia-1 project to target net-risked recoverable resources of 496 million barrels of oil equivalent for its 30 per cent interest in the block. The drillship will intersect up to five separate reservoir targets ranging from the Palaeocene-Maastrichtian to the Albian Carbonate sequence at a potential total depth of 3,000m. It is expected to take up to 46 days.

During drilling there will be no updates to the market as this well is classified as a "tight hole". Tower Resources has said they will provide a comprehensive update only once operations on the Welwitschia-1 well have been fully completed and analysed.

Graeme Thomson, Tower's CEO, commented: "We are very excited that the high potential Welwitschia well is to commence drilling in the coming days. This follows hard-on-the-heels of our announcement of a $32m placing, acquisition of exploration interests offshore South Africa, onshore Zambia and of an interest in Block 2B onshore Kenya where we expect to be drilling in late 2014. We are fulfilling the strategy we set out in mid-2013 to build a pan-African portfolio of high upside exploration licences combined with near-term material drilling opportunities."

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