LONDON -- Tower Resources has updated its exploration activities in Namibia and Uganda.
The company has completed the interpretation program for license 0010 in northern offshore Namibia subsequent to the 2D seismic acquisition survey shot in September 2007. The results confirm the presence of giant structures with significant oil-bearing probability, according to Tower. Reserve potential is 10 Bbbl in three prospects. Large volumes of associated gas are also present.
Future plans are being finalized for the next year to significantly increase seismic coverage over the three prospects with a view to drilling a first well within the next two years.
Processing and interpretation of the Uganda seismic is continuing and should be complete by the end of May. Current conclusions point to primary targets within sediments up to 1,500 m (4,921 ft) thick, which are broadly analogous to the shallow potential in northern block 2 and block 1 south of Tower's block 5, according to Tower.
The company plans to drill its first well in block 5 before the end of 2008.