New Age seeking further partner to co-fund offshore South Africa survey

Tower Resources has updated developments at the Algoa-Gamtoos license offshore South Africa, where the company has a 50% stake via its subsidiary Rift Petroleum.

Offshore staff

LONDONTower Resources has updated developments at the Algoa-Gamtoos license offshore South Africa, where the company has a 50% stake via its subsidiary Rift Petroleum.

Operator New Age Energy Algoa has appointed ENVOI Ltd. to manage a farm-out to a suitable partner in order to raise funds for a further 3D seismic survey over part of the license.

This would focus on the Gamtoos basin and/or the South Outeniqua basin, the latter being part of a slope margin play targeted by Total, Exxon, and Equinor in adjacent acreage.

Any prospects identified during processing and interpretation of the 3D dataset could ultimately lead to a well being drilled during the third renewal period, due to end in December 2023.

Last December, the partners committed to the first two-year renewal period after integrating results from a reprocessed old 2D dataset with the 2D and 3D data newly acquired during the initial exploration period. This generated a larger number of prospects and leads across the three basinal plays identified on the Algoa-Gamtoos block.

The table below lists the five main prospects identified.

Jeremy Asher, Tower’s CEO and chairman, said: “We believe that each of the three plays on the Algoa-Gamtoos license is interesting and any one, or all three of them, can justify further exploration…”

Prospect/Lead

Basin/Trough

Targets/Play

Mean Prospective Resources (unrisked) (MMboe Recoverable)

Roan

Gamtoos

Syn-Rift Basin Floor Strat trap

119

Reedbuck

Gamtoos

67

Steenbok

Gamtoos

34

Canyon

Algoa: Uitenhage

Post-Rift Canyon fill

80

Deep Albian

Outenique Basin Slope

Post-Rift Canyon fed basin slope

210

510

09/21/2018

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