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.
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…”
Mean Prospective Resources (unrisked) (MMboe Recoverable)
Syn-Rift Basin Floor Strat trap
Post-Rift Canyon fill
Outenique Basin Slope
Post-Rift Canyon fed basin slope