Tower Resources PLC - Africa-focused oil and gas company - Notes releases from Shell Namibia Upstream BV, Qatar Energy and National Petroleum Corp of Namibia that announced primary and secondary targets have been found in the Graff-1 well in Namibia. Press reports say that the well had one 60-meter layer of hydrocarbons, which hold an estimated 250 to 300 million barrels of light oil. Says it demonstrates conclusively the potential for light oil in substantial quantities in Namibian offshore, where it has a net acreage of 18,637 square kilometres, which is believed to be behind only Exxon Mobil Corp and Eco Atlantic Oil & Gas Ltd in size.
‘We are delighted by the Graff-1 discovery, for the Republic of Namibia and our partners at Namcor, and also for the greater confidence that this discovery gives us in our own Namibian Blocks. As Immanuel Mulunga, Managing Director of Namcor, has said, this should put to rest any remaining doubts about the hydrocarbon potential of Namibia,’ says Chair and Chief Executive Jeremy Asher.
Separately, Global Petroleum Ltd says Graff-1 discovery has positive implications for its PEL 94 licence, which is about 1,000 kilometres north of the well.
Tower Resources current stock price: 0.31 pence, down 9.6% on Monday
12-month change: down 39%
Global Petroleum current stock price: 0.73 pence, up 0.8% on Monday
12-month change: down 32%
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