Oil in namibia confirmed by Tower Resources UK

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UK oil exploration firm Tower Resources said on Friday that seismic data interpretation had confirmed the presence of giant structures which could contain 10 billion barrels of crude from three prospective areas, drumming a positive tone in Namibia’s oil search efforts.

Tower Resources said in a regulatory statement posted on its website that 2-D seismic acquisition survey shot in September 2007 had confirmed the presence of giant structures and indicate a significant probability that these would be oil bearing.

Tower Resources said that seismic tests had confirmed the potential for 10 billion barrels of oil from three prospects at Licence 0010 offshore northern Namibia operated by Arcadia Petroleum Limited. Tower owns 15 per cent of Arcadia Petroleum Limited.

“Arcadia has calculated that on a heavily discounted basis for reservoir parameters which contribute to volume, reserve potential is of the order of 10 billion barrels in three giant prospects.”

Large volumes of associated gas would also be present, the company said. “These volumes have not been further discounted for exploration risk, but the amplitude variation with offset analysis and geological modelling has been very rigorous providing significant comfort that the chance of success is favourable in terms of global success,” the company said.

Tower Resources said there were plans to be finalised for next year to significantly increase seismic coverage over the three large prospects with a view to drilling a first well within the next two years. Panapress .

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