Namibia has invited Tower Resources to apply to enter the First Renewal Period of PEL 96 for 2–3 years.
Tower is the operator of the license PEL 96 with 80% working interest.
The mines ministry has also agreed to defer the company’s commitment to acquire 1,000 km2 of new 3D seismic data to the First Renewal Period.
The remaining work commitment for the Initial Exploration Period comprises the oil seep satellite analysis, play fairway analysis, development of an updated prospect, and lead inventory.
The high-grading of acreage is already substantially complete.
The company is evaluating significant stratigraphic and structural leads and prospects and plans to reprocess the previously acquired 2D seismic data over large license areas.
The evaluation of leads and prospects has required further time commitment due to the encouraging discovery of many substantial stratigraphic traps and the large anticlines and other structural traps that had already been identified.
The modelling work completed in 2023 had previously identified source rocks deep within the PEL96 portion of the Dolphin Graben, which is calculated to be mature for in excess of 100 to 150 billion barrels of oil generation.
Due to the variability of quality or coverage of data over some of these leads, the PEL 96 Joint Venture intends to reprocess the existing seismic data in these areas to extract as much information as possible from the original data files and significantly improve seismic data quality.
Tower Resources Jeremy Asher said their view of the prospectivity of PEL 96 has improved greatly since they began the current phase of work in 2019.
“We look forward to having sufficient data quality to share a more detailed picture of the structures we wish to explore further with the 3D data acquisition as soon as we have it.
“In the meantime, we plan to prepare a more detailed report summarising our findings and the main conclusions we will share with investors in due course.”
Tower Resources left Namibia in 2014 and surrendered its stake in PEL 10 in partnership with Repsol and Arcadia Petroleum.
