Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas company with its focus on Africa, is pleased to announce that its subsidiary Rift Petroleum Ltd ( Rift ), together with Operator and 50% partner New Age Energy Algoa (Pty) Ltd ( New Age ), has now formally agreed to enter the Second Exploration Period of the Algoa-Gamtoos license offshore South Africa. The Company also notes the recent announcements from Total S.A. ( Total ) and Africa Energy Ltd ( Africa Energy ) regarding the results of the Luiperd-1X well, which has reported a further significant gas condensate discovery in Block 11B/12B (Total 45% and Operator, Qatar Petroleum 25%, CNR International 20% and Main Street 1549 Proprietary Ltd 10%) located in the Outeniqua basin, offshore South Africa.
South Africa: Tower Resources enters Second Exploration Period of the Algoa-Gamtoos license offshore South Africa
16 Dec 2020
Rift Petroleum, together with Operator and 50% partner
New Age Energy Algoa, has now formally agreed to enter the
Second Exploration Period of the Algoa-Gamtoos license offshore South Africa. The Company also notes the recent announcements from
Total and
Luiperd-1X well, which has reported a further significant gas condensate discovery in
Block 11B/12B (Total 45% and Operator, Qatar Petroleum 25%, CNR International 20% and Main Street 1549 Proprietary Ltd 10%) located in the Outeniqua basin, offshore South Africa.
The Second Exploration Period of the Algoa-Gamtoos License will run for two years from 17 November 2020, and the work programme during this period will include a further 300 km2 of 3D seismic data acquisition in the license area.
16 December 2020 | 09:23am
StockMarketWire.com - Oil company Tower Resources said it and partner New Age Energy Algoa had agreed to progress to the second exploration phase for the Algoa-Gamtoos license offshore South Africa.
The second exploration period would run for two years from 17 November 2020, with a work programme that included a further 300 square kilometres of 3D seismic data acquisition in the license area.
Tower Resources also noted that French oil giant Total and Africa Energy had made a further significant gas and condensate discovery at a block adjacent to the Algoa-Gamtoos license.
At 9:23am: [LON:TRP] Tower Resources PLC share price was 0p at 0.38p