Tower Resources has announced that the results from a recently completed basin and thermal maturity study conducted over its blocks in Namibia’s Walvis Basin show evidence of a functioning petroleum system.
The company is hopeful that this system could potentially host billions of barrels of oil.
Tower Resources, a listed oil and gas company, operates blocks 1910A, 1911, and 1912B, collectively known as Petroleum Exploration Licence (PEL) 96.
These blocks are located off the Skeleton Coast, surrounded by acreage controlled by ExxonMobil in the Walvis and Namibe basins.
Tower CEO Jeremy Asher said the results of the basin modelling work indicates the prospectivity of Tower’s licenses in Namibia.
“We are excited by the results of the basin modelling work and its indication of the prospectivity of Tower’s licenses in Namibia. It explains neatly the results of the Norsk Hydro well, the source of the lacustrine oil found within it, and the reasons why that oil found its way into that well and subsequently migrated away from it.” he said.
“The conclusions indicate the potential for either of the giant billion-barrel-plus structures in the West of the license to be charged; furthermore, the migration pathways, coupled with the recent impressive industry successes in drilling stratigraphic plays in the Orange Basin to the South, enhance our interest in the similar stratigraphic leads that we interpret on the flanks of the Alpha Prospect structure in particular.”
The study incorporated data from large 2D seismic datasets and exploration wells, including one drilled in the acreage by Norsk Hydro in 1994, which yielded oil cores.
Tower is currently conducting oil seep analysis to complement the basin modelling work, and a review of existing volumetric data on the identified prospects and leads is also underway. This information will aid in determining the areas where 3D seismic should be acquired.
Tower holds an 80% stake in PEL 96 and is partnered with the state-owned National Petroleum Corporation of Namibia (NAMCOR).
Namibia has already witnessed oil discoveries by Qatar Energy, Shell, and Total Energies in the Orange Basin, offshore Namibia near Luderitz. According to the Namibia Petroleum Operators Association (NAMPOA), exploration companies have invested over N$30 billion in the country since independence.
