Tower Resources pursues joint venture with undisclosed oil major

Tower Resources pursues joint venture with undisclosed oil major

Oil and gas exploration and development company Tower Resources has seen its share price rally on Thursday, following its announcement that it had begun discussions for potential co-operation on a joint venture.

The Company stated that it had given technical and commercial information to an ‘international oil company’ with a view to spark discussions of a potential joint venture.

The announcement follows preliminary discussions held earlier in the year, and is focused on prospective co-operation on Tower Resources’ Namibian Blocks venture.

Tower Resources comments

Jeremy Asher, CEO, stated,

“This process is at a very early stage, and may not lead to any agreement. However, it does provide a timely reminder that, in addition to our Cameroon appraisal and development project, the Company has two extremely attractive exploration opportunities in Namibia and South Africa.”

“Our Namibian Blocks, in which we have an 80% interest as operator, include two giant four-way dip closures in the West and four large structures in the Dolphin Graben where the 1994 Norsk Hydro well 1911/15-1 encountered three source rock intervals, and recovered oil from Albian carbonate core samples.”

“Our Algoa-Gamtoos license in South Africa, operated by NewAge, where our interest is 50%, adjoins Total’s license where it made its recent 1-billion boe Brulpadda gas-condensate discovery in the Outeniqua basin, and that Algoa-Gamtoos license includes a 364 million boe prospect identified by NewAge in the same Outeniqua basin.”

Investor notes

The Company’s shares settled from a 25% bounce, now up 9.33% or 0.035p, to 0.41p per share 03/10/19 14:25 BST. Neither a dividend yield nor a p/e ratio are available for Tower Resources stock.

Elsewhere in oil and gas news, there have been updates from; Anglo African Oil & Gas (LON: AAOG), Chariot Oil and Gas Limited (LON: CHAR), Union Jack Oil PLC (LON: UJO), Prospex Oil and Gas PLC (LON: PXOG), IGAS Energy PLC (LON: IGAS), Trinity Exploration & Production PLC (LON: TRIN) and Baron Oil PLC (LON: BOIL).