Namibia’s Ministry of Mines and Energy has given Tower Resources more time to explore their offshore PEL96 area. The initial exploration period has been extended until October 31. Tower has also been invited to apply for a First Renewal Period, which could last two to three more years. The Ministry has allowed Tower to delay acquiring new 3D seismic data until this renewal period.
Exploration Progress
Tower Resources has made progress on their initial commitments, such as analyzing oil seeps, studying potential oil fields and identifying new areas for exploration. They are now focusing on evaluating large leads and prospects in the area. They plan to reanalyze previously collected data and select areas for further exploration.
Oil Potential
Tower Resources believes there is a significant amount of oil in the PEL96 area. They have identified potential oil sources and migration paths for the oil. The company has reviewed over 20,000 kilometers of seismic data and found stratigraphic traps in five main areas of the license. These traps are near the deep oil sources and migration paths.
Future Plans
Due to some data quality issues, Tower Resources and their partners plan to reprocess existing seismic data to improve the quality and coverage. This will help them gather more information and make better decisions for future exploration.
Overall, Tower Resources is making progress in their offshore exploration in Namibia, and the Ministry of Mines and Energy is supporting their efforts by extending their exploration period and allowing them to continue their work.
