Entry: April 2014
Blocks 40 & 41 (100% Operated)
Operator: Rift Petroleum (Zambia) Ltd
Secondary Exploration Period (3 years)
Through its wholly-owned subsidiary Rift Petroleum (Zambia) Limited, Tower operates a 100% interest in Blocks 40 and 41 of the frontier Zambezi Basin, which cover a gross area of 6,946km² and forms part of a frontier rift basin adjacent to the East Africa Rift Basins system.
As part of the Initial Exploration Period, Rift undertook its first geological field expedition in Zambia which was successfully completed in August 2014. The fieldwork included the collection of a large number of geological samples which were subjected to laboratory analysis to generate a new exploration geology database to improve our understanding of the oil and gas potential of Blocks 40 and 41. This was followed by a second programme of fieldwork in August 2015 which obtained further encouragement that the area has significant exploration potential. With the initial exploration commitment on Blocks 40 and 41 now having been fulfilled the fieldwork results, together with the integration of regional seep studies and gravity surveys, have provided evidence of the key elements of a working petroleum system with the potential for both oil and gas generation.
Rift has now entered a three-year Secondary Exploration Period which has been split into three one year periods with respective commitments to further field work, airborne gravity and magnetic data acquisition and interpretation, and a 2D seismic programme. The acreage can be relinquished at the end of each annual decision point if results are discouraging, so commitments are light and proportionate to prospectivity. Tower is actively looking for a partner to accelerate the programme so that prospects could be drilled as early as 2017.
Given the location of Blocks 40 and 41 relative to the Southern Africa Power Pool, existing surrounding infrastructure and the constrained domestic energy market, Tower believes that there is a significant gas to power opportunity in the area for which Rift is ideally positioned.