Tower Resources ("Tower"), the AIM listed oil and gas exploration company, and its wholly-owned subsidiary Neptune Petroleum (Namibia) Limited ("Neptune") have completed a 2D seismic acquisition programme and have agreed farm out terms with a third party. Both events mark important progress in the operations and future funding of their licence obligations in Namibia.
Tower contracted with Sana Navigation Company Ltd. to deploy the seismic vessel "Northern Explorer", to acquire 2-dimensional seismic programme over the north western areas of its licence covering offshore blocks 1910A, 1911 and 2011A. The survey was completed on the 1 September 2007 having acquired more than 700 kilometres of good quality data. The next step is for the process and interpretation of the data. This new data will facilitate further evaluation of the large structure revealed by an amplitude variations with offset analysis as currently seen on existing licensed data.
Neptune has also signed a farm out agreement with a third party to fund this work programme and, potentially, additional future seismic and drilling activities. The farm out agreement is subject to formal approval by the Namibian Government and a more detailed announcement will be made once this has been received. Tower will continue to have a 100% interest in the project up until completion of the farm out agreement.
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