M a r k e t N e w s

Progress attained at Kenya oil project

Posted on : Thursday, 22nd January 2015

 NAIROBI – TOWER Resources, the oil and gas exploration company, welcomed the progress recorded in its operation in Kenya.“The spudding of the Badada-1 well marks an important milestone in this frontier exploration basin. 

“Badada-1 is a potential play opener, which if successful, will de-risk other prospects and leads in Block-2B and generate considerable upside from a follow-on exploration programme in 2016/17,” Graeme Thomson, Tower Resources Chief Executive Officer, commented.

Spudding refers to the initial drilling for an oil well.

Tower Resources’ estimate of the gross un-risked prospective resources to be tested by Badada-1 ranges from 16mmboe (P90) to 402mmboe (P10) with a Pmean of 169mmboe.

This compares to the Operator’s gross mean un-risked recoverable resources estimate of 251 mmboe.

The well is planned to be drilled to a total depth of between 3 000 and 4 000 metres to test Tertiary age reservoirs analogous to those in the Lokichar basin where Tullow and Africa Oil have made discoveries with best estimate un-risked gross (2C) contingent resources totaling616mmbbls.

The operator expects drilling to take up to ten weeks to complete.

Source : http://allafrica.com/stories/201501201242.html
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