Oil identified at Walvis Basin in Namibia

WINDHOEK, June 19, 2023 – Tower Resources has identified significant petroleum deposits at its PEL 96 concession on the Walvis basin in Namibia, the UK independent announced on Friday.

The company has discovered a working petroleum system within the Dolphin Graben region through a basin and thermal maturity study at the block.

The analysis shows that focus migration towards each of the main prospects have potentially generated oil within the following volumetric ranges: 45 billion to 79 billion barrels of oil at the company’s alpha prospect area and between 15 billion and 23 billion barrels of oil at the gamma prospect area.

Oil seep analysis and review of the current data is currently underway.

Once this work is completed, the company plans to acquire new 3D seismic data at the site.

“The conclusions indicate the potential for either of the giant billion-barrel-plus structures in the west of the license to be charged; furthermore, the migration pathways, coupled with the recent impressive industry successes in drilling stratigraphic plays in the Orange basin to the south, enhance our interest in the similar stratigraphic leads that we interpret on the flanks of the alpha prospect,” said Jeremy Asher, chairman and CEO of Tower Resources.

Tower Resources holds an 80% operating stake in PEL 96, with state-run National Petroleum Corporation of Namibia holding the remaining shares.

The PEL 96 concession encompasses blocks 1910A, 1911 and 192B.

In 1994, the 1911/15-1 well was drilled at the play by Norsk Hydro that encountered potential finds in both the Upper and Lower Cretaceous layers.

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