Tower Resources (LON:TRP), the AIM quoted exploration company with interests offshore Namibia, has claimed that Spanish oil giant Repsol is close to completing a move to farm-in to its acreage.
It is understood that Repsol announced during its investor presentation last week that it is planning to enter Namibian offshore licence 0010 as operator and take a 44 percent working interest, which is consistent with previous remarks made to the media by the Namibian authorities. The licence is presently held 85 percent by Arcadia Petroleum and 15 percent by Tower.
Tower noted that the formal documentation and government approvals for this transfer had not yet completed but that it would inform the market as soon as it becomes aware that this has occurred.
Provided the transfer is completed, interests in the licence will be Repsol 44 percent, Arcadia 41 percent and Tower 15 percent, and Tower’s carried interest (through the first and optional second exploration wells) remains unaffected.
Tower said it was is continuing to investigate opportunities to increase its interests in the Namibian offshore.
