Tower Resources awards 3D seismic data contract to DMT Petrologic

The AIM-traded firm said the contract, awarded following a competitive tender among six companies, covered merging and reprocessing data from five existing surveys, to cover an area of approximately 500 square kilometres including the entirety of the Thali block and its surrounding area.

That encompassed both the three discovery wells on the Thali block itself, and additional key wells, which the board said would provide further data control.

The reprocessing work would achieve higher resolution imaging, Tower explained, and obtain additional information to upgrade the existing prospect inventory on the Thali block.

“This work will allow us to make a more detailed evaluation of the many prospects on the Thali block, including the existing discoveries at Njonji and Rumpi,” said Tower chairman and CEO Jeremy Asher.

“We expect to crystallise greater confidence in the volumetric estimates of existing leads and prospects as well as identifying new ones.

“This will form the basis for our drilling plans, to be confirmed via a competent person's report next year.”

Asher said the company was “looking forward” to working with DMT Petrologic, and would update shareholders as the work proceeded.

“We are also finalising our plans for an environmental survey in advance of drilling on the Thali block, and will advise further when those arrangements are complete.

“We are fully committed to our goal of reaching production at Thali as soon as possible.”