15/05/2008
Africa-focused Tower Resources says seismic tests confirm the potential for 10 billion barrels of oil in one Namibian licence.
The AIM-quoted company has a 15 per cent interest through the operator, Arcadia Petroleum, in the three offshore prospects in Licence 0010 which have been tested. London-based Arcadia says seismic coverage will be stepped up ‘significantly’ and suggests a first well will be drilled within two years.
Floated three years ago at 1.5p, Tower shares have now reached 5.12p, up 2p this morning, valuing the company at £27.5 million. If 0010 lives up to expectations, they should have further to go.
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