Uchenna Izundu
International Editor
LONDON, May 17 -- Arcadia Petroleum Ltd., operator of License 0010 off northern Namibia, has completed interpretation of 2D seismic shot in September 2007 that it's partner Tower Resources PLC, says confirms the presence of giant structures that could contain as much as 10 billion bbl of oil, unrisked, from three prospects.
The seismic data indicate a great probability that they would be oil bearing, Tower Resources said. Large volumes of associated gas would also be present.
These volumes have not been discounted for exploration risk. "Amplitude Variation with Offset analysis and geological modelling have pointed to three sandstone reservoirs up to 50 m thick which correlate with sandstones in the two exploration wells drilled in the 1990's," reported Tower Resources, whose unit Neptune Petroleum (Namibia) Ltd. holds a 15% interest in the prospect. However, there was no suggestion of hydrocarbons in those wells, it added.
Arcadia plans to drill a well within 2 years after gathering more seismic over the prospects.
According to Tower Resources, the Alpha structure had a four-way dip closure, indicating a maximum area of more than 600 sq km. The data suggested another four-way dip closure on the Gamma structure which, if confirmed, would define a prospect covering more than 1,700 sq km.
Tower Resources said, "Reservoir sands are interpreted to be stacked channel sands having laterally variable reservoir characteristics but high-quality over significant areas."
Uganda and Tanzania
In other activities, another Tower Resources unit, Neptune Petroleum (Uganda) Ltd., plans to drill its first well on Block 5 in Uganda before yearend after it completes interpreting 2D seismic data by the end of May over 300 km in Exploration Area 5 ("EA 5") in Uganda.
IMC Geophysics International Ltd. shot the seismic over a sedimentary sequence with prospective structures in the Albertine Graben system that was identified by a regional gravity survey.
The seismic was shot under terms of an agreement between Tower and Orca Exploration. On receipt of the fully interpreted seismic, Orca has the right to acquire a 50% working interest in EA 5 in return for funding 83.33% of two exploration wells.
Peter Kingston, Tower Resources' Executive Chairman, commented: "In anticipation of positive results, together with Orca Exploration, we have commenced the search for a suitable rig to drill two exploration wells during 2008."
Tower Resources said, "Current conclusions point to primary targets within sediments up to 1,500 m thick that are broadly analogous to the shallow potential currently the subject of intense exploration in northern Block 2 and Block 1 immediately to the south of Tower's Block 5."
Tower also has started negotiations with the Tanzania Petroleum Development Corp. to conclude a production-sharing agreement covering the frontier exploration area consisting of Lakes Eyasi-Wembere, Manyara, and Natron in Tanzania.
Contact Uchenna Izundu at [email protected].
