New Age Energy Algoa (Pty) Ltd. and partner Tower Resources PLC entered the second exploration period of the Algoa-Gamtoos license, offshore South Africa. The period will run for 2 years from Nov. 17, 2020, and the work program during this period will include a further 300 sq km of 3D seismic data acquisition in the license area.
Algoa-Gamtoos contains the southern deepwater margin of Outeniqua basin that was targeted by Total's Brulpadda and Luiperd-1X wells about 150 km west of the license (OGJ Online Dec. 7, 2020). The wells successfully tested the Lower Cretaceous turbidite fan play of the Outeniqua basin slope, which is interpreted to extend along strike into the southern part of the Algoa-Gamtoos block. New Age identified this region on 2D seismic as a substantial prospect.
Existing 2D seismic data over the license was reprocessed in 2020, yielding resolution improvements. Updated analysis and volumetrics, expected in January 2021, will be made available to potential farm-in partners.
New Age Energy is operator of the license with 50%. Tower Resources, through its subsidiary Rift Petroleum Ltd., holds the remaining 50%.
