Tower's massive increase in shareprice, in less than 3 months to a market cap of more than US$160MM demonstrates interest from investors in prospects to be drilled in Namibia. This is again a Multi Billion boe potential well.
Following results from Wingat well, chances are believed to have increased significantly.
HRT has plenty of such shallower prospects, imagine what happens to shareprice when Repsol and Tower discover billions of barrels of oil next to HRT's Blocks. Companies will fight to farm into HRT's Blocks.
The Delta structure at Maastrichtian level ("DeltaM") and Palaeocene level ("DeltaP") are now both classified as prospects, which, in a technical sense, means they are suitable to drill without further information – the Delta structures at Campanian (two separate horizons) and Albian levels and the Gamma and Alpha structures at Palaeocene level are all classified as leads, which require further information to raise them to prospect level. OIL has used the seismic data, the two Namibian discoveries and regional data to evaluate the likelihood that the reservoirs would be predominantly light oil-bearing with a possible gas cap; gas condensate-bearing; or dry gas-bearing. For Delta, OIL concludes probabilities of 50%, 40%; and 10% respectively. All other structures are rated 45%, 44%, 11% respectively. Prospective resources for the prospect and leads at the 50% probability level have been estimated as follows: In the event of light oil, gross recoverable resources amount to 12.28 billion barrels and 19.2 trillion scft of natural gas. Net figures for Tower are 3.5 billion barrels and 5.4 trillion scft of natural gas. In the event of gas condensate, gross resources amount to 1,533 million barrels and 45.0 trillion scft of natural gas. Net figures for Tower are 436 million barrels and12.8 trillion scft natural gas. In the event of dry gas, gross resources amount to 107 million barrels and 45.2 trillion scft natural gas. Net figures for Tower are 30 million barrels and12.8 trillion scft natural gas. The final step has been to estimate a geological chance of success ("COS") for each structure. This has made use of all basic technical information but also an intensive review of the AVO data, in particular interpretations prepared by consultants to Arcadia, the operator. In respect of the two prospects, DeltaM has been assessed as having a 40% COS and DeltaP a 24% COS. An economic confidence factor of about 79% was then applied for the two prospects to the geological COS's to calculate the economic COS used in the EMV calculations.
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