Tower Resources and partner Repsol drill dry hole offshore Namibia

RBC Capital Markets

Tower Resources reported June 13 that the Welwitschia-1A well on PEL0010, offshore Namibia, was drilled but that no hydrocarbons were encountered. Repsol is operator of the block with 44% working interest, alongside Tower Resources (30%).

Drilling was behind the initial schedule due to late rig delivery and operational issues during drilling and logging, including the onset of the winter weather conditions. Tower Resources also stated that it expects the well costs to be around 10% higher than the initial $91 million (gross) budget.

The partners will evaluate the information from the Welwitschia well, but have agreed to not to drill further wells at this time because to test a deeper target would cost an estimated $40 million.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...