Progress attained at Kenya oil project

Kenya oil production

Kenya oil production

from MARIA MACHARIA in Nairobi, Kenya
NAIROBI – TOWER Resources, the oil and gas exploration company, welcomed the progress recorded in its operation in Kenya.

“The spudding of the Badada-1 well marks an important milestone in this frontier exploration basin.

“Badada-1 is a potential play opener, which if successful, will de-risk other prospects and leads in Block-2B and generate considerable upside from a follow-on exploration programme in 2016/17,” Graeme Thomson, Tower Resources Chief Executive Officer, commented.

Spudding refers to the initial drilling for an oil well.

Tower Resources’ estimate of the gross unrisked prospective resources to be tested by Badada-1 ranges from 16mmboe (P90) to 402mmboe (P10) with a Pmean of 169mmboe.

This compares to the Operator’s gross mean unrisked recoverable resources estimate of 251 mmboe.

The well is planned to be drilled to a total depth of between 3 000 and 4 000 metres to test Tertiary age reservoirs analogous to those in the Lokichar basin where Tullow and Africa Oil have made discoveries with best estimate unrisked gross (2C) contingent resources totaling616mmbbls.

The operator expects drilling to take up to ten weeks to complete.

– CAJ News

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Posted by on Jan 8 2015. Filed under Energy, Finance, Finance & Banking, Mining, Mining & Engineering, Oil & Gas. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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