{"id":3862,"date":"2015-09-30T08:38:38","date_gmt":"2015-09-30T08:38:38","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3862"},"modified":"2015-09-30T08:38:38","modified_gmt":"2015-09-30T08:38:38","slug":"tower-resources-shuts-its-east-africa-office","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-shuts-its-east-africa-office\/","title":{"rendered":"Tower Resources shuts its East Africa Office"},"content":{"rendered":"

Tower Resources has closed its East Africa regional office in Uganda from where it has been coordinating activities on its licenses in South Africa, Zambia, Kenya and SADR (Western Sahara).<\/p>\n

This follows new cost reduction measures being undertaken by the company that have also seen the relocation of Tower\u2019s corporate office as the company tries to keep its near-term commitments are low, and aims to farm down its working interest holdings as appropriate to manage our risk-reward position.<\/p>\n

Tower adds it is now refocused its portfolio and resources to areas predominantly on the Atlantic Margin where it is confident it can add value even in this difficult market.<\/p>\n

\u201cAccordingly, we have withdrawn from areas where we feel there is no medium-term likelihood of commercially worthwhile success. Our near-term commitments are low, and yet we have significant working interest holdings which we aim to farm down in due course as appropriate to manage our risk reward position,\u201d says a joint statement by the Chairman and CEO.<\/p>\n

Currently the company is focused on its Cameroon acreage it acquired earlier this month as well as in Namibia where it has made a number of applications in process as it seeks to build our acreage position in what remains a hugely underexplored but highly prospective area.<\/p>\n

Early stage field work in Zambia Tower says has been encouraging, and it has now received approvals in South Africa to move into the next licence stage on Algoa-Gamtoos.<\/p>\n

Earlier this year the company and its partners Premeir Oil and Taipan Resources in Kenya\u2019s block 2B were unsuccessful<\/a> in the drilling of the unsuccessful Badada-1 exploration well.<\/p>\n

Following the unsuccessful drilling and Premier Oil plc exercised their right to exit<\/a> the joint venture with effect from 30 April 2015. Accordingly, Lion and Tower announced working interests in the Block will be adjusted on a pro-rata basis (Lion 66.66%, Tower 33.34%) for the remaining approximately six months of the current licence phase after an extension by the Kenyan government ending in November 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tower Resources has closed its East Africa regional office in Uganda from where it has been coordinating activities on its licenses in South Africa, Zambia, Kenya and SADR (Western Sahara). … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":3864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[213,274,3662,1252,2071,3663,2371,2458,2541,2762],"class_list":["post-3862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-badada-1-well","tag-block-2b","tag-east-africa-office","tag-kenya","tag-premier-oil","tag-sadr","tag-south-africa","tag-taipan-resources","tag-tower-resources","tag-zambia","entry"],"jetpack_publicize_connections":[],"jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-10i","jetpack-related-posts":[{"id":1128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-completes-farm-in-to-block-2b-kenya\/","url_meta":{"origin":3862,"position":0},"title":"Tower Resources completes farm-in to Block 2B, Kenya","author":"Samuel Kamau Mbote","date":"June 3, 2014","format":false,"excerpt":"Oil and gas exploration company, Tower Resources plc has announced the completion of its farm-in to Block 2B, onshore Kenya. The company agreed to acquire a 15% interest in Block 2B in April from Lion Petroleum Corp., a wholly owned subsidiary of Taipan Resources Inc. who hold 45% of the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-2b.jpg?fit=750%2C668&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-2b.jpg?fit=750%2C668&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-2b.jpg?fit=750%2C668&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/06\/block-2b.jpg?fit=750%2C668&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1875,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-more-hopeful-of-oil-find-rather-than-gas-in-kenyas-block-2b\/","url_meta":{"origin":3862,"position":1},"title":"Tower Resources more hopeful of oil find rather than gas in Kenya\u2019s Block 2B","author":"Samuel Kamau Mbote","date":"October 7, 2014","format":false,"excerpt":"Tower Resources is more hopeful of an oil find unlike a gas find in Kenya;s block 2B Badada-1 well exploration well according to a recent report by the company. In the report Tower Resources\u00a0 says the Badada-1 well is planned to be drilled to a total depth of 3,500 metres\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/badada-1.jpg?fit=238%2C212&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1723,"url":"https:\/\/www.oilnewskenya.com\/index.php\/badada-1-well-set-to-spud-in-late-2014early-2015\/","url_meta":{"origin":3862,"position":2},"title":"Badada-1 well set to spud in late 2014\/early 2015","author":"Samuel Kamau Mbote","date":"September 4, 2014","format":false,"excerpt":"Tower resources has announced that following the completion of the farm in to block 2B it is now readying to drill the badada-1 well which is\u00a0 50km to the south of Sala-1 which has already returned successful results in block 9in late 2014\/early 2013.. The badada-1 well will serve as\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/badada-1.jpg?fit=238%2C212&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9042,"url":"https:\/\/www.oilnewskenya.com\/index.php\/east-african-countries-submit-17-expressions-of-interest-for-the-6th-grmf-application-round\/","url_meta":{"origin":3862,"position":3},"title":"East African Countries Submit 17 Expressions of Interest for the 6th GRMF Application Round","author":"","date":"September 2, 2020","format":false,"excerpt":"The AUC has acknowledged that on 29 July 2020 seventeen (17) Expressions of Interest (EoI)\u00a0for the Geothermal Risk Mitigation Facility\u2019s 6th Application Round were received on time and were accepted for bid opening, which took place on 3rd August 2020. 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The\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/altaaqaglobal.jpg?fit=350%2C258&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9571,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-tower-resources-enters-the-second-exploration-period-of-the-algoa-gamtoos-license\/","url_meta":{"origin":3862,"position":5},"title":"SOUTH AFRICA: Tower Resources Enters the Second Exploration Period of the Algoa-Gamtoos license","author":"","date":"December 16, 2020","format":false,"excerpt":"Tower Resources has announced that its subsidiary Rift Petroleum Ltd, together with Operator and 50% partner New Age Energy Algoa (Pty) Ltd, has now formally agreed to enter the Second Exploration Period of the Algoa-Gamtoos license offshore South Africa. The Company also notes the recent announcements from Total S.A.\u00a0 and\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/new-age-seeking-farm-out-partner-for-south-africa-block.jpg?fit=580%2C521&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/new-age-seeking-farm-out-partner-for-south-africa-block.jpg?fit=580%2C521&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/new-age-seeking-farm-out-partner-for-south-africa-block.jpg?fit=580%2C521&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/09\/tower-resources-plc-logo.jpg?fit=401%2C299&ssl=1","_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=3862"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3862\/revisions"}],"predecessor-version":[{"id":3865,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3862\/revisions\/3865"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/3864"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}