{"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\u201cAccordingly, we have withdrawn from areas where we feel there is no medium-term likelihood of commercially worthwhile success.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_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","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":889,"url":"https:\/\/www.oilnewskenya.com\/index.php\/altaaqa-global-opens-east-africa-office\/","url_meta":{"origin":3862,"position":3},"title":"Altaaqa Global Opens East Africa Office","author":"Samuel Kamau Mbote","date":"April 17, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] The new Nairobi office will serve as a hub for Altaaqa Global\u2019s sales and operations in the East Africa region Dubai-based Altaaqa Global CAT Rental Power, a global provider of temporary power solutions, has recently opened a branch in Nairobi, Kenya to serve the East Africa territory. 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":4},"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":[]},{"id":9830,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-tower-resources-provides-updated-resource-estimates-from-algoa-gamtoos-license\/","url_meta":{"origin":3862,"position":5},"title":"South Africa: Tower Resources Provides Updated Resource Estimates from Algoa-Gamtoos license","author":"","date":"February 8, 2021","format":false,"excerpt":"Tower Resources plc has announced that its subsidiary Rift Petroleum Ltd\u00a0 has received updated resource estimates from its 50% partner and license Operator, New Age Energy Algoa (Pty) Ltd (New Age), following NewAge's interpretation of the reprocessing of additional 2D seismic data covering the Algoa-Gamtoos license, offshore South Africa. 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