Tower acquires Comet Petroleum

Tower Resources, has completed the acquisition of Comet Petroleum Ltd, which is the 50% holder of two exploration licences in the SADR originally awarded in March 2006.

Other parties to the licences are Maghreb Exploration Limited (10%) and Osceola Hydrocarbons Limited (40%).

The Guelta and Bojador Blocks are in the Aaiun basin which is essentially unexplored in modern times.

This basin is one of a series of mature passive margin basins that lie along the North Atlantic margin of Northwest Africa. A well drilled by Conoco in shallow water more than 25 years ago encountered asphalt in the early Tertiary and throughout the early to late Cretaceous.

A13 metre thick tar saturated sand was found in the Aptian. An extensive Lower Cretaceous deltaic sequence is present in the shallow to mid-range of water depths, and becomes progressively more marine to the west.

Triassic salt to the west provides the mechanism for the development of large tilted fault blocks, overlain by drape structures, providing multi-level prospectivity.

Although seismic and well information is very sparse, it appears from the available evidence that all the ingredients for a working petroleum system are present in the Guelta and Bojador Blocks, namely, source rocks, reservoir rocks, seals and potentially large structures.