New Age lifts S Africa deep reserves in partner search

摘要

New Age has lifted reserves by half at the acreage off South Africa neighbouring Total’s giant discoveries following the re-processing of seismic. Last year the company extended its hold over the Algoa-Gam-toos block neighbouring Total’s Block 11B/12B where it has uncov-ered the giant Brulpadda and Luiperd discoveries. New Age and partner Tower Resources are both trying to farm down their equal interests in the block via Envoi. The aim is for the new partner to fund a 3D seismic survey planned for the most prospective parts of the licence. Last month Tower said that: “This process has resulted in a number of well-known companies reviewing the data room…”