Tower Resources has farmed out its acreage off Namibia to trading house Arcadia Petroleum.Through unit Neptune Petroleum,the UK independent has farmed out 85% of its licence which covers offshore Blocks 1910A,1911 and 2011A.Under the terms of the farmout,Arcadia has committed to fully fund a programme of activity in four parts which includes:the cost associated with shooting the recently completed 2D seismic programme,shooting and interpreting a 3D seismic programme,an exploration commitment well and a second well which might be an appraisal well or a second exploration well.
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