News In Brief: Tower Raises Block 0010 Stake
News: UK-based explorer Tower ResourcesÂ is to acquire a stake in Block 0010 offshore Namibia that is currently owned by Arcadia Petroleum. Under the deal, Tower will acquire a 15% stake in the block, thereby increasing its holding to 30%. The company will be required to reimburse 30% of Arcadia's past costs totalling about US$$5.3mn and assume 30% of all future costs. Repsol reached a deal with Aracadia to buy a 44% stake in the block in June 2012.
Following the completion of these transactions, Repsol will serve as the operator of the licence with a 44% stake, working alongside partners Tower with 30% and Arcadia with the remaining 26%.