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ARCADIA PETROLEUM IS looking for a deepwater rig to drill a first exploratory well late this year on license 0010 offshore Namibia.

According to Tower Resources, which has a 15 per cent interest in the permit via its subsidiary Neptune Petroleum (Namibia), processing of newly acquired 3-D seismic is complete.

An initial view suggests that results of an earlier 2-D seismic interpretation have been enhanced, and the large, four-way dip-closed Delta structure has been confirmed.

There are also clear indicators of light hydrocarbons in the form of “pock marks”, constrained below the regional seal and within the closure of the structure – Tower stresses that this is independent of hydrocarbon indications interpreted from AVO analysis of the 2-D data.

Detailed interpretation is under way, which will include evaluation of direct hydrocarbon indicators and reservoir facies, with results due by end-March.

Arcadia Petroleum, which is covering Tower for the cost of the first well, has accelerated its programme to put in place funding and to contract a deepwater rig to drill in 4Q 2011, subject to availability.