Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, is pleased to provide the following operational update on its work on the Thali licence in Cameroon, conducted through its wholly owned subsidiary Tower Resources Cameroon SA.
As noted in its operational update published on 20 August 2018, the Company filed its application with the Ministry of Mines, Industry and Technological Development (“MINMIDT”) for an extension of the Initial Exploration Period of the Thali licence of up to one year from its current expiration date (of 14 September 2018), as permitted under the Company’s production-sharing contract (“PSC”), for the purpose of completing the well currently in process on the Njonji structure.
The Company was informed on Friday 14 September by His Excellency the Minister that he has agreed to grant a one-year extension to the Thali license, in accordance with the PSC, and subject to the condition that the Company’s rig contract for the upcoming well is finalised and executed within three months. The Company has not yet received formal notification by letter from MINMIDT but has been told to expect such a letter this week. There is also some further documentation to be completed and the Company will make a further announcement when this is done.
In the meantime, work on the Reserve Report and selection of rig and service contractors for the upcoming well is continuing. The Company’s internal G&G work is now substantially complete and is being reviewed by Oilfield International (“OIL”), the independent consultants preparing the Reserve Report. The Company has retained Bedrock Drilling Limited to provide well management and supervision services for the Njonji well, and is presently negotiating terms for both rig and services.
Jeremy Asher, Chairman & CEO, added:
“We would like to thank His Excellency Minister Ernest Gbwaboubou, and M Adolphe Moudiki, the Excecutive General Manager of our partner the Société Nationale des Hydrocarbures, together with their respective staffs, for their commitment to us and to the Njonji project at Thali.”