Tower Resources awarded one year extension for Thali license, offshore Cameroon
Tower Resources, the AIM-listed oil and gas company with its focus on Africa has been awarded a one-year extension to the initial period of the exploration phase on the company’s Thali license offshore Cameroon.
The Company had applied to the Ministry of Mines, Industry and Technological Development ("MINMIDT") for an extension of the initial period of the Exploration Phase of the Thali production-sharing contract ("PSC") of up to one year from its current expiration date (of 15 September 2019), in accordance with the Company's PSC and the Cameroon Petroleum Code, for the purpose of completing the NJOM-3 well currently in process on the Njonji structure.
His Excellency the Minister formally notified the Company that the Government of Cameroon has decided to grant a further exceptional one-year extension to the initial period of the Exploration Phase of the Thali PSC as requested by the Company.
The Company and Geoquip Marine AG have spent the last few weeks finalising preparations for the MV Investigator to conduct the site survey on the NJOM-3 drilling area prior to commencement of drilling operations, in accordance with the contract announced on 1 November 2019.
The MV Investigator is already in Cameroon, where it has been performing some routine maintenance, and the vessel is expected to commence work on the survey shortly. When the survey report is complete the Company will discuss the survey results with the drilling company COSL, with whom it executed an LOI announced on 28 August 2019, before finalising arrangements for the well itself.
Jeremy Asher, Chairman & CEO, added: "We would like to thank His Excellency the President of the Republic, His Excellency Prime Minister Dr. Joseph Dion Ngute, His Excellency the Minister Gabriel Dodo Ndoke, together with their respective staffs, and of course the Société Nationale des Hydrocarbures, for their continued commitment to us and to the Thali project."