Tower Resources receives formal confirmation of the details for Thali license extension in Cameroon
21-05-2021 07:58:00 | by: Pie Kamau | hits: 3241 | Tags:

Tower Resources received formal confirmation from Cameroon's Minister of Mines, Industry and Technological Development (MINMIDT) of the details of the formal extension of the First Exploration Period of the PSC.

The Company had declared Force Majeure in March 2020 in respect of the First Exploration Period of the PSC, in light of the restrictions required to combat the Covid-19 pandemic, and on 31 March 2021 the Company announced that the President of the Republic had also approved a formal extension of the First Exploration Period.

The formal 'arrête' from MINMIDT extends the First Exploration Period to 11 May 2022. This formal extension allows the Company to proceed with finalising a schedule for drilling and testing the NJOM-3 well.

Jeremy Asher, Chairman and Chief Executive Officer, Tower Resources said, ''We are once again grateful to the Republic of Cameroon and to the Minister of Mines, Industry and Technological Development and his staff for their continued support of the Thali project, and also to the President of the Republic, the Secretary General of the Office of the Presidency, and the Prime Minister for taking a direct interest in our activity, as well as all the staff at the Societé Nationale de Hydrocarbures who have supported us during this First Exploration Period. We are looking forward to seeing the NJOM-3 well drilled as soon as possible, and we will have more news for investors about the schedule in due course.''

Tower Resources further states that a suitable jack-up rig has been identified for the drilling of the NJOM-3 well and a Letter of Commitment (LoC) executed with the final terms being subject to contract. Financing of the NJOM-3 well via an industry partner remains an option and the financing of a field development using reserve-based lending is also under consideration in the event of a successful EWT.