RTWRF - Tower Resources maintains 2025 target for first oil from Thali licence in Cameroon

(NewsDirect)

Tower Resources Plc Chairman and CEOJeremy Asher joined Steve Darling from Proactive to share significantupdates regarding the company's operations in Cameroon.

Tower Resources has received formalnotification from the Minister of Mines, Industry, and TechnologicalDevelopment in Cameroon regarding the extension of the FirstExploration Period of the Thali production-sharing contract until2025.

Asher explained that thecompany's primary obligation during this extended period is thedrilling of a single well, which Tower intends to fulfill through thedrilling of the NJOM-3 well. Tower Resources is actively engaged indiscussions with multiple parties regarding asset-level financing forthe NJOM-3 well.

The company hasalready contracted the Norve jack-up rig with Borr Drilling for thispurpose. According to Borr Drilling's latest advice, the Norve rigis expected to be mobilized to Cameroon between June and August 2024,subject to existing contractual commitments. In Namibia, comprehensiveanalysis of potential structures, including stratigraphic traps, isunderway, with plans for 3D seismic acquisition.

Asher expressedoptimism for a transformative year in 2024, indicating a busy periodahead for the company. Stay tuned for more updates as Tower Resourcesprogresses with its exploration activities.

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Proactive Investors

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