Continental Focus, International Reach

Tower Targets 2018 for Thali PSC Drilling

Wednesday, October 11, 2017

Tower Resources, following a Technical Committee Meeting and Operating Committee Meetig held by Cameroon’s Ministry of Mines, Industry & Technological Development (MINMIDT) and state-run firm Société Nationale des Hydrocarbures (SNH),the trio have agreed on the following next steps in support of the PSC work commitments on the Thali Block.

The commitments include the reprocessing of the existing 3D seismic data andconducting specific specialist studies such as attribute analysis, including AVO and pore pressure prediction, and coherency cubes on that data. Tower will also continue with the geological and geophysical interpretations, using that reprocessed data, to refine and high-grade the prospect inventory on the Thali PSC block, to mature the drillable prospects.

In the event of drillable prospects being identified, Tower will investigate rig availability with appropriate technical specifications. Based on this work, Tower aims to provide SNH with a prospect inventory and prioritization during Q2 2018, and will agree with SNH a location for the first new well on the block.

In respect of acquisition of new seismic data on the block, Tower, will continue to search for a suitable seismic contractor; it being understood that the actual acquisition of new data may need to be deferred.

The budget for the planned work activities for 2017 and 2018 has been agreed. Tower, SNH and MINMIDT have agreed to meet in six months to evaluate the progress of the operations. Based on this progress the parties may contemplate an eventual extension of the initial period of the Exploration Phase to allow the fulfilment of all contractual obligations for the period.


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