Petroleum Africa
Find us on: 
Monday, December 18, 2023
Tower Resources has executed a contract with Borr Drilling Limited for the hire of the high-specification Norve jack-up rig to drill the NJOM-3 well on Tower’s Thali license in Cameroon in 2024.
The Norve, constructed in 2011 at the PPL shipyard, Singapore, is capable of operating in water depths of up to 400 ft.
The Norve rig is currently subject to existing contracts to deliver a series of wells, whose timing are naturally subject to operational uncertainty. Following the completion of those wells, the Rig is expected to be available in Cameroon between April and August 2024. Subject to the rig being available during this time period, Tower anticipates that the NJOM-3 well will be spudded in Q2 or possibly Q3 of 2024.
Tower Resources Chairman & CEO, Jeremy Asher, commented: “Signing the Rig contract is a significant step forward in the development of our Cameroon assets and moves us toward spudding the NJOM-3 well in 2024. The Norve Rig was chosen both for its high specification and its anticipated window of availability.
“Our next steps will be to finalize the documentation of the Thali license extension with the Ministry of Mines, Industry and Technological Development, and to move our farm-out discussions with multiple parties towards a conclusion, we hope during the first quarter of 2024. As we have explained in the past, our plan is to fund the well primarily with asset-level financing, and we still believe that is realistic.
“While we finalize the farm-out discussions, we have chosen to raise a small amount of capital of which I am investing £80,000. We envisage that the majority of the remaining well cost will come from asset-level financing. I have chosen to participate in this fundraising myself, as I have in several of our previous recent fundraisings, reflecting my personal commitment to this project and my confidence in its success.”
" alt="TAG Oil Completes Fraccing Program at Egypt’s T100 Well in Western Desert">
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
