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Monday, November 4, 2019
AIM-listed Tower Resources has announced that subsidiary Tower Resources Cameroon SA, has signed a contract with Geoquip Marine Operations AG (Geoquip) to conduct the site survey at the intended NJOM-3 well location on the company’s Thali license in Cameroon. The contract provides for the MV Investigator to arrive in Cameroon between November 15 and December 30, subject to all relevant permits and the requisite license extension being received from the Ministry of Mines, Industry and Technological Development (the Ministry) prior to mobilization.
The work will comprise three boreholes, each with cone penetration testing (continuous PCPT), and is a necessary prerequisite to COSL drilling the NJOM-3 well in line with the LOI which has already been signed with COSL as disclosed in August 2019. The cost of the survey is in line with the budget previously anticipated, and the time required for the work is approximately 7-10 days on site, plus any off-site testing and report preparation.
Jeremy Asher, Chairman and CEO, commented: “We are looking forward to getting the site survey underway, which should be the final operational step before commencing drilling operations at Njonji. We are still awaiting the formal extension from the Ministry, but we are confident that this will be in place in good time for the survey.”
The Thali PSC covers an area of 119.2 sq km, with water depths ranging from 8 to 48 meters, and lies in the prolific Rio del Rey Basin, in the eastern part of the Niger Delta. The Rio del Rey Basin has, to date, produced over one billion barrels of oil and has estimated remaining reserves of 1.2 billion barrels of oil equivalent (boe), primarily within depths of less than 2,000 meters. The Rio del Rey is a sub-basin of the Niger Delta, an area in which over 34.5 billion barrels of oil has been discovered, with 2.5 billion boe attributed to the Cameroonian section.
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