Petroleum Africa
Find us on: 
Thursday, February 8, 2024
Tower Resources has received formal notification from the Minister of Mines, Industry and Technological Development in Cameroon (MINMIDT) of the extension of the First Exploration Period of the Thali production-sharing contract (PSC) through February 2025.
Tower’s principal obligation during the First Exploration Period is the drilling of a single well which the company intends to fulfil through the drilling of the NJOM-3 well. The company is continuing discussions with several parties regarding asset-level financing for the NJOM-3 well, for which it has contracted the Norve jack-up rig with Borr Drilling. Borr Drilling’s latest advice is that the Norve rig is expected to be able to mobilize to Cameroon between June and August 2024, subject to its existing contractual commitments.
Tower reports it will make further announcements about the financing of the well and the mobilization of the rig as firm agreements and notices are finalized and received.
Tower Resources Chairman and CEO, Jeremy Asher, commented: “We are delighted to share this news, and grateful to the MINMIDT, the Societe Nationale de Hydrocarbures, and the Prime Minister and President of the Republic of Cameroon, for their continuing support.
“We remain confident in finalizing asset-level financing for the well, for which this extension was a critical condition precedent. However, we cannot comment further on the commercial discussions in progress until firm agreements are reached.
“In the meantime, we are also continuing our work on the evaluation and prioritization of leads and prospects on our Namibian license in light of the basin modelling work we recently completed, and we have been discussing the next steps on our South African Algoa-Gamtoos license with our joint venture partner and operator, NewAge. We hope that this will be the first of many positive announcements in 2024.”
" 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">
