Petroleum Africa
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Wednesday, February 19, 2020
AIM-listed oil and gas company Tower Resources announced that it is presently preparing plans for drilling for NJOM-3 well in Cameroon’s Thali license, now that the site survey is complete.
Management’s present view, subject to further work and confirmation of equipment availability, is that it would like to spud the well in the course of June 2020. Long lead items are already at the company’s base in Douala. Some testing equipment will still need to be mobilized prior to spudding the well, along with personnel, and so this intended date is still subject to change.
Tower has made considerable progress in farm-out discussions with a number of parties regarding some or all of the well funding, including exchanging draft term sheets, following a pause in discussions that took place while the company was waiting for formal confirmation of the extension of the current exploration period of the Thali PSC. Tower believes that it will be able to complete a farm-out within its desired timeframe for the NJOM-3 well although there can be no certainty as to timing or eventual outcome of such discussions.
The company has updated its corporate presentation with a revised indicative timeline for the development of the Njonji structure, and it is now preparing updated cash flows and working with OIL to prepare an updated version of the Reserve Report.
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