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Thursday, September 17, 2015
Tower Resources signed a PSC for the shallow water Thali Block (formerly the Dissoni Block) offshore Cameroon. The PSC signing ceremony took place on September 15 in Yaoundé, at the offices of the state run firm SNH.
The signing was attended by a delegation that included Cameroon’s Minister of Mines, Industry and Technological Development, Emmanuel Bonde, and the Executive General Manager of SNH, Adolphe Moudiki.
The PSC gives Tower access to a mature region with low-risk exploration and appraisal targets with a low cost entry fee. Tower has a 100% interest in the Thali PSC, and the terms of the PSC include three exploration phases. Under the initial exploration phase Tower will be required to acquire geological and geophysical studies, 100 sq km of 3D seismic acquisition, and drill one commitment well.
Under the terms of the first renewal period, which consists of two years, Tower will drill one exploration or appraisal well with a minimum financial commitment of $15 million. Under the second renewal period, which is also for two years, the company is required to drill one further exploration or appraisal well with a minimum commitment of $15 million.
Tower has the option of relinquishing the PSC on completion of each period on condition that the minimum work commitment has been met.
Tower’s initial priority will be the acquisition of 3D seismic in H1 2016. The seismic will be used to update the existing 24-year old data set to allow better resolution of shallow plays as well as imaging of deeper sections. Tower expects to be drilling in 2017/18.
The company, in an effort to leverage the lower seismic and drilling costs due to the downturn in the market, intends to seek a partner to share the financial commitments and provide additional technical expertise.
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