Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM-listed oil and gas company with a focus on Africa, is pleased to provide an update on operations on the Thali block in Cameroon.
The Company and its subsidiary, Tower Resources Cameroon SA, have 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 15 November and 30 December 2019, 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 mobilisation. 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. ”