Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, is pleased to provide the following update on its work on the Thali licence in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon SA.
The Company is presently preparing plans for drilling for NJOM-3 well, 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 mobilised prior to spudding the well, along with personnel, and so this intended date is still subject to change.
The Company 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. The Company 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 time line for the development of the Njonji structure, and the Company is now preparing updated cash flows and working with OIL to prepare an updated version of the Reserve Report. The updated corporate presentation, which was shared with an investor conference yesterday evening, is available on the Company's website at www.towerresources.co.uk . The Company will update its corporate presentation further when the updated Reserve Report is complete, and will also make the executive summary of the updated Reserve Report available on its website at that time.