The AIM-listed oil and gas company, Tower Resources, has announced an update regarding its planned operations on the Thali license in Cameroon held by its subsidiary Tower Resources (TRCSA) and the NJOM-3 well.
The President of the Republic of Cameroon has approved a further extension of the First Exploration Period of the PSC, and the Company is expecting the full details of the extension from the Minister of Mines, Industry and Technological Development.
In March 2020, the Company was forced to declare Force Majeure in respect to the First Exploration Period of the PSC, to combat the impacts of the COVID-19 pandemic.
According to Tower Resources, “The Company intends to finalise a schedule with the multiple service companies involved, although this still depends on pandemic developments and the individual service companies’ circumstances. But a formal extension of the First Exploration Period is an important element of finalising a schedule as it reduces the uncertainty associated with relying on the current state of Force Majeure, as well as underscoring the support of the Republic of Cameroon for the Thali project.”
Commenting, the Chairman and Chief Executive Officer, Jeremy Asher, said: “We are grateful to the Republic of Cameroon for their continued support of the Thali project, and in particular to the President of the Republic, the Secretary General of the Office of the Presidency, and the Prime Minister for taking a direct interest in our activity, as well as the Minister of Mines, Industry and Technological Development and his staff and all the staff at the Societé Nationale de Hydrocarbures who have supported us during this First Exploration Period. We are looking forward to seeing the NJOM-3 well drilled as soon as possible, and we will notify investors when we have more material developments.”
ABOUT TOWER RESOURCES
Tower Resources is building an African-based exploration and production group, which intends to have a balanced portfolio ranging from exploration through appraisal to production, primarily through its own origination of opportunities and their organic development.