Tower Resources is about to get more time for the exploration work on its Thali license offshore Cameroon.
The company had earlier filed its application with the Ministry of Mines, Industry and Technological Development (“MINMIDT”) for an extension of the Initial Exploration Period of the Thali licence of up to one year from its current expiration date (of 14 September 2018), to complete the well being prepared on the Njonji structure.
The Thali PSC covers an area of 119.2 km², with water depths ranging from 8 to 48 meters, and lies in the Rio del Rey basin, in the eastern part of the Niger Delta.
Tower on Monday said it had been informed by the Cameroon Minister of Mines, Industry and Technological Development that he agreed to grant a one-year extension to the Thali license.
Per Tower, the minister’s approval is subject to the condition that the company’s rig contract for the upcoming well is finalized and executed within three months.
Tower has also stressed that while it received the nod from the Minister, it has yet to receive a formal notification by a letter from the Ministry itself. Tower has said it has been told “to expect such a letter this week.”
Bedrock Drilling for Njonji well
In the meantime, Tower said, work on the Reserve Report and selection of rig and service contractors for the upcoming well is continuing.
The Company’s internal G&G work is now substantially complete and is being reviewed by Oilfield International (“OIL”), the independent consultants preparing the Reserve Report. The company has retained Bedrock Drilling Limited to provide well management and supervision services for the Njonji well, and is presently negotiating terms for both rig and services.
Jeremy Asher, Chairman & CEO, added: “We would like to thank His Excellency Minister Ernest Gbwaboubou, and M Adolphe Moudiki, the Executive General Manager of our partner the Société Nationale des Hydrocarbures, together with their respective staffs, for their commitment to us and to the Njonji project at Thali.”
Tower Resources holds a 100% interest in the shallow water Thali (formerly known as “Dissoni”) Production Sharing Contract (PSC), in the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC on 15 September 2015 for an Initial Exploration Period of 3 years.