Tower Resources PLC Cameroon Operational Update (8040Z)
January 15 2020 - 2:00AM
UK Regulatory
TIDMTRP
RNS Number : 8040Z
Tower Resources PLC
15 January 2020
15 January 2020
Tower Resources plc
Cameroon Operational Update
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 operational update on its work on
the Thali licence in Cameroon, conducted through its wholly-owned
subsidiary Tower Resources Cameroon SA.
As noted in previous updates, the Company has applied to the
Ministry of Mines, Industry and Technological Development
("MINMIDT") for an extension of the initial period of the
Exploration Phase of the Thali production-sharing contract ("PSC")
of up to one year from its current expiration date (of 15 September
2019), in accordance with the Company's PSC and the Cameroon
Petroleum Code, for the purpose of completing the NJOM-3 well
currently in process on the Njonji structure.
His Excellency the Minister has now formally notified the
Company that the Government of Cameroon has decided to grant a
further exceptional one-year extension to the initial period of the
Exploration Phase of the Thali PSC as requested by the Company.
The Company and Geoquip Marine AG have spent the last few weeks
finalising preparations for the MV Investigator to conduct the site
survey on the NJOM-3 drilling area prior to commencement of
drilling operations, in accordance with the contract announced on 1
November 2019. The MV Investigator is already in Cameroon, where it
has been performing some routine maintenance, and the vessel is
expected to commence work on the survey shortly. When the survey
report is complete the Company will discuss the survey results with
the drilling company COSL, with whom it executed an LOI announced
on 28 August 2019, before finalising arrangements for the well
itself.
Jeremy Asher, Chairman & CEO, added:
"We would like to thank His Excellency the President of the
Republic, His Excellency Prime Minister Dr. Joseph Dion Ngute, His
Excellency the Minister Gabriel Dodo Ndoke, together with their
respective staffs, and of course the Société Nationale des
Hydrocarbures, for their continued commitment to us and to the
Thali project."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
Tower Resources plc info@towerresources.co.uk
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance
LLP
Nominated Adviser and
Joint Broker
Stuart Gledhill
Caroline Rowe +44 20 3470 0470
Turner Pope Investments
(TPI) Limited
Joint Broker
Andy Thacker
Zoe Alexander +44 20 3657 0050
Whitman Howard Limited
Joint Broker
Nick Lovering +44 20 7659 1234
Notes:
Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower
Resources plc, 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.
The Thali PSC covers an area of 119.2 km(2), with water depths
ranging from 8 to 48 metres, and lies in the prolific Rio del Rey
basin, in the eastern part of the Niger Delta. The Rio del Rey
basin has, to date, produced over one billion barrels of oil and
has estimated remaining reserves of 1.2 billion barrels of oil
equivalent ("boe"), primarily within depths of less than 2,000
metres. The Rio del Rey is a sub-basin of the Niger Delta, an area
in which over 34.5 billion barrels of oil has been discovered, with
2.5 billion boe attributed to the Cameroonian section.
An independent Reserve Report conducted by Oilfield
International Limited (OIL) has highlighted the contingent and
potential resources on the Thali licence and the associated
Expected Monetary Value (EMV) as follows:
-- Gross mean contingent resources of 18 MMbbls of oil across
the proven Njonji-1 and Njonji-2 fault blocks;
-- Gross mean prospective resources of 20 MMbbls of oil across
the Njonji South and Njonji South-West fault blocks;
-- Gross mean prospective resources of 111 MMbbls of oil across
four identified prospects located in the Dissoni South and Idenao
areas in the northern part of the Thali licence;
-- Calculated EMV10s of US$118 million for the contingent
resources, and US$82 million for the prospective resources,
respectively.
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END
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