LONDON — Cameroon’s Minister of Mines, Industry and Technological Development has confirmed an extension of the first exploration period of Tower Resources’ Thali offshore production sharing contract (PSC) until Feb. 4, 2025, in accordance with the company's PSC and the Cameroon Petroleum Code, and with the approval of the President of the Republic of Cameroon.
The main obligation during the extended term is to drill a well.
Tower remains in talks with various parties concerning financing for the NJOM-3 appraisal well, with Borr Drilling agreeing to supply the Norve jackup. The rig should be in a position to mobilize to Cameroon between June and August, subject to its existing contractual commitments.
Tower Resources Chairman and CEO Jeremy Asher said, "In the meantime, we are also continuing our work on the evaluation and prioritization of leads and prospects on our Namibian license in light of the basin modeling work we recently completed, and we have been discussing the next steps on our South African Algoa-Gamtoos license with our joint venture partner and operator, NewAge.”
