LONDON — Tower Resources Plc has negotiated a $7.1 million loan from BGFI Bank Group to support its development program offshore Cameroon.
Pending execution of definitive documents, the sum should cover about 40% of the estimated cost of the $18 million NJOM-3 well on the Njonji oil discovery in the offshore Thali license.
NJOM-3 will appraise reservoirs discovered and connected to the NJOM-1 well, and it will test further reservoirs visible on reprocessed 3D seismic data.
These could contain up to 20 MMbbl, in addition to the 24.9 MMbbl allocated to Njonji in the Oilfield International Ltd. reserve report.
Courtesy Tower Resources Plc
Jeremy Asher, Tower's chairman and CEO, said the company was assessing other financing options.
"As previously announced, long lead items for the well are already purchased, and the environmental and social impact assessment, site survey and site debris survey are already completed," he said, "And the initial exploration period of our Thali PSC has been extended expressly to accommodate this well.”
