Tower Resources has agreed to farm out a 24% interest in the Thali production-sharing contract offshore Cameroon to Brisbane-based OilLR Pty.
(Courtesy Tower Resorces)
Location of the NJOM-3 appraisal well offshore Cameroon.
Offshore staff
LONDON – Tower Resources has agreed to farm out a 24% interest in the Thali production-sharing contract offshore Cameroon to Brisbane-based OilLR Pty.
OilLR will pay $7.5 million toward the cost of an appraisal well (NJOM-3) on the block, which Tower estimates could cost up to $16 million to drill.
Tower remains in discussions with various other parties on farming out up to a further 24.5% stake in the concession on similar terms.
Jeremy Asher, chairman and CEO, said: “This agreement is also consistent with our intention to commence drilling NJOM-3 in June, subject to finalization of the rig schedule and the service companies’ schedules.
“We expect this well to transform the company by converting current contingent resources into proven reserves, so putting us firmly on the path to production in 2021.”
