Proactiveinvestors United Kingdom Tower Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Tower Resources PLC RSS feed en Sun, 26 May 2019 05:08:55 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Africa E&P Summit ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190520070026_14079386/ Mon, 20 May 2019 07:00:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190520070026_14079386/ <![CDATA[News - Tower Resources looks to July for spudding of key Cameroon well ]]> https://www.proactiveinvestors.co.uk/companies/news/219900/tower-resources-looks-to-july-for-spudding-of-key-cameroon-well-219900.html  

How is it doing

Thali also has a mean figure of 111 MMbbls of oil identified across four prospects in the northern part of the Thali licence and  20 MMbbls of oil identified at the Njonji South and Njonji South-West fault blocks.

Using a 10% discount the value of the prospective resources is US$82mln.

Jeremy Asher, chairman and chief executive of Tower, said the group expected the NJOM-3 well to transform the 18mln barrels of Pmean contingent resources on the Njonji structure into reserves, which would be “transformative” for the project and Tower

NJ0M3

The NJOM3 well will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones already identified. 

In May, Tower reported further site preparation work will be required before the rig is moved to site with the spud date shifted to July as a consequence.

“This is still within the original date range contemplated by the rig contract, and well within the license extension period agreed last year.”

Algoa-Gamtoos

Elsewhere, Tower has a 50% stake in the Algoa-Gamtoos exploration area offshore South Africa that sits immediately adjacent to Total’s huge gas condensate discovery at Brulpadda.

Total encountered 57 metres of net pay in Lower Cretaceous reservoirs with an estimated one billion barrels at least of condensate.

Tower’s Algoa-Gamtoos contains an area of the same deepwater basin margin.

Namibia

The group also has an 80% interest in three exploration areas (blocks 1910A, 1911 and 1912B) that cover a total of 23,297 square kilometres in the Walvis Basin and Dolphin Graben offshore Namibia.

An initial four year exploration period requires a minimum spend of $5mln on work.

It will include the acquisition and reprocessing of existing 2D seismic data and new seismic.

 

Video

 

Inflexion points

Finance and spudding of NJ0M3 well

Results from NJ0M3 well

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Wed, 08 May 2019 14:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219900/tower-resources-looks-to-july-for-spudding-of-key-cameroon-well-219900.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508094820_14066376/ Wed, 08 May 2019 09:48:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508094820_14066376/ <![CDATA[News - Tower Resources to conduct extra pre-drill preparation for NJOM3 well ]]> https://www.proactiveinvestors.co.uk/companies/news/219848/tower-resources-to-conduct-extra-pre-drill-preparation-for-njom3-well-219848.html Tower Resources PLC (LON:TRP) has chosen to put back the start date of the planned NJOM3 well, at the Thali block in Cameroon.

The company, in a statement, told investors that following receipt of additional data – relating to the two previously drilled wells - it has decided to carry out additional pre-drill preparation work.

READ: Tower’s prospects boosted as Total opens up discoveries next door

It is now anticipated that the contracted Topaz Driller will be mobilised in July, rather than late May as previously anticipated.

“This is still within the original date range contemplated by the rig contract, and well within the license extension period agreed last year,” Tower said.

The NJOM3 well is designed to be a follow up to the NJOM1B and NJOM2 discovery wells, drilled in the past by Total. It aims to confirm analysis which indicates greater reservoir thickness in an updip position, along with testing additional exploration zones which were not present in the prior wells.

Tower intends to drill and test NJOM3 and, subject to results, suspend the well as one of four needed in the initial phase of field development and production.

 

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Wed, 08 May 2019 07:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219848/tower-resources-to-conduct-extra-pre-drill-preparation-for-njom3-well-219848.html
<![CDATA[RNS press release - Cameroon Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508070002_14065598/ Wed, 08 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508070002_14065598/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190507102322_14064606/ Tue, 07 May 2019 10:23:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190507102322_14064606/ <![CDATA[RNS press release - Assignment of Bridging Loan and Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190503173722_14063270/ Fri, 03 May 2019 17:37:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190503173722_14063270/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190501102053_14059164/ Wed, 01 May 2019 10:20:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190501102053_14059164/ <![CDATA[RNS press release - UK Investor City Forum ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190429162451_14056030/ Mon, 29 Apr 2019 16:24:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190429162451_14056030/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190426120329_14053798/ Fri, 26 Apr 2019 12:03:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190426120329_14053798/ <![CDATA[News - Tower Resources sees May spud date for key Cameroon well ]]> https://www.proactiveinvestors.co.uk/companies/news/218677/tower-resources-sees-may-spud-date-for-key-cameroon-well-218677.html Tower Resources PLC (LON:TRP) has scheduled a spudding date of late May for its first well on the Thali block in Cameroon. 

The Topaz Driller rig is available in the last week in May, with the location now agreed with Cameroon’s state oil company SNH.

READ: Tower Resources’ Algoa-Gamtoos prospects boosted as Total opens up world class discovery next door

A full drilling team is in place and operating from the company's offices in Douala, added Tower, and all long lead items have been acquired and all services contracted on a late-May spud date basis.

NJOM3 will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones already identified by two discovery wells drilled on the Njonji structure by previous operator Total.

Chairman Jeremy Asher has put up a US$750,000 bridging loan while it finalises the finance required to drill the well.

NJOM3 will cost around US$10mln to drill and a further US$4mln to test if successful.

Tower intends to use bank financing and own or partner equity to fund the well.

Discussions with a local bank are underway over a US$15mln facility, which could be extended to US$50mln. Tower still hopes this can be established by mid-May.

Talks are also underway with several possible partners for the Thali licence.

NJOM3 will confirm the greater reservoir thicknesses observed in reprocessed 3D seismic and identify other potential reservoirs not present in data from the two wells drilled by Total.

Tower intends it to be one of four initial production wells on the structure with first oil pencilled in for 2020.

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Tue, 16 Apr 2019 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218677/tower-resources-sees-may-spud-date-for-key-cameroon-well-218677.html
<![CDATA[RNS press release - Completion of Bridging Loan and Issue of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416073002_14042537/ Tue, 16 Apr 2019 07:30:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416073002_14042537/ <![CDATA[RNS press release - Cameroon Operational Update,Proposed Bridging Loan ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416070012_14042067/ Tue, 16 Apr 2019 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416070012_14042067/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190322094131_14012339/ Fri, 22 Mar 2019 09:41:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190322094131_14012339/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190320123414_14009426/ Wed, 20 Mar 2019 12:34:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190320123414_14009426/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190315102010_14004031/ Fri, 15 Mar 2019 10:20:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190315102010_14004031/ <![CDATA[RNS press release - London South East Oil & Gas Investor Evening ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190311070012_13996501/ Mon, 11 Mar 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190311070012_13996501/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190221092850_13977100/ Thu, 21 Feb 2019 09:28:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190221092850_13977100/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190220094304_13975564/ Wed, 20 Feb 2019 09:43:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190220094304_13975564/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190213115001_13968201/ Wed, 13 Feb 2019 11:50:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190213115001_13968201/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190211093415_13964721/ Mon, 11 Feb 2019 09:34:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190211093415_13964721/ <![CDATA[News - Tower Resources’ Algoa-Gamtoos prospects boosted as Total opens up world class discovery next door ]]> https://www.proactiveinvestors.co.uk/companies/news/214236/tower-resources-algoa-gamtoos-prospects-boosted-as-total-opens-up-world-class-discovery-next-door-214236.html Tower Resources PLC’s (LON:TRP)  50% owned Algoa-Gamtoos exploration area has been boosted by a significant new gas condensate discovery at the neighbouring Brulpadda exploration project, offshore South Africa.

French major, Total, is the operator at Brulpadda where an exploration well has encountered 57 metres of net pay in Lower Cretaceous reservoirs. The discovery has been described as “world class” with initial estimates pitched at 500mln to 1bn barrels oil equivalent.

READ: Tower Resources to raises funds ahead of Cameroon drill programme

Total now intends to drill a series of follow up wells across the wider exploration block (Block 11B/12B).

Tower’s Algoa-Gamtoos is the adjacent exploration block, and, it also contains an area of the same deepwater basin margin in which Brulpadda was positioned.

At Algoa-Gamtoos, the “analogue prospect potential” has been assessed based on Brulpadda and it has been estimated that there could be some 364mln barrels present.

A farm-out project has previously been launched, and, a data room is presently open and available to potential partners.

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Fri, 08 Feb 2019 07:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214236/tower-resources-algoa-gamtoos-prospects-boosted-as-total-opens-up-world-class-discovery-next-door-214236.html
<![CDATA[RNS press release - Brulpadda well statement and TRP resource update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190208070002_13962570/ Fri, 08 Feb 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190208070002_13962570/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190206105643_13960346/ Wed, 06 Feb 2019 10:56:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190206105643_13960346/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190201170250_13956106/ Fri, 01 Feb 2019 17:02:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190201170250_13956106/ <![CDATA[Media files - Tower Resources chairman Jeremy Asher presents to investors at Oil Capital ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12077/tower-resources-chairman-jeremy-asher-presents-to-investors-at-oil-capital-12077.html Fri, 01 Feb 2019 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12077/tower-resources-chairman-jeremy-asher-presents-to-investors-at-oil-capital-12077.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131104015_13953653/ Thu, 31 Jan 2019 10:40:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131104015_13953653/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131070003_13952637/ Thu, 31 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131070003_13952637/ <![CDATA[RNS press release - Oil Capital Conference Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190129070009_13949559/ Tue, 29 Jan 2019 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190129070009_13949559/ <![CDATA[RNS press release - Turner Pope Investor Evening ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128111512_13948819/ Mon, 28 Jan 2019 11:15:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128111512_13948819/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128094631_13948691/ Mon, 28 Jan 2019 09:46:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128094631_13948691/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125170125_13947754/ Fri, 25 Jan 2019 17:01:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125170125_13947754/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101036_13947169/ Fri, 25 Jan 2019 10:10:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101036_13947169/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101033_13947168/ Fri, 25 Jan 2019 10:10:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101033_13947168/ <![CDATA[RNS press release - Clarification announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124180004_13946218/ Thu, 24 Jan 2019 18:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124180004_13946218/ <![CDATA[News - Tower Resources to raise £1.7mln to support upcoming Cameroon drill programme ]]> https://www.proactiveinvestors.co.uk/companies/news/213235/tower-resources-to-raise-17mln-to-support-upcoming-cameroon-drill-programme-213235.html Tower Resources PLC (LON:TWR) has launched a placing to raise £1.7mln through a share placing and subscription to support the funding of a drill programme at the Njonji area of the Thali project, in Cameroon.

It intends to sell some 170mln new shares priced at 1p.

The injection of funds is earmarked to pay for long-lead items required for the envisaged drill programme which aims to unlock the Njoni asset.

READ: Tower Resources hires rig contractor for 2019 well programme in Cameroon

In an October a third-party assessment was estimated to have 18mln barrels of contingent resources and was valued at US$118mln – compared to Tower’s market capitalisation of around £4.3mln.

“The company has an asset whose potential value greatly exceeds its current market capitalisation, but the asset does require capital to develop,” Tower said in Thursday’s statement.

After the placing, Tower will still need to secure funds to pay for the majority of the drill programme.

Today it told investors that it had received interest from potential farm-in partners which may have funded the project and it has also had talks with potential lenders over a debt-based project financing.

“The company's opinion is that a borrowing facility encompassing both pre-production and production financing, including the Thali NJOM-3 well scheduled for Q2 2019, is the best way forward for shareholders,” Tower added.

“… the company believes that it is possible to conclude such a facility before the mobilisation of the Vantage Topaz Driller rig which the company has contracted to drill this well.

“While the company cannot rule out the possibility of needing additional equity financing for this forthcoming well, the company does not wish to raise more capital than needed while a good likelihood exists that such a borrowing facility can be completed, and the company is hopeful that in that case no further equity fundraising may be required prior to the NJOM-3 well.”

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Thu, 24 Jan 2019 08:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213235/tower-resources-to-raise-17mln-to-support-upcoming-cameroon-drill-programme-213235.html
<![CDATA[RNS press release - Completion of Placing and Director's Dealings ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124073003_13945276/ Thu, 24 Jan 2019 07:30:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124073003_13945276/ <![CDATA[RNS press release - Proposed Placing and Subscription for £1.7 million ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124070005_13944851/ Thu, 24 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124070005_13944851/ <![CDATA[News - Tower Resources hires rig contractor for 2019 well programme in Cameroon ]]> https://www.proactiveinvestors.co.uk/companies/news/210751/tower-resources-hires-rig-contractor-for-2019-well-programme-in-cameroon-210751.html Tower Resources PLC (LON:TRP) told investors that a contractor has been hired for the upcoming NJOM-3 well at the Thali project offshore Cameroon.

Vantage Drilling International will supply the Topaz Driller jack-up rig and drilling services to deliver the well, with operations expected in the second quarter of 2019.

The Topaz Driller was recently mobilised to Cameroon by a third-party at another offshore project – it is due to drill two appraisal wells on the Etinde discovery, which a joint venture for New Age, Lukoil and Bowleven.

READ: Tower Resources surges as it releases reserves report for Thali licence

At Thali, it an appraisal operation with the NJOM-3 designed to test the thickness of previously discovered reservoir, and, also test for other potential reservoirs at the new location.

Production testing aims to upgrade current resource estimates and provide data for a subsequent field development strategy. 

"We are very pleased to have secured the Topaz Driller, the same rig which our well management team at Bedrock Drilling used to drill the two recent Etinde wells,” said Jeremy Asher, Tower chief executive.

“We see the NJOM-3 well, in Q2 2019, as just the beginning of our drilling activity on the Thali license, as we explained in our corporate presentation of last month.

“The rig timing remains consistent with that schedule, including its target of first oil by the end of 2019."

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Fri, 07 Dec 2018 07:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210751/tower-resources-hires-rig-contractor-for-2019-well-programme-in-cameroon-210751.html
<![CDATA[RNS press release - Cameroon Drilling Contract - proposed NJOM-3 well ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181207070005_13895050/ Fri, 07 Dec 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181207070005_13895050/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181123111919_13878654/ Fri, 23 Nov 2018 11:19:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181123111919_13878654/ <![CDATA[RNS press release - Updated Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181108070018_13859389/ Thu, 08 Nov 2018 07:00:18 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181108070018_13859389/ <![CDATA[RNS press release - Africa Oil Week: Prospect Forum Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181107133000_13858765/ Wed, 07 Nov 2018 13:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181107133000_13858765/ <![CDATA[News - Tower Resources secures new “exciting” exploration acreage offshore Namibia ]]> https://www.proactiveinvestors.co.uk/companies/news/208705/tower-resources-secures-new-exciting-exploration-acreage-offshore-namibia-208705.html Tower Resources PLC (LON:TRP) has inked a new petroleum Agreement ("PA") with the Government of the Republic of Namibia, giving the explorer an 80% interest in prospective offshore acreage.

The three exploration areas (blocks 1910A, 1911 and 1912B) cover a total of 23,297 square kilometres in the Walvis Basin and Dolphin Graben.

An initial four year exploration period requires a minimum spend of $5mln on work. It will include the acquisition and reprocessing of existing 2D seismic data, the capture of new seismic as well as other technical evaluations.

READ: Tower Resources surges as it releases reserves report for Thali licence

Subsequent exploration period would then require the drilling a single exploration well and a minimum financial commitment of $20mln.

Significantly, Tower highlighted the industry interest in the vicinity of the acreage – noting the recent nearby farm-in activity by Exxon, Africa Energy and Kosmos Energy.

"We are very excited about our new Petroleum Agreement in Namibia,” Jeremy Asher, Tower chief executive.

“As a company, we know Namibia very well, and the wells drilled in the Walvis Basin during the past few years have provided a much greater level of understanding of the regional geology.

“As a result, Namibia and the Walvis Basin and Dolphin Graben, in particular, are now attracting great attention from well-respected explorers, both large and small, and are also once more attracting considerable farm-in interest and investment".

It comes after Tower shares received a boost from last week’s substantial reserves upgrade for the Thali asset, offshore Cameroon.

On 1 November, the AIM-quoted explorer told investors that a new report had identified gross mean contingent resources of 18mln barrels (MMbbl) of oil across the proven Njonji-1 and Njonji-2 fault blocks with low/best/high estimates of 5/15/34 MMbbls respectively and a development contingency probability of 80% on the first phase and 70% on the second phase.

Gross mean prospective resources of 111 MMbbls of oil had also been identified across four prospects in the Dissoni South and Idenao areas in the northern part of the Thali licence, with low/best/high estimates of 21/84/237 MMbbls.

There were also gross mean prospective resources of 20 MMbbls of oil identified at the Njonji South and Njonji South-West fault blocks with low/best/high estimates of 5/16/39 MMbbls.

Calculated EMV10s for the contingent resources stood at US$118mln and US$82mln for the prospective resources.

In addition to the reserve report, Tower also said it had executed a letter of commitment to secure a “modern and suitable” jack-up rig for drilling of the NJOM-3 well in the second quarter of 2019.

A financing offer had also been received from a possible an industry partner and that was being considered alongside other funding options.

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Wed, 07 Nov 2018 07:54:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208705/tower-resources-secures-new-exciting-exploration-acreage-offshore-namibia-208705.html
<![CDATA[RNS press release - New Namibia Petroleum Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181107070003_13857522/ Wed, 07 Nov 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181107070003_13857522/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181106085854_13856457/ Tue, 06 Nov 2018 08:58:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181106085854_13856457/ <![CDATA[Media files - 'Christmas comes early' for Tower Resources as reserves report beats expectations ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11100/-christmas-comes-early-for-tower-resources-as-reserves-report-beats-expectations-11100.html Mon, 05 Nov 2018 12:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11100/-christmas-comes-early-for-tower-resources-as-reserves-report-beats-expectations-11100.html <![CDATA[News - Tower Resources surges as it releases reserves report for Thali licence ]]> https://www.proactiveinvestors.co.uk/companies/news/208310/tower-resources-surges-as-it-releases-reserves-report-for-thali-licence-208310.html Shares in Tower Resources PLC (LON:TRP) surged in early trading Thursday after it unveiled a reserves report for its Thali licence, offshore Cameroon.

The AIM-listed oiler said the report had identified gross mean contingent resources of 18mln barrels (MMbbl) of oil across the proven Njonji-1 and Njonji-2 fault blocks with low/best/high estimates of 5/15/34 MMbbls respectively and a development contingency probability of 80% on the first phase and 70% on the second phase.

READ: Tower Resources "very pleased" with outcomes so far in 2018

Gross mean prospective resources of 111 MMbbls of oil had also been identified across four prospects in the Dissoni South and Idenao areas in the northern part of the Thali licence, with low/best/high estimates of 21/84/237 MMbbls.

There were also gross mean prospective resources of 20 MMbbls of oil identified at the Njonji South and Njonji South-West fault blocks with low/best/high estimates of 5/16/39 MMbbls.

Calculated EMV10s for the contingent resources stood at US$118mln and US$82mln for the prospective resources.

In addition to the reserve report, Tower also said it had executed a letter of commitment to secure a “modern and suitable” jack-up rig for drilling of the NJOM-3 well in the second quarter of 2019.

The firm added that it had received a financing offer from an industry partner for the Thali licence and was being considered alongside other funding options.

Jeremy Asher, chairman and chief executive of Tower, said the group expected the NJOM-3 well to transform the 18mln barrels of Pmean contingent resources on the Njonji structure into reserves, which would be “transformative” for the project.

He added that the company was planning for production at NJOM-3 as early as the end of the year, with three further wells being designed to increase production and access “considerable” further reserves.

Shares were up 14% at 1.6p.

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<![CDATA[RNS press release - Cameroon Reserves Report and Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181101070005_13850454/ Thu, 01 Nov 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181101070005_13850454/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181022094340_13837165/ Mon, 22 Oct 2018 09:43:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20181022094340_13837165/