Tower Resources PLC (AIM:TRP) chief executive Jeremy Asher has told investors he believes that the explorer is close to having a final schedule for the NJOM-3 well, in Cameroon, which he says will be transformational for the company.
The company, in a statement, said that talks are continuing with the Cameroon authorities over an application to extend the initial exploration period in its PSC, meanwhile, it is also advancing negotiations for rig operations.
It said it is aiming to secure rig availability in the third and fourth quarter of this year.
On the financing front, Tower noted that is in talks for a US$7mln term loan with BGFI Bank, and it is also actively discussing asset-level financing with several parties.
"We are very pleased with the progress that we are making on the Thali PSC and the NJOM-3 well, and we believe that we are close to having a final schedule for this well, which will be transformational for the company,” Jeremy Asher, Tower's chairman and CEO said in the statement.
"We are finally able to see viable rig slots appearing, and we are now working on the assumption that we will be able to get the NJOM-3 well spudded over the next nine months.
"Every additional piece of subsurface work also increases our confidence in the size and value of the resource that we are targeting, both in terms of the volumes connected to the existing discovery wells and the substantial upside in additional reservoirs.
"We also have a number of different financing options, which we expect to combine to obtain the funds needed for the well," he added.