Tower Resources should be able to move forward and finalise a Thali licence extension and farm-out deal early in the New Year following the contract signing for a jack-up rig, says house broker SP Angel.
Thali, offshore Cameroon, offers a fast-track development opportunity, suggests the broker, once the NJOM-3 appraisal well is completed.
Tower has also raised £600,000 at 0.02p per share to fund near-term work commitments, which will help to get the ball rolling, adds SP Angel.
The broker has a target price of 0.12p, which it says is based on the completion of the drilling commitment.
“Speculative buy” is the rating.