Tower Resources PLC (AIM:TRP) shares raced higher after the company secured an extension to the first exploration phase for the Thali licence, offshore in Cameroon.
The extension moves the deadline to drill a well out to 4 February 2025, enabling the company to continue its funding process and execution of the NJOM-3 well.
"We are delighted to share this news,” Tower chief executive Jeremy Asher said in a statement.
"We remain confident in finalising asset-level financing for the well, for which this extension was a critical condition precedent.
“However, we cannot comment further on the commercial discussions in progress until firm agreements are reached.”
Asher added: “In the meantime, we are also continuing our work on the evaluation and prioritisation of leads and prospects on our Namibian licence in light of the basin modelling work we recently completed, and we have been discussing the next steps on our South African Algoa-Gamtoos licence with our joint venture partner and operator, NewAge.
“We hope that this will be the first of many positive announcements in 2024."
In London, Tower Resources shares were up around 12% in Wednesday’s early deals to change hands at 0.024p – having been as high as 0.029p earlier.