Tower Resources PLC (AIM:TRP) Chairman and CEO Jeremy Asher joined Steve Darling from Proactive to share significant updates regarding the company's operations in Cameroon. Tower Resources has received formal notification from the Minister of Mines, Industry, and Technological Development in Cameroon regarding the extension of the First Exploration Period of the Thali production-sharing contract until 2025.
Asher explained that the company's primary obligation during this extended period is the drilling of a single well, which Tower intends to fulfill through the drilling of the NJOM-3 well. Tower Resources is actively engaged in discussions with multiple parties regarding asset-level financing for the NJOM-3 well. The company has already contracted the Norve jack-up rig with Borr Drilling for this purpose. According to Borr Drilling's latest advice, the Norve rig is expected to be mobilized to Cameroon between June and August 2024, subject to existing contractual commitments.
In Namibia, comprehensive analysis of potential structures, including stratigraphic traps, is underway, with plans for 3D seismic acquisition. Asher expressed optimism for a transformative year in 2024, indicating a busy period ahead for the company. Stay tuned for more updates as Tower Resources progresses with its exploration activities.