Tower Resources PLC (AIM:TRP) told investors it has selected the rig for this year’s planned NJOM-3 well, offshore Cameroon.
The company said, in a statement, it has issued a Letter of Award to ADES for the provision of a jack-up rig - Admarine 510, a jack-up unit built in 2019 and capable of operating in water depths up to 375 feet – for the well.
NJOM-3 well is slated to be drilled during the fourth quarter.
"We are delighted to make this award, and are looking forward to working with ADES on the NJOM-3 well this year,” said chief executive Jeremy Asher.
The Admarine rig is presently completing its five-yearly recertification in Bahrain.
It has also been contracted by Addax Petroleum for another Cameroon well (which will come after NJOM-3 in the schedule), and, together, this arrangement is mutually beneficial.
“Our rig selection process has been made a little more complex by the opportunity to coordinate our timing with that of other nearby oil and gas companies, including Addax Petroleum in particular, however, I believe it has resulted in a very good commercial outcome for all parties,” Asher added.
This initial agreement with ADES remains subject to contract and regulatory approval in Cameroon, as well as the completion of Tower’s farm-out to Prime Global Energies (announced earlier this year).