leadf
logo-loader
viewTower Resources PLC
(
AIM:TRP
)

Tower Resources hires contractor as it advances Thali exploration project

“We are fully committed to our goal of reaching production at Thali as soon as possible"

oil and gas operations
The reprocessing is due to be complete in the first quarter of 2018

Tower Resources PLC (LON:TRP) has hired contractor DMT Petrologic for a 3D seismic data reprocessing programme at the Thali licence offshore Cameroon.

DMT was selected in a tender of six potential contractors. The process will cover some 500 square kilometres worth of data, spanning the entirety of the Thali licence plus the surrounding areas.

READ: Tower Resources chief takes heart from E&P upturn

It is expected that the new insight will enable an upgrade to the group’s exploration prospect inventory. The process is due to be completed during the first quarter of 2018.

"This work will allow us to make a more detailed evaluation of the many prospects on the Thali block, including the existing discoveries at Njonji and Rumpi,” said Jeremy Asher, Tower chief executive.

“We expect to crystallise greater confidence in the volumetric estimates of existing leads and prospects as well as identifying new ones.  This will form the basis for our drilling plans, to be confirmed via a competent person's report (CPR) next year.”

WATCH: Tower Resources' Jeremy Asher on the tantalising opportunities in Cameroon

Asher added: “We are also finalising our plans for an environmental survey in advance of drilling on the Thali block, and will advise further when those arrangements are complete.

“We are fully committed to our goal of reaching production at Thali as soon as possible."

Quick facts: Tower Resources PLC

Follow
AIM:TRP

Price: 0.338 GBX

Market Cap: £7.13 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

UK markets on rocky road as second-hand car sales soar amid shortage of new...

The FTSE 100 saw a soft open following mixed UK consumer spending data overnight. London’s main index was up 7 points to 7,139 in early deals. Vectura Group PLC (AIM:VEC) (LON:VEC) is facing a rare takeover auction whereby Philip Morris International Inc (NYSE:PM). and Carlyle Group have five...

on 10/8/21

2 min read