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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.

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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.”

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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."

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Price: 0.4199 GBX

AIM:TRP
Market: AIM
Market Cap: £4.64 m
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