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Tower Resources looks forward to September reserves report for Thali

"We are happy with the progress being made on the Njonji well,” said Jeremy Asher, Tower chief executive

oil and gas operations
Extra work is expected to provide a more insightful reserves report

Tower Resources PLC (LON:TRP) told investors that an expanded reserves report for the Thali project in Cameroon is expected next month.

The explorer said in a stock market statement that earlier this month it received its certificate of environmental compliance for the project,, adding that it anticipates formal confirmation of an extension to the first licence period in September.

It highlighted that a “considerable” amount of additional geological and geophysical has been undertaken following the receipt of 3D seismic data in April, later than originally expected, and that the findings had been forwarded to Oilfield International, the consultant creating the reserves report.

READ: Tower Resources boss hails “substantial progress” at Thali

It assesses the high priority Njonji prospect area, as well as the other main prospects identified within the Thali licence.

"We are happy with the progress being made on the Njonji well,” said Jeremy Asher, Tower chief executive.

“The board would like to see the reserves report as soon as possible, but we felt that this additional work was required to inform the best decision regarding the final well location, and should also positively impact the quality of the reserves report when complete."

The additional work followed up certain findings of the seismic, including increasing intervals of key reservoirs southwards and westwards from the Njom-1 well (drilled in 2008), and, more defined faults and seals at the Njonji prospects.

Whilst the company noted that both matters would ultimately only be answered fully by drilling, but, the additional analysis is expected to help Tower refine the future well location and assist planning, including those around well testing.

It is also carrying out further petrophysical analysis of nearby wells.

Tower added that it has, in the meantime, been working to negotiated rig and associated service contractors for the planned drill programme.

Quick facts: Tower Resources PLC

Price: 0.325 GBX

Market: AIM
Market Cap: £4.04 m

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