logo-loader
viewTower Resources PLC

Tower Resources set to extend Thali licence for a year

The extension is expected to be conditional upon Tower signing up a rig contractor in the near term

oil and gas operations
A formal notification is anticipated this week

Tower Resources PLC (LON:TRP) told investors that it had been informed that it will be granted a one-year extension for the Thali licence, offshore Cameroon, so long as a rig contract is entered into within the next three months.

It noted, though, that it has yet to receive the formal notification by a letter from the Cameroon authorities and it was told to expect such a letter this week.

WATCH: Tower Resources Plc - Oil Capital Conference

The company now, in the meantime, will continue to work on a reserves report for the project and the selection of contractors for the upcoming well.

Bedrock Drilling Limited has been hired for well management and supervision services, and, Tower is presently negotiating terms for both rig and services.

"We would like to thank His Excellency Minister Ernest Gbwaboubou, and M Adolphe Moudiki, the executive general manager of our partner the Société Nationale des Hydrocarbures, together with their respective staffs, for their commitment to us and to the Njonji project at Thali," said Jeremy Asher, Tower chief executive.

Quick facts: Tower Resources PLC

Price: 0.3626 GBX

AIM:TRP
Market: AIM
Market Cap: £4.01 m
Follow

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 Tower Resources PLC named herein, including the promotion by the Company of Tower Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: 'Major oil firm' expresses interest in Tower Resources'...

Tower Resources PLC's (LON:TRP) Jeremy Asher speaks to Proactive London's Andrew Scott after revealing they're advancing partnering efforts - sharing key technical and commercial information with 'a major international oil company'. Asher says they've shared the information to explore the...

on 4/10/19

RNS

Holding(s) in Company

4 days, 19 hours ago

Issue of Second Tranche Shares

6 days, 1 hour ago

Holding(s) in Company

1 week, 3 days ago

Cameroon Operational Update

2 weeks, 3 days ago

Total Voting Rights

2 weeks, 4 days ago

Holding(s) in Company

3 weeks, 6 days ago

Holding(s) in Company

on 18/10/19

2 min read