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.
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.