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Tower Resources pushes ahead as resource potential grows

Last updated: 08:12 19 Feb 2024 GMT, First published: 15:18 16 Mar 2023 GMT

Snapshot

  • Tower Resources to repay EECP facility as it looks ahead confidently in Cameroon
  • Tower Resources PLC CEO Jeremy Asher on sub-Saharan Africa oil and gas exploration - exclusive Q&A
  • Tower Resources clears way for farm-in with rig contract, says broker
  • Tower Resources maintains 2025 target for first oil from Thali licence in Cameroon
oil rig

About the company

Tower Resources PLC is an energy company building a balanced portfolio of energy opportunities in Africa across the exploration and production cycle in oil and gas and beyond.

The company's current focus is on advancing its operations in Cameroon to deliver cash flow through short-cycle development and rapid production with long term upside, and de-risking attractive exploration licenses through acquiring 3D seismic data in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made.

How it is doing

15 Feb 2024

Tower Resources PLC (AIM:TRP) told investors it has agreed to repay its outstanding balance to Energy Exploration Capital Partners LLC (EECP), and is raising additional capital through a £600,000 share subscription.

It will issue around 3.33 billion new shares, priced at 0.018p each. The equity issue is being arranged by the company's broker, Axis Capital Markets.

The proceeds will cover the complete repayment of the EECP facility, which amounts to US$455,000 plus fees, and the remainder will support activity on the company's licences in Cameroon, Namibia, and South Africa.

It comes after Tower secured an important licence extension for its Thali licence, offshore in Cameroon, which promises to unlock more substantial project financing and lead to the drilling of hotly anticipated well drilling.

08 Feb 2024

Tower Resources PLC (AIM:TRP) shares raced higher after the company secured an extension to the first exploration phase for the Thali licence, offshore in Cameroon.

The extension moves the deadline to drill a well out to 4 February 2025, enabling the company to continue its funding process and execution of the NJOM-3 well.

18 Dec 2023

Tower Resources PLC (AIM:TRP) today announces the signing of the rig contract for the NJOM-3 well, offshore Cameroon, marking a hotly anticipated project milestone.

The company and its investors can now look forward to drilling the key well in 2024, as pencilled in previously.

Insight: Tower Resources PLC CEO Jeremy Asher on sub-Saharan Africa oil and gas...

27 Sep 2023

In an exclusive interview with Proactive, Jeremy Asher, CEO of Tower Resources PLC (AIM:TRP), delves into the company's strategic focus on oil and gas exploration in Sub-Saharan Africa. Asher sheds light on their key assets in Cameroon, Namibia, and South Africa, and discusses the team that aims to transform Tower Resources into a revenue-generating entity.

Thomas Warner: So we're going to be getting a bit of an overview from you today about Tower Resources and what it is that you're working on, in general. So perhaps you could just start by introducing the business and say whereabouts in its life story it is.

What the brokers say

18 Dec 2023

Tower Resources should be able to move forward and finalise a Thali licence extension and farm-out deal early in the New Year following the contract signing for a jack-up rig, says house broker SP Angel.

Thali, offshore Cameroon, offers a fast-track development opportunity, suggests the broker, once the NJOM-3 appraisal well is completed.

Tower has also raised £600,000 at 0.02p per share to fund near-term work commitments, which will help to get the ball rolling, adds SP Angel.

What management says

19 Feb 2024

Tower Resources PLC (AIM:TRP) Chairman and CEO Jeremy Asher joined Steve Darling from Proactive to share significant updates regarding the company's operations in Cameroon. Tower Resources has received formal notification from the Minister of Mines, Industry, and Technological Development in Cameroon regarding the extension of the First Exploration Period of the Thali production-sharing contract until 2025.

Asher explained that the company's primary obligation during this extended period is the drilling of a single well, which Tower intends to fulfill through the drilling of the NJOM-3 well. Tower Resources is actively engaged in discussions with multiple parties regarding asset-level financing for the NJOM-3 well. The company has already contracted the Norve jack-up rig with Borr Drilling for this purpose. According to Borr Drilling's latest advice, the Norve rig is expected to be mobilized to Cameroon between June and August 2024, subject to existing contractual commitments.

In Namibia, comprehensive analysis of potential structures, including stratigraphic traps, is underway, with plans for 3D seismic acquisition. Asher expressed optimism for a transformative year in 2024, indicating a busy period ahead for the company. Stay tuned for more updates as Tower Resources progresses with its exploration activities.
 

Tower Resources maintains 2025 target for first oil from Thali licence in...

Tower Resources PLC (AIM:TRP) Chairman and CEO Jeremy Asher joined Steve Darling from Proactive to share significant updates regarding the company's operations in Cameroon. Tower Resources has received formal notification from the Minister of Mines, Industry, and Technological Development in...

1 month ago