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Tower Resources set for NJOM well as Cameroon govt says it will approve licence extension

A well site survey is expected to start shortly ahead of a drill programme for the NJOM well on the Thali licence.

Tower Resources PLC - Tower Resources set for NJOM well as Cameroon govt says it will approve licence extension

Tower Resources PLC (LON:TRP) has told investors that Cameroon authorities have communicated that the government has decided to approve the company’s application to extend the initial exploration period for the Thali licence.

Previously the initial exploration period had an expiration date of 15 September 2019, and, last year the company requested a twelve-month extension.

The application was made to Cameroon’s Ministry of Mines, Industry and Technological Development.

READ: Tower Resources signs contract for site survey

In a statement, Tower said: “His Excellency the Minister has now formally notified the company that the Government of Cameroon has decided to grant a further exceptional one-year extension to the initial period of the exploration phase of the Thali PSC as requested by the company.”

It comes as the company seeks to drill and complete the NJOM-3 well.

Tower Resources' chief executive Jeremy Asher said: “We would like to thank His Excellency the President of the Republic, His Excellency Prime Minister Dr. Joseph Dion Ngute, His Excellency the Minister Gabriel Dodo Ndoke, together with their respective staffs, and of course the Société Nationale des Hydrocarbures, for their continued commitment to us and to the Thali project."

The company also noted today that it has spent the last few weeks finalising preparations for a well site survey, to be conducted by contractor Geoquip Marine AG and the MV Investigator vessel, which is now expected to start shortly.

The survey results will inform arrangements for the planned well drilling programme, which COSL (China Oilfield Services Limited) is contracted to carry out.

Quick facts: Tower Resources PLC

Price: 0.2 GBX

Market: AIM
Market Cap: £2.49 m

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