Tower Resources can still drill well at Thali, this year suggests broker
Farm-in partner OilLR and Tower have agreed to amend the completion date until 30 June
Company
Tower Resources PLC
LON:TRP
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.
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Tower Resources says projects remain attractive
Tower is expecting its farm-out deal will complete in the near future and it looks forward to the planned NJOM-3 work campaign
Tower Resources could still drill NJOM-3 well by September amid coronavirus uncertainty
Tower remains committed to its existing farm-out deal, though the completion date has been reset and alternative talks are taking place with other parties
Tower Resources says reserves update confirms “attractiveness” of Njoni project
“So even in the lower oil price environment in which we now find ourselves ... the Thali license is an attractive asset which we expect will earn excellent returns," said Jeremy Asher, Tower chief executive.
Tower Resources raises £500,000 as Thali block farm-out nears completion
The placing is designed to mitigate the risk of running low on cash as the company completes its farm-out of a 24.5% working interest in Thali to Australian firm OiLR
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Tower Resources agrees farm-out for 24.5% of Thali block, offshore Cameroon
Discussions are underway with several other parties regarding a farm-out of up to a further 24.5% interest
Tower Resources wants to drill NJOM-3 in June
Tower is continuing partnership talks to at least partially fund the planned well.
Tower Resources completes well site survey ahead NJOM-3 drilling
Tower is expecting to finalise its drill schedule for the NJOM-3 well this month.
Tower Resources to finalise NJOM-3 well schedule later this month
A well site survey is presently underway and the findings will inform the drill plans.
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 signs contract for site survey ahead of Cameroon drilling
The survey work will comprise three boreholes and is a prerequisite to drilling the NJOM-3 well.
Tower Resources unveils restructuring of bridging loan facility, around £1.5mln placing and subscription
The oiler said the placing will see approximately 461.54 million new ordinary shares issued at a price of 0.325p per share
Tower Resources advances possible co-operation with international oil major
Tower chief Jeremy Asher said the early stage situation may not lead to a deal but its a timely reminder that the explorer has extremely attractive exploration opportunities in its portfolio.
Tower Resources continues to work on bridge loan extension
“The company continues to manage its limited cash resources carefully as these discussions are progressed,” Tower said.
Tower Resources halves interim loss amid farm-out interest for Njonji-3 well
For the six months ended 30 June, the AIM-listed oiler reported a pre-tax loss of US$1.6mln, down from a US$3.3mln loss a year ago
Tower Resources switches rig hire contracts for the Thali block
The NJOM3 well will be drilled to a total depth of 1,100m, intersecting at least three reservoir zones
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Tower Resources Plc extends bridging loan as farm-out deal looms
The bridging loan provided working capital whilst the company worked on alternative longer-term funding options.
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