REG - Tower Resources PLC - Extension of Period of Thali License in Cameroon

Tower ResourcesAnnouncement

08/02/2024 07:15

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RNS Number : 4135C  Tower Resources PLC  08 February 2024

8 February 2024

Tower Resources plc

("Tower" or the "Company")

Extension of First Exploration Period of Thali License in Cameroon

 

Tower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on
Africa, is pleased to announce that it has received formal notification from
the Minister of Mines, Industry and Technological Development in Cameroon
("MINMIDT") of the extension of the First Exploration Period of the Thali
production-sharing contract (the "PSC") to 4(th) February 2025, in accordance
with the Company's PSC and the Cameroon Petroleum Code, and with the approval
of the President of the Republic of Cameroon.

 

The Company's principal obligation during the First Exploration Period is the
drilling of a single well which the Company intends to fulfil through the
drilling of the NJOM-3 well.

 

The Company is continuing discussions with several parties regarding
asset-level financing for the NJOM-3 well, for which it has contracted the
Norve jack-up rig with Borr Drilling. Borr Drilling's latest advice is that
the Norve rig is expected to be able to mobilise to Cameroon between June and
August 2024, subject to its existing contractual commitments.

 

The Company will make further announcements about the financing of the well
and the mobilisation of the rig as firm agreements and notices are finalised
and received.

 

Tower Resources Chairman & CEO, Jeremy Asher, commented:

 

"We are delighted to share this news, and grateful to the MINMIDT, the Societe
Nationale de Hydrocarbures, and the Prime Minister and President of the
Republic of Cameroon, for their continuing support.

 

"We remain confident in finalising asset-level financing for the well, for
which this extension was a critical condition precedent. However, we cannot
comment further on the commercial discussions in progress until firm
agreements are reached.

 

"In the meantime, we are also continuing our work on the evaluation and
prioritisation of leads and prospects on our Namibian licence in light of the
basin modelling work we recently completed, and we have been discussing the
next steps on our South African Algoa-Gamtoos license with our joint venture
partner and operator, NewAge. We hope that this will be the first of many
positive announcements in 2024."

 

 

Market Abuse Regulation (MAR) Disclosure

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

Contacts:

 

 Tower Resources plc                  +44 20 7157 9625

 Jeremy Asher

 Chairman & CEO

 Andrew Matharu

 VP - Corporate Affairs

 BlytheRay                            +44 20 7138 3208

 Financial PR

 Tim Blythe

 Megan Ray

 SP Angel Corporate Finance LLP       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Caroline Rowe

 Kasia Brzozowska

 Axis Capital Markets Limited         +44 203 026 2689

Joint Broker

 Lewis Jones

 Ben Tadd

 Novum Securities Ltd                 +44 20 7399 9400

Joint Broker

 Jon Bellis

 Colin Rowbury

 Panmure Gordon (UK) Limited          +44 20 7886 2500

Joint Broker

 John Prior

 Hugh Rich

 

About Tower Resources

Tower Resources plc is an AIM listed 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.

Tower's strategy is centred around stable jurisdictions that the Company knows
well and that offer excellent fiscal terms. Through its Directors, staff and
strategic relationship with EPI Group, Tower has access to decades of
expertise and experience in Cameroon and Namibia, and its joint venture with
New Age builds on years of experience in South Africa.

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