Tower Resources secures a yr’s extension to Cameroon licence

Tower Resources shares rose on Monday after it mentioned it had acquired a one-year extension to the exploration interval of its Thali licence in Cameroon, taking it to October 2027.

The Africa-focused explorer mentioned the extension gave it room to finish a beforehand introduced farm-out, underneath which it’s going to go a 42.5% curiosity within the licence to Prime Global Energies. Cameroon’s president has already accredited the deal, and it’s awaiting formal ministerial sign-off.

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Tower mentioned it will now transfer in direction of agreeing a rig contract to drill the NJOM-3 nicely on the Njonji construction, concentrating on a spud date within the second quarter of 2027. The nicely will check reservoirs discovered by earlier discovery wells in addition to further targets recognized on seismic knowledge.

If profitable, Tower plans to return in 2028 to drill manufacturing wells and start output utilizing a cell manufacturing unit. Tower Resources shares had been 5% greater on the information.

Tower Resources Chairman & CEO, Jeremy Asher, mentioned: “We are very completely satisfied to share this long-awaited information with shareholders.  In addition to recognising the hassle of TRCSA’s Managing Director, M Dairou, in steering our file by the varied phases of approval, I want to supply my private thanks, in addition to the Company’s thanks, to the President and Prime Minister of the Republic of Cameroon and their workers, together with, particularly, the President’s Director of Civil Cabinet, and in addition the Minister of Mines, Industry and Technological Development, and our associates on the Societé Nationale des Hydrocarbures and the British High Commissioner in Cameroon, for his or her help by this course of.”