Tower Resources PLC Cameroon Farm-out Update (0396T)
22 Novembre 2021 - 08:00AM
UK Regulatory
TIDMTRP
RNS Number : 0396T
Tower Resources PLC
22 November 2021
22 November 2021
Tower Resources plc
Cameroon Farm-out Update
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM-listed oil and gas company with its focus on Africa, is
pleased to provide the following update regarding its farm-out to
Beluga Energy Limited ("Beluga") of a 49% non-operating working
interest in its Thali Production Sharing Contract ("PSC") in
Cameroon, conducted through its wholly-owned subsidiary Tower
Resources Cameroon S.A ("TRCSA").
The Cameroon Petroleum Code provides that approval of a
transaction of this type should be provided by the Minister of
Mines, Industry and Technological Development ("MINMIDT") within 60
days of 21(st) September 2021, when it was formally requested,
which means by Saturday 20(th) November 2021. To date, Tower has
received no objection to the transaction, nor any further request
for information from MINMIDT, and whilst Tower believes that the
conditions for the approval have been met, Tower is yet to receive
a formal letter (a "decret") confirming MINMIDT's approval of the
transaction.
While the Company waits for a formal decret, Beluga continues to
work on its financing process, and the Company continues to work
with the intended rig provider and service companies on the
schedule and terms for the NJOM-3 well.
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 and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance
LLP
Nominated Adviser and Joint
Broker
Stuart Gledhill + 44 20 3470
Caroline Rowe 0470
Novum Securities Limited
Joint Broker
Jon Belliss + 44 20 7399
Colin Rowbury 9400
Panmure Gordon (UK) Limited
Joint Broker
Nick Lovering + 44 20 7886
Hugh Rich 2500
Notes:
Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower
Resources plc, holds a 100% interest in the shallow water Thali
(formerly known as "Dissoni") Production Sharing Contract (PSC), in
the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC
on 15 September 2015 for an Initial Exploration Period of 3
years.
The Thali PSC covers an area of 119.2 km(2), with water depths
ranging from 8 to 48 metres, and lies in the prolific Rio del Rey
basin, in the eastern part of the Niger Delta. The Rio del Rey
basin has, to date, produced over one billion barrels of oil and
has estimated remaining reserves of 1.2 billion barrels of oil
equivalent ("boe"), primarily within depths of less than 2,000
metres. The Rio del Rey is a sub-basin of the Niger Delta, an area
in which over 34.5 billion barrels of oil has been discovered, with
2.5 billion boe attributed to the Cameroonian section.
An independent Reserve Report conducted by Oilfield
International Limited (OIL) has highlighted the contingent and
potential resources on the Thali licence and the associated
Expected Monetary Value (EMV) as follows:
-- Gross mean contingent resources of 18 MMbbls of oil across
the proven Njonji-1 and Njonji-2 fault blocks;
-- Gross mean prospective resources of 20 MMbbls of oil across
the Njonji South and Njonji South-West fault blocks;
-- Gross mean prospective resources of 111 MMbbls of oil across
four identified prospects located in the Dissoni South and Idenao
areas in the northern part of the Thali licence;
-- Calculated EMV10s of US$118 million for the contingent
resources, and US$82 million for the prospective resources,
respectively.
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