Tower Resources PLC Cameroon update (0569Z)
19 Maggio 2021 - 8:00AM
UK Regulatory
TIDMTRP
RNS Number : 0569Z
Tower Resources PLC
19 May 2021
19 May 2021
Tower Resources plc
("Tower" or the "Company")
Cameroon update
Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas
company with its focus on Africa , is pleased to announce an update
regarding planned operations on the Thali license (the "PSC") in
Cameroon held by its subsidiary Tower Resources Cameroon SA
("TRCSA"), and the NJOM-3 well.
The Company has now received formal confirmation from the
Minister of Mines, Industry and Technological Development
("MINMIDT") of the details of the formal extension of the First
Exploration Period of the PSC. As previously announced the Company
declared Force Majeure in March 2020 in respect of the First
Exploration Period of the PSC, in light of the restrictions
required to combat the Covid-19 pandemic, and on 31 March 2021 the
Company announced that the President of the Republic had also
approved a formal extension of the First Exploration Period.
The formal "arrête" from MINMIDT extends the First Exploration
Period to 11 May 2022.
This formal extension allows the Company to proceed with
finalising a schedule for drilling and testing the NJOM-3 well.
Jeremy Asher, Chairman and Chief Executive Officer,
commented:
"We are once again grateful to the Republic of Cameroon and to
the Minister of Mines, Industry and Technological Development and
his staff for their continued support of the Thali project, and
also to the President of the Republic, the Secretary General of the
Office of the Presidency, and the Prime Minister for taking a
direct interest in our activity, as well as all the staff at the
Societé Nationale de Hydrocarbures who have supported us during
this First Exploration Period. We are looking forward to seeing the
NJOM-3 well drilled as soon as possible, and we will have more news
for investors about the schedule in due course."
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
Caroline Rowe +44 20 3470 0470
ETX Capital
Joint Broker
Elliot Hance +44 20 7392 1436
Turner Pope Investments
(TPI) Limited
Joint Broker
Andy Thacker +44 20 3657 0050
Panmure Gordon (UK) Limited
Joint Broker
Nick Lovering
Hugh Rich +44 20 7886 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.
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) and published in March 2020 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 17.9 MMbbls of oil and
liquids across the proven Njonji-1 and Njonji-2 fault blocks;
-- Gross mean prospective resources of 19.8 MMbbls of oil and
liquids across the Njonji South and Njonji South-West fault
blocks;
-- Gross mean prospective resources of 111.3 MMbbls of oil and
liquids across four identified prospects located in the Dissoni
South and Idenao areas in the northern part of the Thali
licence;
-- Calculated Best Estimate NPV10 of US$119 million and EMV10
US$91 million for the contingent resources, based on March 2020
Brent price for 2021 of approximately $44/barrel.
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr Mark Enfield, BSc, PhD, a Director of
Tower Resources plc, who has over 30 years' experience in the oil
and gas industry, is the qualified person that has reviewed and
approved the technical content of this announcement.
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