Tower Resources PLC Cameroon Operational Update (8857R)
01 Novembre 2019 - 8:00AM
UK Regulatory
TIDMTRP
RNS Number : 8857R
Tower Resources PLC
01 November 2019
1 November 2019
Tower Resources plc
Cameroon Operational Update
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM-listed oil and gas company with a focus on Africa, is
pleased to provide an update on operations on the Thali block in
Cameroon.
The Company and its subsidiary, Tower Resources Cameroon SA,
have signed a contract with Geoquip Marine Operations AG
("Geoquip") to conduct the site survey at the intended NJOM-3 well
location on the Company's Thali license in Cameroon. The contract
provides for the MV Investigator to arrive in Cameroon between 15
November and 30 December 2019, subject to all relevant permits and
the requisite license extension being received from the Ministry of
Mines, Industry and Technological Development (the "Ministry")
prior to mobilisation. The work will comprise three boreholes, each
with cone penetration testing (continuous PCPT), and is a necessary
prerequisite to COSL drilling the NJOM-3 well in line with the LOI
which has already been signed with COSL as disclosed in August
2019. The cost of the survey is in line with the budget previously
anticipated, and the time required for the work is approximately
7-10 days on site, plus any off-site testing and report
preparation.
Jeremy Asher, Chairman and CEO, commented: "We are looking
forward to getting the site survey underway, which should be the
final operational step before commencing drilling operations at
Njonji. We are still awaiting the formal extension from the
Ministry, but we are confident that this will be in place in good
time for the survey. "
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
Tower Resources plc info@towerresources.co.uk
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
Turner Pope Investments
(TPI) Limited
Joint Broker
Andy Thacker
Zoe Alexander +44 20 3657 0050
Whitman Howard Limited
Joint Broker
Nick Lovering +44 20 7659 1234
Yellow Jersey PR Limited +44 20 3004 9512
Sarah Hollins
Henry Wilkinson
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.
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr Mark Enfield, BSc, PhD, FGS, Advisor to
the Board of Tower Resources plc, who has over 30 years' experience
in the oil & gas industry, is the qualified person that has
reviewed and approved the technical content of this
announcement.
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END
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