Tower Resources PLC Cameroon Update (3918D)
19 Febbraio 2020 - 08:00AM
UK Regulatory
TIDMTRP
RNS Number : 3918D
Tower Resources PLC
19 February 2020
19 February 2020
Tower Resources plc
Cameroon 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 on its work on the Thali
licence in Cameroon, conducted through its wholly-owned subsidiary
Tower Resources Cameroon SA.
The Company is presently preparing plans for drilling for NJOM-3
well, now that the site survey is complete. Management's present
view, subject to further work and confirmation of equipment
availability, is that it would like to spud the well in the course
of June 2020. Long lead items are already at the Company's base in
Douala. Some testing equipment will still need to be mobilised
prior to spudding the well, along with personnel, and so this
intended date is still subject to change.
The Company has made considerable progress in farm-out
discussions with a number of parties regarding some or all of the
well funding, including exchanging draft term sheets, following a
pause in discussions that took place while the Company was waiting
for formal confirmation of the extension of the current exploration
period of the Thali PSC. The Company believes that it will be able
to complete a farm-out within its desired timeframe for the NJOM-3
well although there can be no certainty as to timing or eventual
outcome of such discussions.
The Company has updated its corporate presentation with a
revised indicative time line for the development of the Njonji
structure, and the Company is now preparing updated cash flows and
working with OIL to prepare an updated version of the Reserve
Report. The updated corporate presentation, which was shared with
an investor conference yesterday evening, is available on the
Company's website at www.towerresources.co.uk . The Company will
update its corporate presentation further when the updated Reserve
Report is complete, and will also make the executive summary of the
updated Reserve Report available on its website at that time.
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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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