9th May 2022 20:16
Tower Resources PLC - Africa-focused oil and gas company - Says Cameroon government agrees to further extension of exploration to May 2023. However, Tower Resources is redrawing its funding plans for drilling the NJOM-3 well at the Thali project, offshore Cameroon. Tower Resources says it has yet to receive approval from the government of Cameroon regarding its farm-out to Beluga Energy of a 49% non-operating working interest in its Thali production sharing contract. The farm-out to Beluga Energy Ltd covers USD15 million towards the expected USD16.8 million cost of the NJOM-3 well that Tower is planning to drill. Company has now informed Cameroon's minister of mines, industry & technological development it will no longer be seeking approval of the farmout in its current form. Read More
