20th Aug 2018 12:36
LONDON (Alliance News) - Tower Resources PLC said Monday it received clearance to start drilling operations in the Thali licence area in Cameroon.
Tower Resources shares were trading 7.4% higher at 1.61 pence each.
The oil & gas company focused on Africa, said its division Tower Resources Cameroon SA, which conducted work at the licence, completed an environmental & social impact assessment in respect of its intended drilling on the Thali block and submitted in late June to the Cameroon government.
It now received a certificate of environmental compliance which is valid for drilling operations in the area, subject to work commencing over the next three years.
Additionally, Tower Resources said it filed its application with the Ministry of Mines, Industry & Technological Development for an extension of the initial exploration period of the Thali licence of up to one year from its current expiration date of September 14.
The company said it does not expect to receive a formal response from ministry until September, but "believes the extension will be granted given progress to date".
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