10th Feb 2020 11:39
(Alliance News) - Tower Resources PLC on Monday said initial analysis from a survey at its NJOM-3 well in Cameroon shows results in line with expectations so far.
The Africa-focused oil & gas company said a Geoquip Marine AG-owned vessel concluded a site survey at the well on the offshore Thali oil block on Friday.
Tower Resources added that three boreholes were drilled, to a depth of 80 metres.
The firm added: "Although the analysis of the data will take some weeks, the company's initial view is that the data from the three boreholes are consistent and in line with pre-survey expectations."
The company in January said it was granted an extension to its exploration licence at Thali. The approval, from Cameroon's Ministry of Mines, Industry & Technological Development, extended the licence by one year from the initial expiration date of September 15 last year.
Shares in Tower Resources were 11% lower at 0.51 pence each in London on Monday morning in London.
By Eric Cunha; [email protected]
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