17th Sep 2018 11:31
LONDON (Alliance News) - Africa-focused oil and gas exploration company Tower Resources PLC said on Monday it has been granted a one-year extension to its initial exploration period for the Thali licence in Cameroon.
The extension was granted by the Ministry of Mines, Industry & Technological Development, and the exploration period will now expire on September 14, 2019. The extension is conditional on Tower's rig contract for the upcoming well is executed within three months.
In the meantime, work on the Reserve Report and the selection of rig and service contractors for the upcoming well is still in progress. Internal geological and geophysical work has been completed and is being reviewed by independent consultants Oilfield International.
"We would like to thank His Excellency Minister Ernest Gbwaboubou, and Adolphe Moudiki, the Executive General Manager of our partner the Société Nationale des Hydrocarbures, together with their respective staffs, for their commitment to us and to the Njonji project at Thali," said Chairman and Chief Executive Officer Jeremy Asher.
Shares in Tower Resources were down 3.1% at 1.55 pence on Monday.
Related Shares:
Tower Resources