10th Jun 2025 14:53
(Alliance News) - Tower Resources PLC on Tuesday said it has issued a letter of award to secure a jack-up rig for drilling operations offshore Cameroon later this year.
The oil and gas company focused on Africa said its subsidiary, Tower Resources Cameroon SA, has selected Advanced Energy Systems SAE, an affiliate of ADES Holding, to provide the Admarine 510 rig to drill the NJOM-3 well on its Thali license.
The drilling is expected to begin in the fourth quarter of 2025, subject to contract and regulatory approvals, including the completion of Tower’s previously announced farm-out agreement with Prime Global Energies Ltd.
The Admarine 510 is a GustoMSC CJ-46-X100-D jack-up unit built in 2019, capable of operating in waters up to 375 feet deep. It is currently completing a five-year recertification in Bahrain and has also been contracted by Addax Petroleum for drilling work in Cameroon starting later in 2025.
Tower said leveraging the rig's existing commitment to the region helped secure favourable commercial terms. While financial details were not disclosed, Tower said the agreement aligns with its earlier cost projections and is more attractive than prior rig offers.
"We are delighted to make this award, and are looking forward to working with ADES on the NJOM-3 well this year," said Tower Resources Chair & Chief Executive Officer Jeremy Asher. "Our rig selection process has been made a little more complex by the opportunity to coordinate our timing with that of other nearby oil and gas companies, including Addax Petroleum in particular, however I believe it has resulted in a very good commercial outcome for all parties."
Shares in Tower Resources were up 44% at 0.029 pence each in London on Tuesday afternoon.
By Eva Castanedo, Alliance News reporter
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