Tower Resources receives exploration license extension in Cameroon

Tower Resources has been granted an extension of the first exploration period at its Thali production license offshore Cameroon. The company received a formal notification from the Minister of Mines, Industry and Technological Development in Cameroon (MINMIDT) extending the Thali production-sharing contract to 4 February 2025.

Its principal obligation during the first exploration period is the drilling of a single well, which the company intends to fulfill through the drilling of the NJOM-3 well. Tower Resources is continuing discussions with several parties regarding asset-level financing for the NJOM-3 well, for which it has contracted the Norve jackup rig with Borr Drilling.

Borr Drilling believes the Norve is expected to be able to mobilize to Cameroon between June and August 2024, subject to its existing contractual commitments.