Tower Resources (LSE:TRP) has secured a formal one-year extension to the initial exploration period for its Thali offshore licence in Cameroon, extending the deadline to October 2027.
The extension was granted to Tower’s Cameroon-focused subsidiary and provides additional time for the company to complete its planned exploration activities at the licence.
Tower is now working to finalise regulatory approvals and complete the proposed farm-out of a 42.5% interest in Thali to Prime Global Energies.
The farm-out is intended to contribute towards funding and sharing the risks associated with the planned drilling programme, although completion remains subject to the outstanding requirements.
NJOM-3 Drilling Targeted for Second Quarter of 2027
Tower plans to contract a drilling rig and drill the NJOM-3 well during the second quarter of 2027.
The company intends to use the well to assess the presence of additional reservoirs at Thali. The drilling timetable remains a company plan and is dependent on the necessary preparations and approvals being completed.
If drilling is successful, Tower plans to move towards a multi-well development and the introduction of a mobile production unit in 2028.
These development plans remain contingent on the results of the NJOM-3 well and subsequent project decisions.
More about Tower Resources
Tower Resources is an AIM-listed oil and gas company focused on opportunities in Africa.
Its portfolio includes the Thali licence in Cameroon, where the company is pursuing a potential short-cycle development, alongside exploration interests in Namibia and South Africa.
The company’s activities in Namibia and South Africa include the acquisition and evaluation of 3D seismic data to assess exploration prospects.
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