Cameroon: Tower Resources obtains an extension to its exploration permit.

Africa-focused oil company Tower Resources has obtained an extension to the first exploration period on its Thali permit offshore Cameroon.

Tower Resources has received formal notification from Cameroon's Minister of Mines, Industry and Technological Development (MINMIDT) of the extension of Thali's Production Sharing Contract (PSC) to February 4, 2025.

The company's main obligation during the first exploration period is to drill a single well, which Tower Resources intends to fulfill by drilling 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 self-elevating platform with Borr Drilling in December 2023.

Borr Drilling noted that the Norve platform should be able to be mobilized in Cameroon between June and August 2024, subject to its existing contractual commitments.

"We remain confident of finalizing the financing of the well assets, for which this extension was a critical condition precedent. However, we cannot comment further on the ongoing commercial discussions until firm agreements are reached.

"Meanwhile, we are also continuing our work to evaluate and prioritize leads and prospects on our Namibian license in light of the basin modeling work we recently completed, and we have discussed next steps on our South African Algoa-Gamtoos license. with our partner and joint venture operator, NewAge.

"We hope this will be the first of many positive announcements in 2024," said Jeremy Asher, president and CEO of Tower Resources.