Africa-focused oil firm Tower Resources has received an extension of the first exploration period at its Thali license offshore Cameroon.
Tower Resources received formal notification from the Minister of Mines, Industry and Technological Development (MINMIDT) in Cameroon for the extension of the Thali production-sharing contract (PSC) until February 4, 2025.
The company's principal obligation during the first exploration period is the drilling of a single well which Tower Resources intends to fulfil 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 contracted the Norve jack-up rig with Borr Drilling in December 2023.
Borr Drilling noted that the Norve rig is expected to be able to mobilize to Cameroon between June and August 2024, subject to its existing contractual commitments.
"We remain confident in finalizing asset-level financing for the well, for which this extension was a critical condition precedent. However, we cannot comment further on the commercial discussions in progress until firm agreements are reached.
"In the meantime, we are also continuing our work on the evaluation and prioritization of leads and prospects on our Namibian license in light of the basin modelling work we recently completed, and we have been discussing the next steps on our South African Algoa-Gamtoos license with our joint venture partner and operator, NewAge.
“We hope that this will be the first of many positive announcements in 2024,"said Jeremy Asher, Tower Resources Chairman & CEO.