Tower Resources : Cameroon Operational Update

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Tower Resources PLC - TRP Cameroon Operational Update Released 07:00 10-Feb-2020

RNS Number : 4016C

Tower Resources PLC

10 February 2020

10 February 2020

Tower Resources plc

Cameroon Operational Update

Tower Resources plc (the 'Company' or 'Tower' (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, is pleased to provide the following operational update on its work on the Thali licence in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon SA.

The Geoquip Marine survey vessel MV Investigator completed its survey at the NJOM-3 well site on the Thali block offshore Cameroon on Friday 7 February 2020, drilling three boreholes to a depth of 80m with alternating sampling and PCPT (piezocone penetration tests). Although the analysis of the data will take some weeks, the Company's initial view is that the data from the three boreholes are consistent and in line with pre-survey expectations.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Contacts

Tower Resources plc	[e-mail]
Jeremy Asher Chairman and CEO
Andrew Matharu VP - Corporate Affairs
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Stuart Gledhill Caroline Rowe	[phone]
Turner Pope Investments (TPI) Limited Joint Broker Andy Thacker Zoe Alexander	[phone]
Whitman Howard Limited Joint Broker Nick Lovering	[phone]

Notes:

Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower Resources plc, holds a 100% interest in the shallow water Thali (formerly known as 'Dissoni') Production Sharing Contract (PSC), in the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC on 15 September 2015 for an Initial Exploration Period of 3 years.

The Thali PSC covers an area of 119.2 km², with water depths ranging from 8 to 48 metres, and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. The Rio del Rey basin has, to date, produced over one billion barrels of oil and has estimated remaining reserves of 1.2 billion barrels of oil equivalent ('boe'), primarily within depths of less than 2,000 metres. The Rio del Rey is a sub-basin of the Niger Delta, an area in which over 34.5 billion barrels of oil has been discovered, with 2.5 billion boe attributed to the Cameroonian section.

An independent Reserve Report conducted by Oilfield International Limited (OIL) has highlighted the contingent and potential resources on the Thali licence and the associated Expected Monetary Value (EMV) as follows:

§ Gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks;

§ Gross mean prospective resources of 20 MMbbls of oil across the Njonji South and Njonji South-West fault blocks;

§ Gross mean prospective resources of 111 MMbbls of oil across four identified prospects located in the Dissoni South and Idenao areas in the northern part of the Thali licence;

§ Calculated EMV10s of US$118 million for the contingent resources, and US$82 million for the prospective resources, respectively.

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Cameroon Operational Update - RNS