Tower Resources plc

Equities

TRP

GB00BZ6D6J81

Oil & Gas Exploration and Production

Market Closed - London S.E. Other stock markets 11:35:04 2024-04-26 am EDT			5-day change	1st Jan Change
0.0195 ^GBX	0.00%		-2.50%	-11.36%

Feb. 15	Diversified Energy offers dividend alternative	AN
Feb. 15	Tower Resources Plans Fundraising to Repay Energy Exploration Capital Partners Facility	MT

Tower Resources maintains 2025 target for first oil from Thali licence in Cameroon

February 28, 2024 at 06:40 am EST

(via NewsDirect)

Tower Resources Plc Chairman and CEO Jeremy Asher joined Steve Darling from Proactive to share significant updates regarding the company's operations in Cameroon.

Tower Resources has received formal notification from the Minister of Mines, Industry, and Technological Development in Cameroon regarding the extension of the First Exploration Period of the Thali production-sharing contract until 2025.

Asher explained that the company's primary obligation during this extended period is the drilling of a single well, which Tower intends to fulfill through the drilling of the NJOM-3 well. Tower Resources is actively engaged in discussions with multiple parties regarding asset-level financing for the NJOM-3 well.

The company has already contracted the Norve jack-up rig with Borr Drilling for this purpose. According to Borr Drilling's latest advice, the Norve rig is expected to be mobilized to Cameroon between June and August 2024, subject to existing contractual commitments. In Namibia, comprehensive analysis of potential structures, including stratigraphic traps, is underway, with plans for 3D seismic acquisition.

Asher expressed optimism for a transformative year in 2024, indicating a busy period ahead for the company. Stay tuned for more updates as Tower Resources progresses with its exploration activities.

Contact Details

Proactive Investors

+1 347-449-0879

na-editorial@proactiveinvestors.com

Latest news about Tower Resources plc

Diversified Energy offers dividend alternative	Feb. 15	AN
Tower Resources Plans Fundraising to Repay Energy Exploration Capital Partners Facility	Feb. 15	MT
Seeing Machines revenue grows; Baron Oil strikes deal	Feb. 08	AN
Tower Resources Receives Extension for Cameroon License	Feb. 08	MT
Tower Resources Issues Shares to Energy Exploration Capital	Jan. 04	MT
Tower Resources to Raise Funds for Oil Exploration Programs; Shares Drop	Dec. 18	MT
Tower Resources Inks Rig Contract With Borr Drilling	Dec. 18	MT
Tower Resources to Issue New Shares to Energy Exploration Capital Partners	Dec. 07	MT
Tower Resources to issue 317.6 million shares to placee	23-10-04	AN
Tower Resources to Issue Shares on Investment Deed with Energy Exploration Capital Partners	23-10-04	MT
EARNINGS: Beacon Energy and Kefi Gold & Copper losses widen	23-09-29	AN
Tower Resources plc Reports Earnings Results for the Half Year Ended June 30, 2023	23-09-29	CI
Pendragon Chief Operating Officer Martin Casha to resign	23-07-07	AN
Tower Resources Plans Flow-Through Financing; Down 7.7%	23-06-29	MT
Tower Resources plc Auditor Raises 'Going Concern' Doubt	23-06-23	CI
Jangada Mines notes Blencowe's completion of test work	23-06-19	AN
Tower Resources swings to a loss with numerous headwinds	23-06-19	AN
Tower Resources plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-06-19	CI
Tower Resources hails basin modelling results in Namibia	23-06-16	AN
Tower Resources CEO stake in company falls amid placing	23-05-31	AN
Tower Resources CEO and chair reduces stake to 7.2% from 16%	23-05-30	AN
FTSE 100 Closes Down Dragged by Oil Stocks; Vodafone Slips	23-05-16	DJ
Tower Resources shares plunge after discounted placing	23-05-16	AN
AIM WINNERS & LOSERS: Rurelec jumps on Argentinian assets sale	23-05-16	AN
Tower Resources Highlights Results From Hole at Lightning Zone; Plans Summer Drilling Program	23-05-10	MT

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Company Profile

Tower Resources plc is a United Kingdom-based independent oil and gas company. The Company operates oil and gas licenses with a focus on projects in Africa. The Company has projects in Cameroon, Namibia, South Africa, and Western Sahara. The Company, through its wholly owned subsidiary, holds 100% interest in the shallow-water Thali Production Sharing Contract (PSC) in the Rio del Rey basin, offshore Cameroon. The Thali PSC covers an area of approximately 119.2 square kilometers (km2), with water depths ranging from eight to 48 meters, and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. Through its wholly owned subsidiary, Tower Resources (Namibia) Limited, it has a 80% interest in Blocks 1910A, 1911 and 1912B. The blocks cover 23,297 km2 of the northern Walvis Basin and Dolphin Graben (offshore Namibia). The Company also holds a 50% interest in the Algoa-Gamtoos license offshore South Africa. The Algoa-Gamtoos license covers approximately 9,369 km2.

Sector

Oil & Gas Exploration and Production

Calendar

2024-06-03 - Q4 2023 Earnings Release (Projected)

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.00019 GBP

Average target price

0.0012 GBP

Spread / Average Target

+531.58%

Consensus

Annual profits - Rate of surprise

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