{"id":10140,"date":"2021-03-31T08:38:22","date_gmt":"2021-03-31T08:38:22","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=10140"},"modified":"2021-03-31T08:38:22","modified_gmt":"2021-03-31T08:38:22","slug":"cameroon-tower-resources-granted-further-extension-of-the-first-exploration-period-of-the-thali-psc","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-granted-further-extension-of-the-first-exploration-period-of-the-thali-psc\/","title":{"rendered":"CAMEROON: Tower Resources Granted Further Extension of the First Exploration Period of the Thali PSC"},"content":{"rendered":"<p class=\"cq\"><span class=\"ce\">The Government of the\u00a0Republic of Cameroon\u00a0has notified TRCSA that the President of the Republic has approved a further extension of the First Exploration Period of the PSC, and the Company is now awaiting a formal confirmation from the Minister of Mines, Industry and Technological Development of the details of the extension. As previously announced, the Company declared Force Majeure in March 2020 in respect of the First Exploration Period of the PSC, in light of the restrictions required to combat the Covid-19 pandemic.<\/span><\/p>\n<p class=\"cq\"><span class=\"ce\">The logistics involved in coordinating personnel and equipment from multiple service providers and locations (as required for an appraisal well with extensive testing) remain challenging, but the Company has a plan to complete drilling of the NJOM-3 well safely in the present circumstances. The Company intends to finalise a schedule with the multiple service companies involved, although this still depends on pandemic developments and the individual service companies&#8217; circumstances. But a formal extension of the First Exploration Period is an important element of finalising a schedule as it reduces the uncertainty associated with relying on the current state of Force Majeure, as well as underscoring the support of the\u00a0Republic of Cameroon\u00a0for the Thali project.<\/span><\/p>\n<p class=\"cq\"><span class=\"ce\">The Company also reminds investors that it will be reviewing the payment of director fees for the second quarter after the market close today, as usual at the end of a calendar quarter, and will also be reviewing long term incentive (share option) awards for 2021 at the same time.<\/span><\/p>\n<p class=\"cq\"><span class=\"ce\">Jeremy Asher, Chairman and Chief Executive Officer, commented:<\/span><\/p>\n<p class=\"cq\"><span class=\"ce\">&#8220;We are grateful to the\u00a0Republic of Cameroon\u00a0for their continued support of the Thali project, and in particular to the President of the Republic, the Secretary General of the Office of the Presidency, and the Prime Minister for taking a direct interest in our activity, as well as the Minister of Mines, Industry and Technological Development and his staff and all the staff at the Societ\u00e9 Nationale de Hydrocarbures who have supported us during this First Exploration Period. We are looking forward to seeing the NJOM-3 well drilled as soon as possible, and we will notify investors when we have more material developments.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government of the\u00a0Republic of Cameroon\u00a0has notified TRCSA that the President of the Republic has approved a further extension of the First Exploration Period of the PSC, and the Company &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-granted-further-extension-of-the-first-exploration-period-of-the-thali-psc\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[387,9192,7697,2541],"class_list":["post-10140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-cameroon","tag-njom-3","tag-thali","tag-tower-resources","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2Dy","jetpack-related-posts":[{"id":14220,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-receives-extension-of-period-of-thali-license\/","url_meta":{"origin":10140,"position":0},"title":"CAMEROON: Tower Resources Receives Extension of Period of Thali License","author":"","date":"February 10, 2024","format":false,"excerpt":"Tower Resources has received formal notification from the Minister of Mines, Industry and Technological Development in\u00a0Cameroon\u00a0(MINMIDT) of the extension of the First Exploration Period of the Thali production-sharing contract to 4th\u00a0February 2025, in accordance with the Company's PSC and the Cameroon Petroleum Code, and\u00a0with the approval of the President of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/02\/Thali-License.webp?fit=604%2C376&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/02\/Thali-License.webp?fit=604%2C376&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/02\/Thali-License.webp?fit=604%2C376&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9222,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-provides-update-on-thali-pel-94-projects\/","url_meta":{"origin":10140,"position":1},"title":"Tower Resources Provides Update on Thali, PEL 94 Projects","author":"","date":"September 30, 2020","format":false,"excerpt":"Extension of the initial period of the Exploration Phase of the Thali PSC, offshore Cameroon by one year (from 15 September 2019) for the purposes of completing the NJOM-3 well, and declaration of Force Majeure with effect from 17 March 2020 due to travel and operational restrictions arising from the\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tower-Resources.jpg?fit=411%2C396&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13615,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-provides-update-on-its-its-thali-production-sharing-contract\/","url_meta":{"origin":10140,"position":2},"title":"CAMEROON: Tower Resources Provides Update on its  its Thali Production Sharing Contract","author":"","date":"April 28, 2023","format":false,"excerpt":"Highlights: \u00b7\u00a0\u00a0\u00a0\u00a0Applied for a one-year extension of the initial exploration period of the PSC, following positive discussions with the\u00a0Minister of Mines, Industry and Technological Development and (MINMIDT) and the Prime Minister of the\u00a0Republic of Cameroon. \u00b7\u00a0\u00a0\u00a0\u00a0Discussions continue with rig owners and operators with the aim to secure rig availability in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Cameroon-Thali-PSC.png?fit=800%2C503&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Cameroon-Thali-PSC.png?fit=800%2C503&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Cameroon-Thali-PSC.png?fit=800%2C503&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Cameroon-Thali-PSC.png?fit=800%2C503&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11210,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-yet-to-get-approval-following-thali-psc-farm-out\/","url_meta":{"origin":10140,"position":3},"title":"CAMEROON: Tower Resources Yet To Get Approval Following Thali PSC Farm-out","author":"","date":"November 22, 2021","format":false,"excerpt":"60 days since the\u00a0Minister of Mines, Industry and Technological Development was formally requested for approval of a transaction of the type its farm-out to Beluga Energy Limited of a 49% non-operating working interest in its Thali Production Sharing Contract (PSC) in Cameroon there is yet to be any communication according\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10714,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-completes-thali-psc-farm-out-to-beluga-energy\/","url_meta":{"origin":10140,"position":4},"title":"CAMEROON: Tower Resources Completes Thali PSC Farm-out to Beluga Energy","author":"","date":"August 10, 2021","format":false,"excerpt":"Tower Resources has executed a binding Heads of Agreement (HoA) in respect of a farm-out to Beluga Energy Limited (Beluga) of a 49% non-operating working interest in its Thali Production Sharing Contract (PSC) in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon S.A (TRCSA). The key economic elements of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10895,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-completes-thali-psc-farm-out-update\/","url_meta":{"origin":10140,"position":5},"title":"CAMEROON: Tower Resources Completes Thali PSC Farm-out Update","author":"","date":"September 23, 2021","format":false,"excerpt":"Tower Resourceshas announced that the documentation of its farm-out to Beluga Energy Limited\u00a0 of a 49% non-operating working interest in its Thali Production Sharing Contract\u00a0 in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon S.A, is now finalised, and the package of documents is being submitted to the Minister\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Cameroon-Thali.png?fit=720%2C456&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10140"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10140\/revisions"}],"predecessor-version":[{"id":10142,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10140\/revisions\/10142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10141"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}