{"id":14220,"date":"2024-02-10T15:18:57","date_gmt":"2024-02-10T15:18:57","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14220"},"modified":"2024-02-10T15:18:57","modified_gmt":"2024-02-10T15:18:57","slug":"cameroon-tower-resources-receives-extension-of-period-of-thali-license","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-receives-extension-of-period-of-thali-license\/","title":{"rendered":"CAMEROON: Tower Resources Receives Extension of Period of Thali License"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">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 4<sup>th<\/sup>\u00a0February 2025, in accordance with the Company&#8217;s PSC and the Cameroon Petroleum Code, and\u00a0with the approval of the President of the\u00a0Republic of Cameroon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company&#8217;s principal obligation during the First Exploration Period is the drilling of a single well which the Company intends to fulfil through the drilling of the NJOM-3 well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company is continuing discussions with several parties regarding asset-level financing for the NJOM-3 well, for which it has contracted the Norve jack-up rig with Borr Drilling. Borr Drilling&#8217;s latest advice is that the Norve rig is expected to be able to mobilise to&nbsp;Cameroon&nbsp;between June and August 2024, subject to its existing contractual commitments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company will make further announcements about the financing of the well and the mobilisation of the rig as firm agreements and notices are finalised and received.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tower Resources Chairman &amp; CEO, Jeremy Asher, commented:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;We are delighted to share this news, and grateful to the MINMIDT, the Societe Nationale de Hydrocarbures, and the Prime Minister and President of the&nbsp;Republic of Cameroon, for their continuing support.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;We remain confident in finalising 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.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;In the meantime, we are also continuing our work on the evaluation and prioritisation of leads and prospects on our Namibian licence 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.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-receives-extension-of-period-of-thali-license\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14221,"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":false,"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":[11319,8513,11492,11491,2541],"class_list":["post-14220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-borr-drilling","tag-njom-3-well","tag-norve-jack-up-rig","tag-thali-license","tag-tower-resources","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/02\/Thali-License.webp?fit=604%2C376&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Hm","jetpack-related-posts":[{"id":10140,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-granted-further-extension-of-the-first-exploration-period-of-the-thali-psc\/","url_meta":{"origin":14220,"position":0},"title":"CAMEROON: Tower Resources Granted Further Extension of the First Exploration Period of the Thali PSC","author":"","date":"March 31, 2021","format":false,"excerpt":"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\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":9222,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-provides-update-on-thali-pel-94-projects\/","url_meta":{"origin":14220,"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":14615,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-namibia-tower-resources-reports-farm-out-in-its-thali-license-and-offshore-pel96\/","url_meta":{"origin":14220,"position":2},"title":"CAMEROON\/ NAMIBIA: Tower Resources Reports Farm-out in its Thali license and offshore PEL96","author":"","date":"January 13, 2025","format":false,"excerpt":"Tower Resources announces that it has executed two farm-out agreements and associated documentation with Prime Global Energies Limited for minority, non-operated interests in its Thali license, offshore\u00a0Cameroon, and PEL96 offshore\u00a0Namibia. Through its wholly-owned subsidiary, Tower Resources Cameroon S.A., the Company has agreed to farm-out a 42.5% non-operated interest in the\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\/2025\/01\/Tower-Resources.webp?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Tower-Resources.webp?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Tower-Resources.webp?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Tower-Resources.webp?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Tower-Resources.webp?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13615,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-provides-update-on-its-its-thali-production-sharing-contract\/","url_meta":{"origin":14220,"position":3},"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":10714,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-completes-thali-psc-farm-out-to-beluga-energy\/","url_meta":{"origin":14220,"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":12395,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-announces-financing-towards-njom-3-well\/","url_meta":{"origin":14220,"position":5},"title":"CAMEROON: Tower Resources Announces Financing Towards NJOM-3 well","author":"","date":"June 30, 2022","format":false,"excerpt":"Tower is pleased to announce that its subsidiary, Tower Resources Cameroon SA, has executed a term sheet with BGFI Bank Group, the largest bank group in Central Africa, for a medium-term loan of CAF 4.42 billion (equivalent to approximately US $7.1 million at the current exchange rate of 620 Central\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\/14220","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=14220"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14220\/revisions"}],"predecessor-version":[{"id":14222,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14220\/revisions\/14222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14221"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}