{"id":8454,"date":"2020-06-30T07:32:03","date_gmt":"2020-06-30T07:32:03","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8454"},"modified":"2020-06-30T07:32:03","modified_gmt":"2020-06-30T07:32:03","slug":"cameroon-tower-resources-says-heads-of-terms-with-oillr-pty-ltd-progressing-towards-completion","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-says-heads-of-terms-with-oillr-pty-ltd-progressing-towards-completion\/","title":{"rendered":"CAMEROON: Tower Resources Says Heads of Terms with OilLR Pty Ltd Progressing Towards Completion"},"content":{"rendered":"

Tower Resources plc has provided an update regarding the farm-out process in respect of its Thali production-sharing contract (the “PSC”) in Cameroon conducted through its wholly-owned subsidiary Tower Resources Cameroon SA.<\/span><\/p>\n

The binding Heads of Terms with OilLR Pty Ltd (the “HoT”), which was signed on 28 February 2020 and amended on 29 March 2020, is progressing towards completion. The first payment into escrow is now expected in late July or first half of August. While this is later than originally planned due to factors arising from the pandemic, both parties remain committed to completing the transaction. The backstop date for completion has been amended to 15th<\/sup>\u00a0September 2020, and both parties hope to have all funds in escrow well before that date.<\/span><\/p>\n

The Company is continuing discussions with other potential farm-in partners to the Thali PSC, on similar terms to those agreed with OilLR. As previously announced, the HoT has been structured to accommodate such additional investors.<\/span><\/p>\n

The Company also notes that it is in discussions regarding a further extension to its Loan Facility originally announced on 19 April 2019 and extended to 30 June 2020, and expects to conclude this extension before the expiry of the current term. This Facility is held by Pegasus Petroleum Ltd, a company beneficially owned by the Company’s Chairman and CEO, Jeremy Asher. \u00a0\u00a0<\/span><\/p>\n

Jeremy Asher, Tower’s Chairman and CEO, commented:<\/span><\/p>\n

“We\u00a0are pleased that this transaction is still on track, and we look forward to having funds in hand in good time for the resumption of normal oil and gas operations. While the timing of the removal of travel and other restrictions remains uncertain, we are using this time to get as fully prepared as we can for drilling and testing the NJOM-3 well.”<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Tower Resources plc has provided an update regarding the farm-out process in respect of its Thali production-sharing contract (the “PSC”) in Cameroon conducted through its wholly-owned subsidiary Tower Resources Cameroon … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8455,"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":[387,955,7699,7698,1827,7701,7700,7697,2541],"class_list":["post-8454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-cameroon","tag-gas","tag-hot","tag-njon-3","tag-oil","tag-oillr","tag-pegasus-petroleum-ltd","tag-thali","tag-tower-resources","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/thali-block-tower-resources-664x476-1.jpg?fit=664%2C476&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2cm","jetpack-related-posts":[{"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":8454,"position":0},"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 "Countries"","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":9222,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tower-resources-provides-update-on-thali-pel-94-projects\/","url_meta":{"origin":8454,"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 "Central Africa"","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":10895,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-completes-thali-psc-farm-out-update\/","url_meta":{"origin":8454,"position":2},"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 "Countries"","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":8454,"position":3},"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 "Countries"","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":11210,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-tower-resources-yet-to-get-approval-following-thali-psc-farm-out\/","url_meta":{"origin":8454,"position":4},"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 "Countries"","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":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":8454,"position":5},"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 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