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(Sharecast News) - Africa-focussed oil and gas company Tower Resources announced on Tuesday that the documentation of its farm-out of a 49% non-operating working interest in its Thali Production Sharing Contract (PSC) in Cameroon to Beluga Energy, conducted through its wholly-owned subsidiary Tower Resources Cameroon, was now finalised.
The AIM-traded firm said the package of documents was being submitted to the Minister of Mines, Industry and Technological Development (MINMIDT) today as per the Cameroon Petroleum Code.
Completion of the farm-out was still subject to two conditions precedent, being the financing contingency requiring the approval of Beluga shareholders, and the minister's approval.
The company would notify the market when both conditions precedent had been met.
"We cannot be sure how long the MINMIDT approval may take as it can be as long as 60 days, but we hope it will come much sooner, allowing us to complete the farmout sooner," said chairman and chief executive officer Jeremy Asher.
"But in the meantime we are moving forward with contract discussions regarding the rig and services, subject to the MINMIDT approval and conclusion of the farmout in due course."
At 1551 BST, shares in Tower Resources were down 6.41% at 0.37p.
27 Mar 2015 09:55