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Market Cap: £7.46m

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Tower Resources Forced To Delay Cameroon Work After Further Data

Wed, 08th May 2019 10:58

LONDON (Alliance News) - Tower Resources PLC is to delay work at the Thali block in Cameroon after getting further data from two other wells, it said Wednesday.

Tower had been planning to start moving the rig to the NJOM3 well in May, but this has been moved back to June.

The delay comes after Tower got further data from Total SA's original wells at NJOM1 and NJOM2, which suggest further site preparation is needed before the rig can be moved.

Tower did stress the delay is still within the original date range of the drilling contract, and within the licence period.

Tower is planning to drill 1,100 metres at NJOM3, going through three reservoir zones already found by NJOM1 and NJOM2, which were drilling by French oil giant Total.

The well hopes to confirm reservoir thicknesses suggested by 3D seismic data, and also evaluate reservoirs not present where Total drilled.

Shares in Tower were 13% lower in London on Wednesday morning at 0.80 pence each.