LONDON (Alliance News) - Tower Resources PLC said Friday it has signed a contract for a jack-up rig needed to begin drill operations at its Thali licence, offshore Cameroon.
The contract was signed between the oil and gas firm's Tower Resources Cameroon SA unit and Vantage Drilling International.
Vantage will provide the jack-up rig, which will provide drilling operations for the NJOM-3 well planned for the Thali licence in the second 2019 quarter.
Tower Resources said that the terms of the contract are confidential, but are consistent with its drill cost estimates.
NJOM-3 will target gross mean contingent resources of 18 million barrels in the south of the Thali licence. It will test the thickness of the reservoirs, which have already been identified by the prior NJOM-1 well and will also test for other reservoirs.
Tower Resources Chairman & Chief Executive Jeremy Asher said the NJOM-3 well is "just the beginning" of its drilling activity at Thali and that timing for the rig is in line with the company's schedule, including the target of achieving first oil by the end of 2019.
Shares in Tower Resources were down 3.4% at 1.30 pence on Friday.