Tower Resources Share News (TRP)

(Sharecast News) - Africa-focussed oil and gas company Tower Resources updated the market on its operations on the Thali block in Cameroon on Friday, reporting that along with its subsidiary Tower Resources Cameroon, it has signed a contract with Geoquip Marine Operations to conduct a site survey at the intended NJOM-3 well location on the license.
The AIM-traded firm said the contract provided for the MV Investigator to arrive in Cameroon between 15 November and 30 December, subject to all relevant permits and the requisite license extension being received from the Ministry of Mines, Industry and Technological Development prior to mobilisation.

It said the work would comprise three boreholes, each with cone penetration testing - continuous PCPT - and was a "necessary prerequisite" to COSL drilling the NJOM-3 well in line with the LOI, which had already been signed with COSL as it reported in August.

The cost of the survey was in line with the budget the board had previously anticipated, and the time required for the work was approximately seven to 10 days on site, plus any off-site testing and report preparation.

"We are looking forward to getting the site survey underway, which should be the final operational step before commencing drilling operations at Njonji," said Tower Resources chairman and chief executive officer Jeremy Asher.

"We are still awaiting the formal extension from the ministry, but we are confident that this will be in place in good time for the survey."

As at 1108 GMT, shares in Tower Resources were down 9.26% at 0.37p.