Tower Resources PLC - Africa-focused oil and gas company - Says farmout documentation for 49% interest of Thali Production Sharing Contract in Cameroon to Beluga Energy Ltd is finalised. Documents today submitted to Minister of Mines, Industry & Technological Development in line with Cameroon Petroleum Code.
Farmout completion subject to financing contingency requiring Beluga shareholder approval and ministerial approval.
"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," says Chief Executive 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."
Current stock price: 0.36 pence, down 5.4% on Tuesday afternoon
Year-to-date change: up 5.4%
By Josie O'Brien; josieobrien@alliancenews.com
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Tower Resources (TRP)