(Alliance News) - Tower Resources said Wednesday it is planning to spud NJOM-3 well, located on the Thali licence in Cameroon, in June, although the date could still change.
The Africa-focused oil & gas company said although long lead items are already at its base in Douala, some testing equipment still needs to be mobilised prior to spudding the well, along with personnel, therefore the intended date could still change.
Tower Resources said it has made "considerable progress" in farm-out discussions regarding some or all of the well funding. The company believes that it will be able to complete a farm-out within its desired timeframe "although there can be no certainty as to timing or eventual outcome of such discussions."
Tower Resources shares were trading 8.9% lower in London at 0.48 pence each on Wednesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Tower Resources (TRP)