RE: New Envoi flyer4 Nov 2023 08:19
Planning the Njonji-3 well, which has been located to
target the crest of the northern closure up-dip of the
original well, is underway with rig and services already
contracted. The planned drilling and testing is currently
expected to cost around US$ 15 million gross.
Terms & Timing: Tower is seeking an investor willing
to earn up to 50% equity in the Thali Block in return for a
commitment to fully fund the planned US$15m Njonji-3
appraisal well.
Some parties have already indicated interest in taking a
portion of the commitment, and so Tower is also very
open to smaller commitments for a portion of the $15m
total commitment pro rata.