Tower Resources PLC (AIM:TRP) told investors that it is “currently at a very advanced stage of negotiations” for a rig contract for the NJOM-3 well in Cameroon and expects it will be concluded soon.
“The rig contract is the critical next step in finalising the timing of the well, and so everything else depends on it and naturally follows it,” Tower chief executive Jeremy Asher said in the company’s interim results statement.
“The rig contract will still leave a wide operational tolerance for the well spud date, based on the timing of the current operations which the rig is undertaking, but it will be a firm commitment between the rig owner and the company.
“We are working with the Ministry of Mines, Industry and Technological Development on documenting the promised license extension to reflect the rig contract and especially the operational tolerances that it will contain.
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