RE: News on the Rig anyday21 Jul 2023 08:44
How much of the prize of success is not priced in for Tower Resources
“…The company is ‘looking closely at two possible rig availabilities’, one in this third quarter, the other in the fourth….”
Africa-focused exploration and production group Tower Resources (AIM:TRP) continues to struggle against the tide of exceptional industry conditions to commence drilling an enticing near term prospect offshore Cameroon. But as pressures on oil and gas service providers ease, 2023 may be the year the company is finally able to begin realising the potential of a highly prospective set of licences.
TRP is constructing a balanced portfolio ranging from exploration through appraisal to production, initially focusing on lower risk appraisal and development within the proven Rio del Rey basin in Cameroon, where there is also low-risk exploration upside, while maintaining selective exposure to longer term and higher risk/reward prospects in Namibia and South Africa.
The company is led by industry veteran Chairman and CEO Jeremy Asher,
billion barrel of oil equivalent (boe), mostly at depths of less than 2,000 metres. More than 34.5 billion barrels of oil have been discovered in the Niger Delta, with 2.5 billion boe attributed to the Cameroonian section. The Thali Block has the potential to hold at least four distinct play systems, including two established plays in which three discovery wells (Rumpi-1, Njonji-1 and Njonji-2) have already been drilled.