📰👀👀👀🔴8 Apr 2025 16:12
Tick , Tock - from 7th March RNA Update
Cameroon
Tower Resources Cameroon SA ("TRCSA") has already submitted the TRCSA-Prime farm-out agreement documentation and the request for a year's further extension of the First Exploration Period of the Thali license to the Cameroon Minister of Mines, Industry and Technological Development ("MINMIDT") for approval in January, and has discussed both matters with MINMIDT, the Societe Nationale des Hydrocarbures ("SNH") and the Cameroon Prime Minister. The Company's understanding is that the matter is now with the Office of the Presidency and awaiting formal Presidential approval. As with the Namibia farm-out, the Company remains confident that the approvals will be provided, and still hopes this may be around the END OF MARCH.
The Company has been offered a number of rigs which could be available at different times between June and December 2025, and on different, but reasonable, terms. The Company hopes to make a rig selection decision, albeit subject to the requisite approvals being granted, AT THE END OF MARCH OR DURING APRIL. For commercial reasons, the Company will not be commenting further on these discussions until they are finalised.
In order to support the procurement process for the rig and associated services, and to minimise the time required between the farm-out completion and being ready to take delivery of the rig, the Company has already started to make selective hires in anticipation of drilling, initially through flexible contractor agreements. This includes a Senior Operations Geologist reporting to Mark Enfield, Tower's Exploration Director, and a Senior Drilling Engineer reporting to the Company's Drilling Manager, Phil Church at BEDROCK DRILLING. Tower is also adding a highly experienced member of staff to its financial team to support the ongoing discussions regarding future bank financing.
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