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Tower Resources PLC
27 April 2023


27 April 2023

Tower Resources plc

Cameroon Update



Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed oil and gas company with a focus on Africa, is pleased to provide an update on its activities in respect of its Thali Production Sharing Contract ("PSC"), in the Rio Del Rey sedimentary basin offshore Cameroon.



Highlights:



· Applied for a one-year extension of the initial exploration period of the PSC, following positive discussions with the Minister of Mines, Industry and Technological Development and ("MINMIDT") and the Prime Minister of the Republic of Cameroon.

· Discussions continue with rig owners and operators with the aim to secure rig availability in the third and fourth quarter of this year to drill at NJOM-3.

· Discussion for a term loan of approximately $7 million with BGFI Bank Group ("BGFI") is ongoing and the Company is also actively discussing asset-level financing with several parties.

· Updated resource estimates and risks for the reservoirs connected to the NJOM-1 and the NJOM-2 discovery wells, substantially lowering risk attributed to PS9 Sup and PS3 HW reservoirs, and increasing total risked pMean prospective resources to 35.4 million bbls.

· Deployment of Paradise® software[1] to conduct detailed attribute analysis of the reprocessed 3D seismic data to identify the oil and gas elements of the reservoirs in the Njonji-1 and Njonji-2 fault blocks, resulting in a clearer picture of the pay zones in both fault blocks.





Jeremy Asher, Tower's Chairman and CEO, commented:



"We are very pleased with the progress that we are making on the Thali PSC and the NJOM-3 well, and we believe that we are close to having a final schedule for this well, which will be transformational for the Company.



"We are finally able to see viable rig slots appearing, and we are now working on the assumption that we will be able to get the NJOM-3 well spudded over the next nine months.



"Every additional piece of subsurface work also increases our confidence in the size and value of the resource that we are targeting, both in terms of the volumes connected to the existing discovery wells and the substantial upside in additional reservoirs.



"We also have a number of different financing options, which we expect to combine to obtain the funds needed for the well.



"We are as excited as ever about the Thali PSC, and very grateful to MINMIDT and the Republic of Cameroon for their continued support."





Extension of the initial exploration period of the PSC



The Company has formally applied to MINMIDT, with copy to the Societe Nationale de Hydrocarbures, for a further one-year extension of the initial exploration period of the PSC (which currently runs to 11 May 2023) following meetings with the Minister of MINMIDT and the Prime Minister of the Republic o

In short, swabbing is a form of “well control” that releases bottom hole pressure in order to “kick” the well off. When wells are first drilled, they are usually fractured by a pressurized liquid to help open up “production zones” where oil or gas can travel to. The next step is where the actual swabbing takes place.

Swabbing rigs are then used to remove the fluids from the production zones. These swabbing rigs normally have a winch with a cable and a foldable mast with a pulley on top. First, the rig operator must back the machine as close to the well as he possibly can. Next, the operator raises the mast and moves it until it is aligned with the center of the well. Next, the operator lowers the cable in and out of the well via the “winch drum”. Here, the operator must be able to maintain control of the machine while taking into account the well’s sound and depth.

The activities of the swabbing rig then allow for the removal of the liquids inside the well. Standard practices involve removing 6 barrels of fluid out of the well. This practice if referred to as a “Run”. Some wells may take just one run while other may require multiple. Removing these fluids then causes the bottom hole pressure to increase. This allows the oil or gas to be pushed out of the well to cause it to start “flowing”. Oilfield workers may then start collecting and storing the natural resource that it being emitted from the well they are working on.

The next drilling UPdate from Pinarova-1 is coming soon...... Significant UPside if positive.....the detractors and anti-Ukog brigade will be inconsolable if further positive news arrives ...Gla holders....Friday's astonishing buying volume all bodes well for more good news and another significant rise in sp... ;-)

The company, in a statement, said oil shows were observed in drill cuttings from depths between 358 to 400 metres. It has now decided to conduct ‘open hole swabbed flow testing’ for this zone, due to its encouraging observations.

Drilling is expected to resume following those tests, which are expected to run over the coming weekend – albeit, UKOG cautioned that it may be impacted by the end of Ramadan, which happens tonight and may affect timings over the weekend.

Subsequent drill will continue down through an underlying zone which is “coincident with the uppermost and strongest seismic amplitude anomaly”, the company told investors.

UKOG highlighted that Pinarova-1 was designed to test a working hypothesis that an active oil seep found last summer is fed directly from an underlying light oil accumulation. This theory anticipated that the accumulation could span some 9 kilometres in areal extent and could be present at depths between 300 and 645 metres.

Yep, all eyes on Pinarova-1's next drilling UPdate this coming week...Massive UPSIDE if positive and Friday's astonishing buying volume suggests that those in the know are supremely confident imho...Gla holders...Very exciting times!!! :-)

Daily Mail Coverage.....Gla ;-)

In the heavy industries, UK Oil & Gas was also on a tear at the close of the week, advancing over 15 per cent after reporting oil shows in the Pinarova-1 well in Turkey, where drilling will continue following a phase of testing.

Testing is expected to run over the coming weekend, though UKOG cautioned that it may be impacted by the end of Ramadan on Thursday and may affect timings over the weekend.

https://www.thisismoney.co.uk/money/investing/article-11999727/SMALL-CAP-MOVERS-Sureserve-accepts-private-equity-takeover-bid.html

Turkish onshore oil discovery potential.....Gla ;-)

Türkiye discovers $12 billion onshore oil reserve

ANKARA Dec 13, 2022

Türkiye discovered 150 million barrels of net oil reserves in a southeastern mountain, valued at $12 billion, President Recep Tayyip Erdogan announced on Monday.

"We discovered 150 million barrels of net oil reserves in Gabar Mountain. It is one of the top 10 onshore discoveries in 2022. The reserve value is approximately $12 billion," Erdogan said after a Cabinet meeting in the capital Ankara.

"We produce 5,000 barrels (of oil) per day in four wells in this region, which has a very high oil quality," he added.

Erdogan said the daily production of the Turkish Petroleum Corporation (TPAO), which was around 40,000 barrels five years ago, has increased to 65,000 barrels today.

Ankara aims to increase its daily production to 100,000 barrels in the centennial of the Republic of Türkiye, with more seismic research, more drilling and productivity-enhancing methods, he added.

"While many oil and natural gas companies were throwing in the towel during the pandemic, Turkish Petroleum accelerated its exploration and production activities. With 34 more discoveries in 2021 alone, we added another 71 million barrels to our current reserve," Erdogan said.

The next drilling UPdate from Pinarova-1 is coming soon...... Significant UPside if positive. Gl ;-)

The company, in a statement, said oil shows were observed in drill cuttings from depths between 358 to 400 metres. It has now decided to conduct ‘open hole swabbed flow testing’ for this zone, due to its encouraging observations.

Drilling is expected to resume following those tests, which are expected to run over the coming weekend – albeit, UKOG cautioned that it may be impacted by the end of Ramadan, which happens tonight and may affect timings over the weekend.

Subsequent drill will continue down through an underlying zone which is “coincident with the uppermost and strongest seismic amplitude anomaly”, the company told investors.

UKOG highlighted that Pinarova-1 was designed to test a working hypothesis that an active oil seep found last summer is fed directly from an underlying light oil accumulation. This theory anticipated that the accumulation could span some 9 kilometres in areal extent and could be present at depths between 300 and 645 metres.

David Lenigas

@DavidLenigas

·

13m

Brilliant. This is amazing oil from

@UKOGlistedonAIM

#UKOG quick look see from their ~50m of oil shows in their new #Turkey #oil well. This looks like very light sweet #crude to me. Any oil company would be happy seeing this. Main target still to come deeper.

Quote Tweet

UKOG

@UKOGlistedonAIM

·

44m

TURKEY URGENT UPDATE: Oil recovered from Pinarova-1

In the meantime Ukog's sp continues its impressive UPward momentum in anticipation of next week's drilling UPdate!!! Gla holders...On and UP!!! :-)

Lol...plenty here have taken their profits too early today...the rise in progress to entice the next batch....They want your shares!!! Gla holders...On and UP!!! :-)

Zzzzzzz give it UP Penguins....life is a gamble didn't you know??? You need to get out more and not be too disapondent on Ukog's prospects....High risk , High rewards....the massive buying volume looks like those in the know are supremely confident....all eyes on the next drilling UPdate...and further significant UPSIDE if positive. Gla holders....Roll on next week for potential Game Changing news!!! ;-)

Not surprised Pboo, but Mmunch3 ain't me...Gl :-)

No doubt some of these guardians will be meeting up with their like minded mates , Just Stop Oil, hijacking the London Marathon...disgusting despicable hypocrites...over 95% of runners at the Marthon are running for charities, running for lost love ones from cancer and all sorts of other horrible diseases, hospices and a long list of other worthwhile charities , yet these sanctimonious hypocrites are prepared to disrupt and interfere to voice their skewed rhetoric, at a cherished event that should be a great day for all concerned...they're the lowest of the low!!!

Never say never...Gla :-)

December 15, 2022

Turkish Petroleum discovers oil worth $12bn in Mount Gabar

Turkish Petroleum discovered 150 million barrels of net oil reserves worth an estimated $12bn in southeast Turkey.

Turkish Petroleum (TPAO) has discovered 150 million barrels of oil in the Mount Gabar Area, southeast Turkey.

Turkish President Recep Tayyip Erdogan announced the find during a cabinet meeting on Monday.

In the meantime time the latest batch of profit takers have been well and truly mopped UP!!! Gla genuine holders...On and UP!!! :-

Inconsolable despondency from the detractors on Ukog's upward momentum...All eyes on the next drilling UPdate, hydrocarbons in volume will send this into Orbit!!! Gla holders;-)

Profit takers will be mopped UP in waves as the so heads significantly North!!! Gla holders:-)

This will go again just as soon as the profit takers are mopped UP!!! Gla holders;-)

Springed Coil!!!...Boom!!! :-)

100m buy at .0.8p!!! ;-)