Oil Companies to follow in 202619 Jan 2026 16:17
Tower Resources (AIM:TRP), pursuing a portfolio of oil and opportunities in Africa, is now close to concluding an agreement for the farm-out of its highly prospective Cameroon licence, and has made progress in clarifying the potential of its interests in Namibia and South Africa.
TRP’s current focus is on advancing its operations in Cameroon to deliver cash flow through short-cycle development and rapid production with long term upside, and de-risking exploration licenses through acquiring 3D seismic data in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made. TRP has a 100pc interest in the shallow-water Thali Production Sharing Contract covering 119.2 km2 of the Rio del Rey basin, offshore Cameroon. The basin has to date produced more than one billion barrels of oil and has estimated remaining reserves of 1.2 billion boe, primarily within depths of less than 2,000 metres. It is a sub-basin of the Niger Delta, an area in which over 34.5 billion barrels of oil have been discovered, 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 on the Block. The latest company estimate of risked PMean recoverable resources is now 35.4 million barrels. TRP’s second major prospect is a 80pc operated interest in Blocks 1910A, 1911 and 1912B (PEL 96) covering 23,297 km2 of the northern Walvis Basin and Dolphin Graben offshore Namibia, an under-explored region in which recent drilling results have proven the presence of a working oil-prone petroleum system, along with good quality turbidite and carbonate reservoirs. Recent licensing activity in the area has included the farm-in of Chevron to the PEL 82 license to the south. The company also has a 50pc interest in the Algoa-Gamtoos licence, offshore South Africa. The 9,369 km2 acreage straddles the Algoa and Gamtoos basins on the shelf, and the outboard slope edge of the South Outeniqua Basin, where TRP made its Brulpadda and Luiperd discoveries in Blocks 11B/12B.TRP reported positive developments across all of its licenses in 2024, notably in Cameroon, where it is close finalising financing for the development of the NJOM-3 well, having received a proposal for the financing of the well via a farm-out of a minority position, ‘from a substantial upstream company with existing production’. Spudding has now been targeted for ‘early in 2025’.An October update reported that the company had received an updated proposal from the interested party, which would provide more than $15m funding for the Thali PSC work programme, including drilling the NJOM-3 well in return for a minority interest in the PSC, with TRP remaining as the operator. Importantly, the pro
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