RE: Rig Contract booom18 Dec 2023 07:47
Tower Resources Chairman & CEO, Jeremy Asher, commented:
"Signing the Rig contract is a significant step forward in the development of our Cameroon assets and moves us toward spudding the NJOM-3 well in 2024. The Norve Rig was chosen both for its high specification and its anticipated window of availability.
"Our next steps will be to finalise the documentation of the Thali license extension with the Ministry of Mines, Industry and Technological Development ("MINMIDT"), and to move our farm-out discussions with multiple parties towards a conclusion, we hope during the first quarter of 2024. As we have explained in the past, our plan is to fund the well primarily with asset-level financing, and we still believe that is realistic.
"While we finalise the farm-out discussions, we have chosen to raise a small amount of capital of which I am investing GBP80,000. We envisage that the majority of the remaining well cost will come from asset-level financing. I have chosen to participate in this fundraising myself, as I have in several of our previous recent fundraisings, reflecting my personal commitment to this project and my confidence in its success."