Tower Resources PLC Cameroon Drilling Contract - proposed NJOM-3 well (7493J)
07 December 2018 - 6:00PM
UK Regulatory
TIDMTRP
RNS Number : 7493J
Tower Resources PLC
07 December 2018
7 December 2018
Tower Resources plc
Cameroon Drilling Contract for the proposed NJOM-3 well
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed oil and gas company with its focus on Africa, is
pleased to announce that its wholly owned subsidiary, Tower
Resources Cameroon S.A, has signed a contract with Vantage Drilling
International ("Vantage") for the Topaz Driller jack-up rig ("Topaz
Driller") to provide drilling operations for the NJOM-3 well which
is planned for Tower's 100% owned and operated Thali licence,
offshore Cameroon, in Q2 2019.
The Topaz Driller is a Baker Marine Pacific Class 375 jack-up,
which was recently mobilised to Cameroon by NewAge as operator for
the Etinde license for two appraisal wells and is currently
employed in Gabon.
As announced on 1 November 2018, the terms of the contract are
confidential, however, the economics are consistent with Tower's
current drilling cost estimates.
The NJOM-3 well will be targeting gross mean contingent (2C)
resources of 18 million barrels across the Njonji-1 and Njonji-2
fault blocks located in the south of the Thali licence with an
EMV10 of US$118 million, as identified by the recent Oilfield
International Limited ("OIL") Reserves Report announced on the 1
November 2018. Furthermore, the NJOM-3 well is expected to de-risk
an additional 20 million barrels of gross mean prospective
resources across Njonji South and Njonji South-West.
The objectives of the NJOM-3 well are to test the thickness of
reservoirs already identified by NJOM-1 and also to test for other
reservoirs which may be present at the new location. It will also
provide key flow-rate data for the Njonji reservoirs from a drill
stem test ("DST"), which would allow reclassification of contingent
resources into 2P reserves as well as providing critical reservoir
characterisation data for the potential field development
strategy.
Jeremy Asher, Chairman and CEO commented:
"We are very pleased to have secured the Topaz Driller, the same
rig which our well management team at Bedrock Drilling used to
drill the two recent Etinde wells. We see the NJOM-3 well, in Q2
2019, as just the beginning of our drilling activity on the Thali
license, as we explained in our Corporate Presentation of last
month. The rig timing remains consistent with that schedule,
including its target of first oil by the end of 2019."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
Tower Resources plc info@towerresources.co.uk
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance
LLP
Nominated Adviser and
Broker +44 20 3470 0470
Stuart Gledhill
Yellow Jersey PR +44 20 3735 8825
Tim Thompson
Notes:
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr. Mark Enfield, BSc Geology, PhD Geology,
Advisor to the Board of Tower Resources plc, who has over 30 years'
experience in the oil & gas industry, is the qualified person
that has reviewed and approved the technical content of this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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