Tower Resources Plc to advance NJOM well as Cameroon set to extend licence
“We are looking forward to seeing the NJOM-3 well drilled as soon as possible,” Jeremy Asher said.
() told investors the Cameroon authorities are supporting the company’s plans for the Thali license and it is working with its contractors to organise a schedule for the NJOM-3 well.
The licence has been under force majeure since March 2020 amidst the Coronavirus (COVID-19) pandemic though today the company said the Government of the Republic of Cameroon has now notified the company it will provide an extension of the licence’s first exploration period.
Logistics necessary for a drill programme remain challenging, Tower said, but the company intends to deliver the NJOM-3 well safely in the present circumstances.
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As it works to finalise the schedule, the company sees a formal extension of the licence as “an important element” in its plans because it reduces the uncertainty associated with the project.
“We are looking forward to seeing the NJOM-3 well drilled as soon as possible, and we will notify investors when we have more material developments,” said Jeremy Asher, Tower chief executive.
He added: “We are grateful to the Republic of Cameroon for their continued support of the Thali project, and in particular to the President of the Republic, the Secretary General of the Office of the Presidency, and the Prime Minister for taking a direct interest in our activity, as well as the Minister of Mines, Industry and Technological Development and his staff and all the staff at the Societé Nationale de Hydrocarbures who have supported us during this First Exploration Period.
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