Tower Resources PLC Cameroon Operational Update (2784Y)
May 08 2019 - 1:00AM
UK Regulatory
TIDMTRP
RNS Number : 2784Y
Tower Resources PLC
08 May 2019
8 May 2019
Tower Resources plc
Cameroon Operational 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 operations on the Thali block in
Cameroon.
As previously disclosed, Tower is in the final stages of
planning the NJOM3 well, which will be drilled to a total depth of
1,100 metres intersecting at least three reservoir zones already
identified by the NJOM1B and NJOM2 discovery wells drilled on the
Njonji structure by the previous operator Total. The well is
designed to confirm the greater reservoir thicknesses observed on
the reprocessed 3D seismic in the up-dip area of the structure, and
also evaluate additional reservoirs that were not present in the
areas where Total's wells are located. The NJOM3 well is designed
to supplement Total's well data with a suite of measurement and
logging tools and drill stem test ("DST") flows to surface. The
Company's intention is then to suspend the well with a view to
subsequent completion as one of four initial production wells on
the structure, as envisaged in the Reserve Report prepared by
Oilfield International Limited (OIL) on 30 September 2018. This
first phase of development envisaged by the Reserve Report, aiming
to exploit the 2C contingent resources (Pmean 18 million barrels
oil, gross) already identified in the structure, aims to provide
significant production to Tower in 2020.
Since the Company's last update, the Company has received
additional data from the original Total wells at NJOM1 and NJOM2,
which indicate that further site preparation work will be required
before the rig is moved to site. Therefore the Company has agreed
with Vantage to move the planned mobilisation of the Topaz Driller
to July 2019 instead of late May 2019, in order to allow sufficient
time for the additional site preparation work to be completed. This
is still within the original date range contemplated by the rig
contract, and well within the license extension period agreed last
year.
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 +44 20 3470 0470
Stuart Gledhill
Caroline Rowe
Turner Pope Investments
(TPI) Limited
Joint Broker
Andy Thacker +44 20 3621 4120
Whitman Howard Limited
Joint Broker
Nick Lovering
Hugh Rich +44 20 7659 1234
Yellow Jersey PR Limited +44 20 3735 8825
Tim Thompson
Notes:
Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower
Resources plc, holds a 100% interest in the shallow water Thali
(formerly known as "Dissoni") Production Sharing Contract (PSC), in
the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC
on 15 September 2015 for an Initial Exploration Period of 3 years,
which has been extended for a further year ending 15 September
2019.
The Thali PSC covers an area of 119.2 km(2), with water depths
ranging from 8 to 48 metres, and lies in the prolific Rio del Rey
basin, in the eastern part of the Niger Delta. The Rio del Rey
basin has, to date, produced over one billion barrels of oil and
has estimated remaining reserves of 1.2 billion barrels of oil
equivalent ("boe"), primarily within depths of less than 2,000
metres. The Rio del Rey is a sub-basin of the Niger Delta, an area
in which over 34.5 billion barrels of oil has been discovered, with
2.5 billion boe attributed to the Cameroonian section.
An independent Reserve Report conducted by Oilfield
International Limited (OIL) has highlighted the contingent and
potential resources on the Thali licence and the associated
Expected Monetary Value (EMV) as follows:
-- Gross mean contingent resources of 18 MMbbls of oil across
the proven Njonji-1 and Njonji-2 fault blocks;
-- Gross mean prospective resources of 20 MMbbls of oil across
the Njonji South and Njonji South-West fault blocks;
-- Gross mean prospective resources of 111 MMbbls of oil across
four identified prospects located in the Dissoni South and Idenao
areas in the northern part of the Thali licence;
-- Calculated EMV10s of US$118 million for the contingent
resources, and US$82 million for the prospective resources,
respectively.
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr Mark Enfield, BSc, PhD, FGS, 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.
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END
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