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Highlights
Farm-Out Update: Tower Resources has provided an update on the farm-out process for its Thali production-sharing contract in Cameroon, highlighting its focus on advancing operations.
Significant Projects: The company’s primary project, Thali, is located in the productive Rio del Rey basin, which has a history of substantial oil production and notable remaining reserves.
International Operations: Tower Resources maintains exploration interests in Namibia and South Africa, demonstrating a diversified portfolio across multiple regions.
Tower Resources, (LSE:TRP) an AIM-listed oil and gas company based in Westminster, has recently updated stakeholders on the ongoing farm-out process related to its Thali production-sharing contract in Cameroon. This contract pertains to the Thali project, which is situated in the shallow waters of the Rio del Rey basin. Covering an area of 119.2 square kilometers with water depths ranging from eight to 48 meters, the basin has a notable history, having produced over one billion barrels of oil and possessing estimated remaining reserves of approximately 1.2 billion barrels of oil equivalent (boe) in depths primarily under 2,000 meters.
In addition to its operations in Cameroon, Tower Resources holds a four-year petroleum exploration license in Namibia, where it has an 80% operated interest in offshore blocks 1910A, 1911, and 1912B. The company entered the Namibian market in 2018, and the exploration agreement is due for renewal, with the Namibian government requesting a first renewal period of an additional two to three years.
In South Africa, Tower Resources operates through its wholly-owned subsidiary, Rift Petroleum Limited, which holds a 50% interest in the Algoa-Gamtoos offshore license. This license spans 9,369 square kilometers. Additionally, the company previously operated in the Saharawi Arab Democratic Republic (Western Sahara) but divested its interests in various blocks in January 2017, opting instead for an overriding royalty interest ranging from 5% to 10%.
Tower Resources is actively engaged in the oil and gas sector across multiple regions, focusing on advancing its projects while navigating the complexities of exploration and production in diverse environments.
