17:00 Wed 08 May 2019
Tower Resources PLC - Cameroon Operational Update
8 May 2019
Cameroon Operational Update
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
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
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
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+44 20 3470 0470 |
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+44 20 3621 4120 |
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+44 20 7659 1234 |
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+44 20 3735 8825 |
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Notes:
Tower Resources Cameroon S.A, a wholly-owned subsidiary of
The Thali PSC covers an area of 119.2 km², with water depths ranging from 8 to 48 metres, and lies in the prolific
An independent Reserve Report conducted by
§ 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
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