Tower Resources PLC (LON:TRP) is to advance the exploration of the Thali block in Cameroon, following a technical committee meeting alongside the authorities.
A new desktop programme will now aim to develop Tower’s understanding of the block and allow potential future well locations to be identified. The plan is to rank the prospects and be in a position to agree a first well during the second quarter of 2018.
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"We are very pleased to have confirmed our next steps on the Thali license, including the reprocessing of existing 3D data, with a view to finalising priorities for drilling in 2018,” said Jeremy Asher, Tower chief executive.
The company will carry out a reprocessing of existing 3D seismic data, and continue additional geological and geophysical interpretations based upon the reprocessed data. This will help refine and high grade the exploration prospect inventory for Tower’s decision making.
Tower will also investigate rig availability for potential future drill programmes, meanwhile, it will continue to look for a contractor for new 3D seismic but this work may be deferred.
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Asher added: “By deferring the acquisition of new 3D data in favour of reprocessing existing 3D data we can save time and money in the near term, and move faster towards sourcing a rig in the currently depressed rig market.
“This not only accelerates our progress towards a well, but also makes the cost of our work programme over the coming year much more affordable, even taking into consideration the last portion of the signature bonus which is now falling due.”
Budgets have been agreed for the planned activities in 2017 and 2018, though subject to progress the parties may agree to extend the initial period of exploration to allow all programmes to be completed.