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Tuesday, September 21, 2021
Tower Resources announced that the documentation of its farm-out to Beluga Energy Limited (Beluga) of a 49% non-operating working interest in its Thali Production Sharing Contract (PSC) in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon S.A (TRCSA), is now finalized, and the package of documents is being submitted to the Minister of Mines, Industry and Technological Development (MINMIDT) today as per the Cameroon Petroleum Code.
Completion of the farm-out is still subject to two conditions precedent: the financing contingency requiring Beluga’s shareholders’ approval, and the MINMIDT approval. The Company will notify the market when both conditions precedent have been met.
Jeremy Asher, Chairman and Chief Executive Officer, commented: “We cannot be sure how long the MINMIDT approval may take as it can be as long as 60 days, but we hope it will come much sooner, allowing us to complete the farmout sooner. But in the meantime, we are moving forward with contract discussions regarding the rig and services, subject to the MINMIDT approval and conclusion of the farmout in due course.”
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