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Monday, November 22, 2021
Tower Resources plc provided the following update regarding 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).
The Cameroon Petroleum Code provides that approval of a transaction of this type should be provided by the Minister of Mines, Industry and Technological Development (MINMIDT) within 60 days of 21st September 2021, when it was formally requested, which means by Saturday 20th November 2021. To date, Tower has received no objection to the transaction, nor any further request for information from MINMIDT, and whilst Tower believes that the conditions for the approval have been met, Tower is yet to receive a formal letter (a decree) confirming MINMIDT’s approval of the transaction.
While the company waits for a formal decree, Beluga continues to work on its financing process, and the company continues to work with the intended rig provider and service companies on the schedule and terms for the NJOM-3 well.
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