Oil and gas company Tower Resources is preparing to drill the Njom-3 well at its Thali license, located in the Rio del Rey Basin offshore Cameroon, with a tentative timeline set for June this year.
Source: Tower Resources
In preparation for the well, Tower has recently completed a survey at the Njom-3 well site on the Thali block.
The survey was conducted by Geoquip Marine’s survey vessel MV Investigator. The vessel drilled three boreholes to a depth of 80 meters with alternating sampling and piezocone penetration tests.
In an update on Wednesday Tower said that, now that the site survey is complete, the company is presently preparing plans for drilling of the Njom-3 well.
The company said that the management’s present view, subject to further work and confirmation of equipment availability, is that it would like to spud the well in June 2020. Long lead items are already at the company’s base in Douala. Some testing equipment will still need to be mobilized before spudding the well, along with personnel, and so this intended date is still subject to change.
The company added it has made considerable progress in farm-out discussions with a number of parties regarding some or all of the well funding, including exchanging draft term sheets, following a pause in discussions that took place while the company was waiting for formal confirmation of the extension of the current exploration period of the Thali PSC.
The company believes that it will be able to complete a farm-out within its desired timeframe for the Njom-3 well although there can be no certainty as to timing or eventual outcome of such discussions.
The company is now preparing updated cash flows and working with OIL to prepare an updated version of the Reserve Report.
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