Tower Resources PLC
05 October 2026
5 October 2026
Tower Resources plc
(“Tower” or the “Company”)
Cameroon Update: Receipt of extension document from MINMIDT
Tower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on Africa, is pleased to announce that its wholly owned subsidiary, Tower Resources Cameroon SA (“TRCSA”), has received formal documentation from the Ministry of Mines, Industry and Technological Development (“MINMIDT”) of the extension to the initial exploration period for its Thali license in Cameroon.
The initial exploration period of the Thali license has now been extended by a further year to 2 October 2027.
The next steps are intended to be the formal approval by MINMIDT and subsequent completion of the previously announced farm-out of a 42.5% interest in the Thali license to Prime Global Energies Limited (“Prime”). As previously disclosed, this farm-out has already received the approval of the President of the Republic of Cameroon, which has been conveyed through the Prime Minister’s office to the Société Nationale des Hydrocarbures and MINMIDT. Whilst the Company cannot be specific about timing, it hopes that these steps will be completed shortly.
TRCSA will now move forward towards conclusion of a rig contract to drill the NJOM-3 well on the Njonji structure within the Thali block, with a target spud date in the second quarter of 2027, in parallel with the completion of the farm-out. This well aims to test both the existing reservoirs encountered by the previous discovery wells drilled on the structure, and also additional reservoirs, the presence of which is indicated on the 3D seismic data but not yet confirmed by drilling.
If the NJOM-3 well confirms current expectations, then TRCSA plans to suspend the well and to return in 2028 to drill further production wells, in order to commence production with multiple wells simultaneously through a mobile oil production unit (“MOPU”).
Tower Resources Chairman & CEO, Jeremy Asher, commented:
“We are very happy to share this long-awaited news with shareholders. In addition to recognising the effort of TRCSA’s Managing Director, M Dairou, in steering our file through the various stages of approval, I wish to offer my personal thanks, as well as the Company’s thanks, to the President and Prime Minister of the Republic of Cameroon and their staff, including, in particular, the President’s Director of Civil Cabinet, and also the Minister of Mines, Industry and Technological Development, and our friends at the Societé Nationale des Hydrocarbures and the British High Commissioner in Cameroon, for their support through this process.
“We are looking forward to completing the final stage of the initial exploration period work programme, together with our partner Prime once the farm-out is completed, and my colleagues and I are very grateful both to Prime and to our shareholders for their patience and support up to this point.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Contacts:
|
Tower Resources plc Jeremy Asher Chairman & CEO Andrew Matharu VP – Corporate Affairs
|
+44 20 7157 9625
|
|
BlytheRay Financial PR Megan Ray Will Jones |
+44 20 7138 3204 tower@blytheray.com |
|
|
|
|
SP Angel Corporate Finance LLP Stuart Gledhill Caroline Rowe
|
+44 20 3470 0470 |
|
Axis Capital Markets Limited Richard Hutchison |
+44 203 026 2689 |
|
|
|
About Tower Resources
Tower Resources plc is an AIM listed energy company building a balanced portfolio of energy opportunities in Africa across the exploration and production cycle in oil and gas and beyond. The Company’s current focus is on advancing its operations in Cameroon to deliver cash flow through short-cycle development and rapid production with long term upside, and de-risking attractive exploration licenses through acquiring 3D seismic data in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made.
Tower’s strategy is centred around stable jurisdictions that the Company knows well and that offer excellent fiscal terms. Through its Directors, staff and strategic relationship with EPI Group, Tower has access to decades of expertise and experience in Cameroon and Namibia, and its joint venture with New Age builds on years of experience in South Africa.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
ENDRNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.