Tower Resources PLC (AIM:TRP), the Africa-focused energy company, highlighted key operational updates in Cameroon and Namibia in its full-year results for the 12 months ending 31 December.
In Cameroon, Tower Resources has applied for a one-year extension of the initial exploration period of its Production Sharing Contract (PSC) following positive discussions with Cameroon’s Minister of Mines, Industry and Technological Development.
The company is negotiating with rig owners and operators to secure availability to drill at NJOM-3 and is also in discussions for a term loan with BGFIBank Group.
In Namibia, a comprehensive basin and thermal maturity study advanced the understanding of the hydrocarbon prospectivity of the PEL 96 licence.
The study indicated a working petroleum system, as evidenced by oil recovered from cores and direct hydrocarbon indicators observed on seismic data.
Financially, the company completed an institutional placing in January 2023, raising $1.3 million.
Additional share issues throughout the year raised $556,000, and a placing and subscription in May 2023 raised a further $2.9 million.
The company’s cash balance at year-end was $21,000, prior to the receipt of subscription proceeds.
Looking ahead, Tower Resources plans to drill the NJOM-3 well in Cameroon during 2024.
