London-based independent oil and gas company, Tower Resources has found a partner for
its Thali block, located offshore Cameroon. The new partnership comes to fruition ahead of
exploration which is due to take place in June 2020. Tower is also in negotiations with other
prospective partners for a farmout of an added interest in the block.
The company said it had executed binding heads of terms, regarding a farmout to privately-
owned Australian oil and gas company, OilLR for a 24.5% working interest in its Thali
Production Sharing Contract (PSC) in Cameroon.
“This agreement is also consistent with our intention to commence drilling NJOM-3 in June,
subject to finalization of the rig schedule and the service companies’ schedules. We expect
this well to transform the company by converting current contingent resources into proven
reserves, so putting us firmly on the path to production in 2021,” said Jeremy Asher,
Tower’s Chairman and CEO.
Tower Resources noted that it will remain the operator of the Thali PSC under an industry-
standard Joint Operating Agreement (JOA) and that, if the farm-in agreement and approvals
are delayed, OilLR will obtain the operator’s share capital and Tower’s intercompany loans to the operator, subject to a shareholder agreement.
