Tower Resources PLC Cameroon Rig Update

RNS Number : 6951P

Tower Resources PLC

23 May 2024

 

23 May 2024

Tower Resources plc

("Tower" or the "Company")

Cameroon Rig update

 

Tower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on Africa, notes that further to the Rig contract announced on 18 December 2023, Borr Drilling Limited ("Borr"), has today advised that it has extended its commitment of the Norve jack-up rig to BW Energy to October 2024.

 

The Company still intends to drill the NJOM-3 well with Borr this year and is working with Borr on the timing in light of the situation with BW Energy. The Company will update investors when this process is finalised.

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	[phone]
BlytheRay Financial PR Tim Blythe Megan Ray	[phone]
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Stuart Gledhill Caroline Rowe Kasia Brzozowska	[phone]
Axis Capital Markets Limited Joint Broker Lewis Jones Ben Tadd	[phone]
Novum Securities Ltd Joint Broker Jon Bellis Colin Rowbury	[phone]

 

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.

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