Cameroon Rig Update

Tower Resources PLC
23 May 2024
 

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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

 

+44 20 7157 9625

 

BlytheRay

Financial PR

Tim Blythe

Megan Ray

+44 20 7138 3208

 

 

SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker

Stuart Gledhill

Caroline Rowe

Kasia Brzozowska

 

+44 20 3470 0470

Axis Capital Markets Limited
Joint Broker

Lewis Jones

Ben Tadd

+44 203 026 2689

 

 

Novum Securities Ltd
Joint Broker

Jon Bellis

Colin Rowbury

 

+44 20 7399 9400

 

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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