Tower Resources Enters Cameroon with Thali PSC

Tower Resources revealed Wednesday that it will be exploring offshore Cameroon from 2016 after signing the Thali Production Sharing Contract on September 15, 2015 at the offices of Societe Nationale des Hydrocarbures in Yaounde.

The Thali PSC covers an area of 46 square miles, with water depths ranging from 26 to 157 feet, and is located in the Rio del Rey basin in the eastern part of the Niger Delta. Tower’s initial priority will be the acquisition of 3D seismic data in the first half of 2016 and the company expects to be drilling in the region in 2017/18.

Graeme Thomson, Tower Resources CEO, commented in a company statement:

“We are delighted to be awarded the Thali PSC and look forward to working closely with SNH as we develop the prospectivity of this exciting acreage. Our entry into Cameroon marks a shift in our risk profile from frontier to proven basins and introduces an asset with existing discoveries into the Tower portfolio. The Thali Block provides Tower with lower risk exploration and appraisal potential in this shallow-water proven-producing region and provides a base from which the company can expand its portfolio in Cameroon.”

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