British oil and gas operator, Tower Resources, announced having succeeded in raising funds from investors and its shareholders, to carry out its exploration program on the Thali block, located in the Rio del Rey, on Cameroonian offshore.
This fundraising operation was made possible, we officially learned, through the sale of 45.9 million shares of the company, representing a total of 60% of the capital of this oil and gas firm, listed on the London market.
“Market conditions for exploration companies are still difficult. However, before that, Tower was fortunate to have generally low commitments on its licences. Currently, we are focusing most of our activity on our licence in the Thali block, which we fully operate in Cameroon”, commented Jeremy Asher, President of Tower Resources.
As a reminder, it was on 15 September 2015 that Société Nationale des Hydrocarbures (SNH), branch of the Cameroonian State in the oil exploration and operation sector, signed a shared production contract with Tower Resources on the Thali block.
According to this contract, the planning of the oil and gas search operations on this block scheduled the acquisition of 3D seismic data in 2016, and the effective launch of drilling activities over the 2017-2018 period.
On the financial level, Tower Resources could invest, over a 7-year period, close to FCfa 24 billion, to explore this block covering 119.2 Km2 in the Cameroonian offshore.