AIM listed minnow, Tower Resources, has now received formal confirmation from Cameroonian authorities, extending the First Exploration Period on the Thali PS Licence.
The formal “arrête” from the Minister of Mines, Industry and Technological Development (MINMIDT) MINMIDT extends the First Exploration Period to 11 May 2022.
“This formal extension allows the Company to proceed with finalising a schedule for drilling and testing the NJOM-3 well”, Tower claims. “We are looking forward to seeing the NJOM-3 well drilled as soon as possible, and we will have more news for investors about the schedule in due course.”
Tower Resources had declared Force Majeure in March 2020 in respect of the First Exploration Period of the PSC, in light of the restrictions required to combat the COVID-19 pandemic, and on 31 March 2021 the Company announced that the President of the Republic had also approved a formal extension of the First Exploration Period.
But this announcement is about the formal grant of the extension.
“We are once again grateful to the Republic of Cameroon and to the Minister of Mines, Industry and Technological Development and his staff for their continued support of the Thali project, and also to the President of the Republic, the Secretary General of the Office of the Presidency, and the Prime Minister for taking a direct interest in our activity, as well as all the staff at the Societé Nationale de Hydrocarbures who have supported us during this First Exploration Period”, Tower Resources says.