Business
Cameroon Farm-out Update
Cameroon Farm-out Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0396T\n Tower Resources PLC\n 22 November 2021\n \n \n \n \n 22 November 2021\n \n \n \n \n \n Tower Resources plc\n \n \n Cameroon Farm-out Update\n \n \n Tower Resources plc (the \"Company\" or \"Tower\" (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, is pleased to provide the following update regarding its farm-out to Beluga Energy Limited (\"Beluga\") of a 49% non-operating working interest in its Thali Production Sharing Contract (\"PSC\") in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon S.A (\"TRCSA\").\n \n \n The Cameroon Petroleum Code provides that approval of a transaction of this type should be provided by the \n Minister of Mines, Industry and Technological Development (\"MINMIDT\") within 60 days\n of 21st September 2021, when it was formally requested, which means by Saturday 20th November 2021. To date, Tower has received no objection to the transaction, nor any further request for information from MINMIDT, and whilst Tower believes that the conditions for the approval have been met, Tower is yet to receive a formal letter (a \"decret\") confirming MINMIDT's approval of the transaction.\n \n \n While the Company waits for a formal decret, Beluga continues to work on its financing process, and the Company continues to work with the intended rig provider and service companies on the schedule and terms for the NJOM-3 well.\n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n 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.\n \n \n Contacts\n \n \n \n \n \n \n \n \n Tower Resources plc\n \n \n \n \n +44 20 7157 9625\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Jeremy AsherChairman and CEO\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Andrew MatharuVP - Corporate Affairs\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n SP Angel Corporate Finance LLP\nNomin...