Tower Resources Plc · LSE:TRP
Tower Resources — Proactive Investor Conference 2022
13 slides from Tower Resources's conference presentation, Jun 29, 2022
Slide 1: Thali, Offshore Cameroon
Thali, Offshore Cameroon Proactive Investor Conference, 29 June 2022
Slide 2: Disclaimer Important Notice
Disclaimer Important Notice DISCLAIMER The information contained in these slides has been prepared by Tower Resources plc (the “Company”). This Presentation is being made for information purposes only and does not constitute an offer or invitation for the sale or purchase of securities or any of the
Slide 3: Thali License
Thali PSC, Cameroon Rio del Rey Basin Thali License THALI PSC © 2022 Tower Resources plc 3
Slide 4: License area close to existing Addax/Perenco producing fields and infrastructure
Thali PSC, Cameroon The license area is close to existing Addax/Perenco producing fields and infrastructure DISSONI NORTH (PERENCO OPERATED) 20 THALI PSC PERENCO / ADDAX Contingent OPERATED FIELDS OAK 30 Prospective (PERENCO AQUIRED 50% INTEREST IN 2018) 40 (FSO) 50 THALI Fields: MASSONGO TERMINAL 5
Slide 5: Reminder of subsurface view per OIL Reserve Report
Thali PSC, Cameroon Reminder of subsurface view per OIL Reserve Report DISSONI NORTH FIELD SHALLOW PLAYS 25 MMbbl Contingent Prospective XX MMbbl = DISSONI SOUTH arithmetically summed FAULT BLOCK A total unrisked gross 37.8 MMbbl Pmean recoverable oil (Reserves Report, 2018) IDENAO EAST FOI 1 AKONO
Slide 6: Njonji Discovery: Schematic indicating potential additional reservoirs
Thali PSC, Cameroon Njonji Discovery: Schematic indicating potential additional reservoirs Focus of OIL report, Deeper seismic flat spot source of contingent resources © 2022 Tower Resources Cameroon SA 6
Slide 7: Seismic evidence for OWC's & deeper PS3 oil column
Thali PSC, Cameroon Seismic evidence for OWC’s & deeper PS3 oil column NW EAST NJOM3 NJOM2 (Planned) NJOM1B NJONJI 2 NJONJI 1 FAULT BLOCK FAULT BLOCK PS9 Sup (GWC 812m TVDSS) PS9 R1 (GDT 880m TVDSS) OWC PS9 R1/R2 – 30.5⁰ API, 42 GOR, 1450 PSIa (OWC @ 883.9m TVDSS) S1 - 28.3⁰ API, 36 GOR, 1507 PSIa (
Slide 8: Updated subsurface volumetrics: summary
Thali PSC, Cameroon Updated subsurface volumetrics: summary • EPI has updated all volumetrics section by section, assessing PS9 R1 volumetrics separately in Northern and Southern areas of structure, even though probably connected • pMean recoverable resource estimate of 24.9 million bbls is 39% high
Slide 9: NJOM-3 and follow-on wells
Cameroon, Thali License NJOM-3 and follow-on wells • NJOM-3 well will test both contingent resources in PS9 and PS3 R1, and also prospective resources in potential reservoirs above and below – Long lead items procured – Ready to drill • Deviate three follow-on wells from NJOM-3 location to: – Increa
Slide 10: Current estimated timeline and decision points
Cameroon, Thali License Current estimated timeline and decision points • First step is the NJOM-3 well and flow test • After we have results, then we will update reserves and resource estimates • Authorisations, planning and procurement for 3 further wells, platform and MOPU to follow 2022 2023 2024
Slide 11: Risked pMean 24.9 million bbl scenario: great economics, further upside
Cameroon, Thali License Risked pMean 24.9 million bbl scenario, current pricing: great economics, further upside in Northern fault blocks • This assumes an expected outcome from NJOM-3 and subsequent wells in line with the EPI risked pMean figures, and initial production rates in the range of 2,000
Slide 12: Summary
Cameroon, Thali License Summary • Developing the Njonji structure alone has solid economics – $14 million cost to complete NJOM-3 and confirm reservoir performance – $45 million or so to get Njonji into production with 6-10,000 bbls per day to begin – Base case economics are already excellent, and c
Slide 13: www.towerresources.co.uk
www.towerresources.co.uk © 2022 Tower Resources plc 13