Beluga set to farm into offshore Cameroon license

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Tower Resources has executed a binding heads of agreement for a farm-out to Beluga Energy of a 49% participating interest in the shallow-water Thali PSC

LONDON – Tower Resources has executed a binding heads of agreement for a farm-out to Beluga Energy of a 49% participating interest in the shallow-water Thali production-sharing contract (PSC) offshore Cameroon.

The farm-out covers $15 million toward the cost of the planned NJOM-3 well, estimated to cost around $16.8 million. Both companies will fund pro-rata any costs above $15 million, plus future expenditure.

Both parties have prepared a draft joint operating agreement and plan to submit this and the draft farm-out agreement shortly to Cameroon’s government for approval. They aim to complete the transaction by Sept. 30.

Tower is presently working to secure a rig to drill the NJOM-3 well, and a mobile oil production unit suitable for the Thali development project.

Beluga Energy is a privately-owned energy commodity trading house with operations in Africa and the international oil market.

The Thali PSC covers 119.2 sq km (46 sq mi) in the Rio del Rey basin, in water depths ranging from 8-48 m (26-157 ft), within the eastern part of the Niger Delta.

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