Tower Resources plc, an AIM-listed oil and gas company, has announced that its subsidiary, Tower Resources Cameroon SA (TRCSA), has been awarded a contract to drill the NJOM-3 well on its Thali license in Cameroon. The contract has been awarded to Advanced Energy Systems S.A.E (ADES), an affiliate of ADES Holding, and the drilling is proposed to be carried out by their jack-up rig, Admarine 510. The rig is currently completing its recertification in Bahrain and is capable of operating in water depths of up to 375 feet. The commercial terms of the deal are confidential, but the move is expected to facilitate more favourable terms for the company. The award is subject to contractual conditions and government approvals in Cameroon.
The companys chairman and CEO, Jeremy Asher, expressed delight at the award and the potential for coordination with other oil and gas companies in the region, resulting in a positive commercial outcome. The announcement also includes an overview of Tower Resources plcs strategy and focus, as well as information about ADES Holding Company and its drilling services.