Africa farm-in opportunities: Tower Resources Thali permit, Cameroon
London-based operator Tower Resources plc is seeking for a partner in its shallow water Thali permit (Cameroon), located in the oil-rich Rio del Rey area, eastern Niger Delta. The company intends to identify a company able to fund a USD 16 million appraisal well (Njonji 3) that could confirm the presence of 18 MMbbl of oil in a Pliocene deltaic reservoir, on top of the existing proved 18 MMbo from two previous wells.
Tower Resources and its advisory partner Envoi Ltd also believe in significant natural gas upside, possibly trapped in the deeper Miocene Isongo Formation, a potential reservoir that has been proved in nearby Alba complex in Equatorial Guinea. Of note, Tower Resources obtained in May 2021 a further extension of the license, now valid until March 2022, hopefully allowing the company to conduct its appraisal drilling, planned for long.
This farm-in opportunity is described in detail by Mike Lakin, the managing director and founder of Envoi Ltd, interviewed by Etienne Kolly, editor and researcher at IHS Markit.
Part 2 of this exclusive interview is exclusive to GEPs customers.
Posted 6 July 2021
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.