Tower Resources, an Africa-focussed oil and gas company, has announced that the documentation of its farm-out to Beluga Energy of a 49% non-operating working interest in its Thali Production Sharing Contract (PSC) in Cameroon is now finalised
The contract is conducted through its wholly-owned subsidiary Tower Resources Cameroon SA (TRCSA).
Tower Resources has further announced that the package of documents is being submitted to the minister of mines, industry and technological development (MINMIDT) as per the Cameroon Petroleum Code.
Completion of the farm-out is still subject to two conditions precedent: the financing contingency requiring Beluga's shareholders' approval, and the MINMIDT approval. The Company will notify the market when both conditions precedent have been met.
Jeremy Asher, chairman and CEO, commented, “We cannot be sure how long the MINMIDT approval may take as it can be as long as 60 days, but we hope it will come much sooner, allowing us to complete the farmout sooner. But in the meantime we are moving forward with contract discussions regarding the rig and services, subject to the MINMIDT approval and conclusion of the farmout in due course.”
