Tower Resources PLC is still to receive government approval regarding its farm-out to Beluga Energy in Cameroon of a 49% non-operating working interest in its Thali production sharing contract
The Cameroon Petroleum Code provides that, approval of a transaction of this type should be provided by the Minister of Mines, Industry and Technological Development ('MINMIDT') within 60 days of 21 September 2021, when it was formally requested. Therefore, the approval should be provided by 20 November 2021.
However, till now Tower has received no objection to the transaction, nor any further request for information from MINMIDT. Although Tower believes that the conditions for the approval have been met, Tower is yet to receive a formal letter (a 'decret') confirming MINMIDT's approval of the transaction.
While the company waits for a formal decret, Beluga continues to work on its financing process, and the company continues to work with the intended rig provider and service companies on the schedule and terms for the NJOM-3 well.
