Wednesday, September 27th 2023

Tower Resources PLC

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It’s all about the Rig for Tower Resources


“…Oil is there, we know that. We will get the Rig. We will get the well drilled. We will get into production…”


The chief executive and chairman of Tower Resources Plc (LON:TRP) is managing investor expectations about the progress being made to spud its highly anticipated NJOM-3 well in Cameroon.

There’s multiple moving parts including rig availability and the financing required to drill this appraisal well which Jeremy Asher describes as a ‘gateway’ to a much larger development, one that is designed “to be the first of four production wells.”

The lack of rig availability has held the project back necessitating an extension to Tower’s initial exploration license. That is progressing too, and as Asher stresses the company is not exploring for oil because they know it’s there – it’s just how much is stored in the reservoir below which is yet to be determined.

The key to what has been described as a transformational spud for the company rests with the securing of a rig, and Asher has made sure that there’s a healthy choice just as there are healthy discussions surrounding finance options.

Asher took part in the recent fundraise and shares investor impatience. As he tells Sarah Lowther in this video he takes comfort in the wisdom of politician and banker Baron Rothschild who said the best time to buy is “when there is blood in the streets even if it’s your own.”  The AIM market has arguably been bloody over the past few years, but the spudding of NJOM-3 could be the catalyst to prevent any shedding of shareholdings as investors look to accumulate in a potential four-well production outcome.


Read the technical update on the Thali PSC, Cameroon and watch the accompanying video (below)



Follow the company on Twitter @TowerResources


The author was remunerated but does not hold shares in the company