StockMarketWire.com - Tower Resources said it had completed an environmental and social impact assessment for its Thali prospect in Cameroon, but would need to carry out extra work to pinpoint a well location.

The company submitted its report to the government in late June, which was then the subject of public hearings in July. It received its certificate of environmental compliance on 6 August.

The certificate was valid for drilling operations encompassing multiple wells in the Thali licence area, subject to operations commencing over the coming three years.

Tower also said it would conduct extra work on the upcoming Njonji well to more clearly understand its potential.

The company was in the process of negotiating rig and associated service contracts for the well, having selected a provisional well location and conducted initial preparatory work, including well engineering.

'We are happy with the progress being made on the Njonji well,' chief executive Jeremy Asher said.

'The board would like to see the reserves report as soon as possible, but we felt that this additional work was required to inform the best decision regarding the final well location, and should also positively impact the quality of the reserves report when complete,' Asher said.


At 8:21am: [LON:TRP] Tower Resources PLC share price was +0.08p at 1.58p



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