StockMarketWire.com - Tower Resources confirms the signing of the shallow-water Thali (formerly known as "Dissoni") Production Sharing Contract, offshore Cameroon.

Tower's signature of the Thali PSC represents a low cost entry into a mature region with low-risk exploration/appraisal targets and the potential for significant upside.

Tower has a 100% interest in the Thali PSC, and the terms of the PSC include three exploration phases, including the minimum work commitment of the Initial Exploration Period, outlined below:

§ Initial Exploration Period (3 Years): Consisting of geological and geophysical studies, 100km2 of 3D seismic acquisition and a commitment well with a minimum financial commitment of US$13 million.

§ First Renewal Period (2 Years): Consisting of one exploration or appraisal well with a minimum financial commitment of US$15 million.

§ Second Renewal Period (2 Years): Consisting of one exploration or appraisal well with a minimum financial commitment of US$15 million.






Story provided by StockMarketWire.com