Tower Resources offers update on Thali block, Cameroon
Tower Resources has supplied an upgrade on operations on the Thali block in Cameroon and also on well funding.
As divulged in the company's functional update in May, the firm got extra information from the original Overall wells at NJOM1 and NJOM2, which showed that more website preparation work would certainly be needed prior to the drilling rig for the NJOM-3 well is transferred to site. One of the most appropriate vessel to undertake this site preparation work is now en path to West Africa with the expectation that this work can be completed throughout September 2019.
The company had previously concurred with Vantage to delay the beginning of its drilling contract in regard of the Topaz Driller up until after Vantage's present charter to another oil firm was finished. Nevertheless, in the past few weeks a previous sibling rig to the Topaz Driller, the COSL Candidate, has appeared in Cameroon after finishing recent help Addax. Provided the problem in matching up the schedule of the Topaz Driller with schedule of the website survey data, the firm the other day signed a Letter of Intent (LOI) to utilize the COSL Candidate rig to pierce NJOM-3 instead of the Topaz Driller, as well as has actually launched the Topaz Driller. The day rate and also various other regards to the COSL contract resemble the Vantage agreement, and also while there may be some added expenses for the mobilisation of test tools to the COSL Seeker on the current timetable, the business also prepares for substantial financial savings in the expense of rig mobilisation as well as demobilisation. In the accumulation, the company does not presently expect a product change in the overall price of the well as a result of this adjustment of rig.
The firm has alerted the Societe Nationale de Hydrocarbures (SNH) as well as the Government of Cameroon (MINMIDT) of the changes to the well routine, as well as does not expect any kind of difficulty in proceeding with the well, despite the fact that the extension to the very first Exploration Duration of the company's Manufacturing Sharing Agreement (PSC) runs out on 14 September 2019, since the well remains a procedure underway.
As formerly revealed, the NJOM3 well will certainly be pierced to a total deepness of 1100 m converging at the very least three storage tank areas currently identified by the NJOM1B as well as NJOM2 discovery wells drilled on the Njonji framework by the previous driver Total amount. The well is designed to verify the better storage tank thicknesses observed on the reprocessed 3D seismic in the up-dip location of the framework, as well as likewise evaluate additional tanks that were not present in the locations where Overall's wells lie. The NJOM3 well is developed to supplement Total amount's well data with a collection of measurement as well as logging devices as well as pierce stem examination (DST) flows to surface. irooildrilling is then to put on hold the well for succeeding completion as one of four first manufacturing wells on the framework, as envisaged in the Book Record prepared by Oilfield International Ltd (OIL) on 31 October 2018. This first stage of advancement envisaged by the Reserve Report, intending to make use of the 2C contingent resources (Pmean 18 million bbl oil, gross) currently identified in the structure, intends to give considerable manufacturing to Tower in 2020.
In respect of well financing, the company is continuing farm-out discussions with multiple parties who are presently taking on due persistance, and the company is wishing to bring a minimum of among these discussions to a verdict in the future, bearing in mind both the functional schedule laid out over and likewise that the company's swing loan center arrangement (the expansion of which was introduced on 30 July 2019) drops due for settlement at the end of August, based on a grace period until 30 September 2019.
As divulged in the company's functional update in May, the firm got extra information from the original Overall wells at NJOM1 and NJOM2, which showed that more website preparation work would certainly be needed prior to the drilling rig for the NJOM-3 well is transferred to site. One of the most appropriate vessel to undertake this site preparation work is now en path to West Africa with the expectation that this work can be completed throughout September 2019.
The company had previously concurred with Vantage to delay the beginning of its drilling contract in regard of the Topaz Driller up until after Vantage's present charter to another oil firm was finished. Nevertheless, in the past few weeks a previous sibling rig to the Topaz Driller, the COSL Candidate, has appeared in Cameroon after finishing recent help Addax. Provided the problem in matching up the schedule of the Topaz Driller with schedule of the website survey data, the firm the other day signed a Letter of Intent (LOI) to utilize the COSL Candidate rig to pierce NJOM-3 instead of the Topaz Driller, as well as has actually launched the Topaz Driller. The day rate and also various other regards to the COSL contract resemble the Vantage agreement, and also while there may be some added expenses for the mobilisation of test tools to the COSL Seeker on the current timetable, the business also prepares for substantial financial savings in the expense of rig mobilisation as well as demobilisation. In the accumulation, the company does not presently expect a product change in the overall price of the well as a result of this adjustment of rig.
The firm has alerted the Societe Nationale de Hydrocarbures (SNH) as well as the Government of Cameroon (MINMIDT) of the changes to the well routine, as well as does not expect any kind of difficulty in proceeding with the well, despite the fact that the extension to the very first Exploration Duration of the company's Manufacturing Sharing Agreement (PSC) runs out on 14 September 2019, since the well remains a procedure underway.
As formerly revealed, the NJOM3 well will certainly be pierced to a total deepness of 1100 m converging at the very least three storage tank areas currently identified by the NJOM1B as well as NJOM2 discovery wells drilled on the Njonji framework by the previous driver Total amount. The well is designed to verify the better storage tank thicknesses observed on the reprocessed 3D seismic in the up-dip location of the framework, as well as likewise evaluate additional tanks that were not present in the locations where Overall's wells lie. The NJOM3 well is developed to supplement Total amount's well data with a collection of measurement as well as logging devices as well as pierce stem examination (DST) flows to surface. irooildrilling is then to put on hold the well for succeeding completion as one of four first manufacturing wells on the framework, as envisaged in the Book Record prepared by Oilfield International Ltd (OIL) on 31 October 2018. This first stage of advancement envisaged by the Reserve Report, intending to make use of the 2C contingent resources (Pmean 18 million bbl oil, gross) currently identified in the structure, intends to give considerable manufacturing to Tower in 2020.
In respect of well financing, the company is continuing farm-out discussions with multiple parties who are presently taking on due persistance, and the company is wishing to bring a minimum of among these discussions to a verdict in the future, bearing in mind both the functional schedule laid out over and likewise that the company's swing loan center arrangement (the expansion of which was introduced on 30 July 2019) drops due for settlement at the end of August, based on a grace period until 30 September 2019.
