Introduction
Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower Resources plc, holds a 100% interest in the shallow-water Thali Production Sharing Contract (PSC) in the Rio del Rey basin, offshore Cameroon.
Tower was awarded the PSC on 15 September 2015, and has applied to the Minister of Mines, Industry and Technological Development (“MINMIDT”) for a further one year extension to the First Exploration Period beyond 11 May 2023. The extension enables the Company to finalise the schedule for the drilling and testing of the NJOM-3 well which is expected to occur in the second half of 2023.
Prospectivity
The Thali PSC covers an area of 119.2 km², with water depths ranging from eight to 48 metres, and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. The Rio del Rey basin has, to date, produced over one billion barrels of oil and has estimated remaining reserves of 1.2 billion barrel of oil equivalent (boe), primarily within depths of less than 2,000 metres. The Rio del Rey is a sub-basin of the Niger Delta, an area in which over 34.5 billion barrels of oil have been discovered, with 2.5 billion boe attributed to the Cameroonian section. The Thali Block has the potential to hold at least four distinct play systems, including two established plays in which three discovery wells (Rumpi-1, Njonji-1 and Njonji-2) have already been drilled on the Block.
Tower’s most recent review of the Thali block prospectivity (announced on 27 April 2023) has applied an upgraded attribute analysis of the reprocessed 3D seismic data which Tower obtained in 2018, using the AI-driven Paradise® workbench software from Geophysical Insights (www.geoinsights.com) to identify the following aspects:
- Oil pay sweet spots in the reservoirs;
- Areas of potential increased gas risk or presence of gas caps more clearly
This study was completed with a particular focus on the location of the oil and gas elements of the reservoirs in the Njonji-1 and Njonji-2 fault blocks which were connected to the original NJOM-1 and NJOM-2 wells drilled by Total.