Cameroon: Tower Resources signs PSC

AIM-listed Tower Resources signed a production-sharing contract (PSC) on 15 September for the shallow-water Thali Block in the Rio del Rey Basin. Tower has a 100% interest in the block, which was formerly known as Dissoni and licensed to Total and Pecten. The work programme for the initial exploration period of three years calls for geological and geophysical studies, 100km2 of 3D seismic acquisition and a commitment well with a minimum financial commitment of $13m. Two optional renewal periods of two years will each require an exploration or appraisal well with a minimum $5m commitment.