Tower Resources on 10 August announced a binding heads of agreement to farm out a 49% non-operating working interest in the Thali production-sharing contract (PSC) to Lagos-based Beluga Energy. The farm-out – for a 119km2 block in water depths 8-48 metres in the Rio del Rey Basin – provides $15m towards the Njom-3 well’s approximately $16.8m cost.
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