Page 14 - AfrOil Week 08 2020

AfrOil
NEWS IN BRIEF
AfrOil
Tower Resources
planning June 2020
spud for NJOM-3 well
offshore Cameroon
Tower Resources has provided an update on its work on the Thali licence in Cameroon, con- ducted through its wholly-owned subsidiary TowerResourcesCameroon.
The company is presently preparing plans for drilling for NJOM-3 well, now that the site survey is complete. Management’s present view, subject to further work and confirmation of equipment availability, is that it would like to spud the well in the course of June 2020. Long lead items are already at the company’s base in Douala. Some testing equipment will still need to be mobilised prior to spudding the well, along with personnel, and so this intended date is still subject to change.
The company has made considerable pro- gress in farm-out discussions with a number of parties regarding some or all of the well funding, including exchanging draft term sheets, follow- ing a pause in discussions that took place while the company was waiting for formal confirma- tion of the extension of the current exploration period of the Thali PSC. The company believes that it will be able to complete a farm-out within its desired timeframe for the NJOM-3 well although there can be no certainty as to timing or eventual outcome of such discussions.
The company has updated its corporate pres- entation with a revised indicative time line for the development of the Njonji structure, and the company is now preparing updated cash flows and working with OIL to prepare an updated
version of the reserve report. The updated cor- porate presentation, which was shared with an investor conference yesterday evening, is avail- able on the company’s website. The company will update its corporate presentation further when the updated reserve report is complete and will also make the executive summary of the updated reserve report available on its website at that time.
Tower Resources, February 19 2020
POLICY
TGS welcomes
Somalian president’s
ratification of new
Petroleum Law
The Federal Republic of Somalia has confirmed that the country’s Petroleum Law has been rat- ified by His Excellency, President Mohamed Abdullahi Farmajo. The presidential ratification is a landmark moment in the development of Somalia’s natural resources, which will be trans- formational for the country’s development. Somalia has the potential to become one of the most significant plays offshore East Africa.
TGS offers 20,000 km of long-offset 2D seis- mic data offshore Somalia, which has been used to de-risk source rock presence, distribution and maturity.
This data complements an additional 20,000 km 2D survey, also offered by TGS. This is the only data available over the blocks of the first offshore license round and TGS has an exclu- sive agreement with the Somali government to
market this data to interested parties.
TGS offers 20,000 km of long-offset 2D seis- mic data offshore Somalia, which complements an additional 20,000-km 2D survey, also offered
by TGS.
As part of the Petroleum Law, The Somali
National Oil Company (SONOC) has been established as a government-controlled entity charged with participating in petroleum oper- ations, while provision is also made for a Somali Petroleum Authority to act as a regulatory body overseeing oil and gas activity.
This recent development now paves the way for the conclusion of Somalia’s first Offshore Somalia License Round, with an expected clos- ing date for submissions of bids at the end of Q3-2020. In conjunction with the license round, a roadshow is scheduled in Houston, Texas on March 31, where confirmation of the offshore blocks in the region will be announced.
Rune Eng, Executive Vice President, South- ern Hemisphere at TGS, commented: “Off- shore Somalia remains one of the last truly frontier margins in the world. Ratification of the Petroleum Law in Somalia is a major step in the country’s journey to developing its offshore hydrocarbon reserves. TGS is delighted to be a part of this story with exclusive seismic data in this highly attractive margin - one which offers outstanding exploration opportunities.”
TGS, February 24 2020
INVESTMENT
Tanzania: Aminex
announces corporate and
operations update
Aminex has announced the following update regarding the company’s ongoing operations in Tanzania and other corporate matters.
APT and Aminex have agreed that upon completion of the farm-out and the transfer of operatorship to APT, they will seek permis- sion from the joint venture and the Tanzanian authorities to move the contingent elements of the 2020 work programme into the firm budget.
There are positive indications in-country that, after a period of reduced corporate engage- ment, the government is re-engaging with the international business community to support the country’s power demands.
The company is awaiting formal update relating to (i) the review of production sharing agreements (PSAs), (ii) formal extensions for the Mtwara and Nyuni Area licences and (iii) the approval of the Kiliwani-North-1 remediation programme; in-country media reports suggest that the PSA review process is near completion.
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Week 08 26•February•2020