Tower Resources issues letter of award to ADES affiliate

(Sharecast News) - Oil and gas company Tower Resources said on that its Cameroonian subsidiary has issued a Letter of Award to ADES Holding affiliate Advanced Energy Systems for the provision of a jack-up rig to drill the NJOM-3 well on its Thali license in Q4. Tower Resources said the commercial terms of the ADES proposal to Tower Resources Cameroon were confidential, but noted that the fact that the Admarine 510 rig was already committed to move to Cameroon for other operators had facilitated discussions with the rig owner and resulted in "more favourable terms" than could have been offered otherwise.

"The terms are well in line with the company's previous projections and compare very favourably to offers received from other rig owners earlier this year and last year," said Tower Resources, which also noted that the letter of award was subject to contract and usual conditions precedent, including receipt of Government approvals in Cameroon.

As of 0930 BST, Tower Resources shares were 22.50% higher at 0.024p.





Reporting by Iain Gilbert at Sharecast.com