Yaoundé - 30 November 2021 -

Thali block: Tower Resources-Beluga farm-out deal delayed by Cameroonian authorities

Thali block: Tower Resources-Beluga farm-out deal delayed by Cameroonian authorities
  • Comments   -   Tuesday, 23 November 2021 11:43

(Business in Cameroon) - Yesterday, November 22, 2021, Tower Resources announced that Cameroonian authorities were yet to approve the farmout deal signed with energy commodity trader Beluga Energy on the Thali Block. According to the deal, Tower resources, which is currently the owner or farmer, will cede 49% of stakes to the commodity trader.

The deal was signed in August 2021. About a month later (September 2021), the parties officially requested Cameroonian authorities’ approval in compliance with a provision of the applicable petroleum code. That provision requires the Ministry of Mines to approve the deal or not within sixty days following submission of the official request.  

However, Tower Resources claims that up to Saturday, November 20, 2021, it had not received any formal notification or additional information request from the Ministry even though it has fulfilled the required conditions.

As for BelugaEnergy, motivated by hopes to enter the Cameroonian oil exploration market, it is working "on its financing process (…)" and "with the intended rig provider and service companies on the schedule and terms for the NJOM-3 well," Tower Resources reports.

The lack of a decision from Cameroonian authorities about the deal could penalize Tower Resources’ multi-year efforts to attract investors to the project.

Olivier de Souza

In its capacity of executing agency for the reconstruction of the Northwest and Southwest, the UNDP resident representative signed a XAF1 billion...
The 700 local firms offering subcontracting services in the Cameroonian electricity sector generate XAF40 billion turnover annually. The figure was...
South Korea will invest XAF4 billion for the construction of three digital campuses in Cameroon in 2022, according to Jonghan Kim, South Korean ambassador...
In its 2022 draft budget submitted for the parliament’s review, the Cameroonian government has introduced a new tax on electronic money transactions. The...

Mags frontpage

Business in Cameroon n105: November 2021

Forget cash, Cameroonians are in on e-money!

Erwan Garnier: “Clearly, the Cameronian hospitality sector will develop”

Investir au Cameroun n115: Novembre 2021

Adieu le cash Les Camerounais s’emparent de la monnaie électronique

Erwan Garnier: « Le secteur hôtelier camerounais va clairement se développer »

  1. Most read 7 days
  2. shared 1 month
  3. read 1 month