Aim-listed oil and gas company Tower Resources has executed a contract with Borr Drilling for the hire of the Norve jack-up rig, one of Borr's fleet of high-specification drilling units, to drill the NJOM-3 well on Tower's Thali license, in Cameroon, in 2024.
Focused on Africa, Tower Resources reports that the drill rig is currently subject to existing contracts to deliver a series of wells, whose timing are subject to operational uncertainty; however, following the completion of those wells, the rig is expected to be available in Cameroon between April and August 2024.
Subject to the rig being available during this time period, Tower Resources therefore anticipates that the NJOM-3 well will be spudded in the second quarter, or possibly third quarter of 2024.
The expected date range for the rig's availability will be narrowed as it draws nearer.
The Norve rig, constructed in 2011 at the PPL shipyard, in Singapore, is capable of operating in water depths of up to 122 m.
Tower Resources chairperson and CEO Jeremy Asher says signing the rig contract is a significant step forward in the development of the company’s Cameroon assets and moves it toward spudding the NJOM-3 well in 2024. “The Norve Rig was chosen both for its high specification and its anticipated window of availability.”
He adds that Tower Resources’ next steps will be to finalise the documentation of the Thali license extension with the Ministry of Mines, Industry and Technological Development and to move its farm-out discussions with multiple parties towards a conclusion, with intentions to achieve this during the first quarter of 2024.