Tower Resources Inks Cameroon Offshore Deal
Tower Resources plans to invest at least $43 million over seven years to explore for oil in a shallow-water block in Cameroon's Rio del Rey basin, the company and Cameroonian officials said on Wednesday. "Our entry into Cameroon marks a shift in our risk profile from frontier to proven basins and introduces an asset with existing discoveries into the Tower portfolio," Tower CEO Graeme Thomson said in a statement. The Africa-focused oil and gas exploration company has a 100 percent interest in the 119 sq km (46 sq mile) Thali block.
Tower Resources raises $32m to buy Rift Petroleum
Oil and gas explorer Tower Resources is raising 19.3 million pounds ($32 million) to expand its African drilling programme and help finance the acquisition of Africa-focused Rift Petroleum, the company said on Wednesday. Tower Resources also announced the purchase of a 15 percent stake in Block 2B onshore Kenya from Taipan Resources for $8 million, subject to approval of project partner Premier Oil. Tower Resources, listed on London's Alternative Investment Market (AIM)…
