Cameroon has approved the transfer of a 42.5% interest in the offshore Thali oil licence to Prime Global Energies, according to Tower Resources.
The transaction is linked to a planned $15 million investment, equivalent to about CFA8.65 billion, to support the project’s work programme, including preparations for the NJOM-3 appraisal well.
The approval is an important step, although further testing and financing would still be required before any potential development towards production. Tower Resources has not yet started production in Cameroon.