Tower Resources Secures $15 Million Financing for Operations at Rio Del Rey Basin

Tower Resources, the operator of the Thali Oil project in Cameroon’s Rio Del Rey Basin, recently secured a crucial $15 million financial injection. This strategic support comes from a lender aiming to acquire a minority stake, while Tower Resources retains control over operations. This funding will allow the continuation of key exploration activities, including the highly anticipated drilling of the NJOM-3 well, essential to the company’s plans for sustainable development in this resource-rich basin.
Financial Support and Exploration Goals

This financial lifeline will enable Tower Resources to address challenges that have hindered its timeline, particularly the NJOM-3 well drilling, a core component of their development plan. Due to these financial setbacks, the company had to request a one-year license extension in 2023 after the previous license expired in May of that year. Now, with renewed backing, the company aims to leverage the basin’s hydrocarbon potential, a move expected to generate significant economic benefits for Cameroon’s energy sector.
Broader Economic Impact

The Rio Del Rey Basin is viewed as a region with considerable untapped potential, not only for its contribution to the local economy but also for the overall hydrocarbon industry in Central Africa. Tower Resources’ continued presence as the operator in this area aligns with Cameroon’s long-term energy goals and highlights the significance of sustainable exploration projects in boosting the national economy.

👉 Read the full story on our blog to dive deeper into Cameroon’s energy sector!