(Ecofin Agency) - The oil and gas company Tower Resources Plc is getting ready to sign a Production Sharing Agreement(PSC) in which it will hold 100% shares in the Thali block, in the Rio Del Rey basin in the Niger Delta oil sub-basin in the Cameroon Offshore.

The oil company, listed in London, announced on 15^th July the imminence of the signing of this agreement which has been approved by the Cameroonian government.

The block is located in shallow waters and comprises oil and gas discoveries, in addition to a number of identified exploration opportunities.

An exploration program is planned for the next three years and includes the acquisition of 3D seismic data in 2016 and exploration well drilling commitments in 2017 and 2018.

Tower Resources will invest about US$ 5.4 million in the exploration works and has, in this way, proceeded to raise US$ 8 million through the equity offering of 2.904 billion ordinary shares at a price of 0.19 pence, which trade will start on 20^th July.

The funds raised will also be used to finance the exploration works on blocks 40 and 41 covering 6,000 km2 in the unexplored basin of Moyen-Zambesi in Zambia and in Namibia.

Tower Resources owns, in Africa, shares in gas and oil assets in Cameroon, Zambia, Madagascar, Namibia and Kenya.