Beluga is an energy trader branching out into upstream oil
Nigerian trader buys Cameroon oil stake
Tower Resources has sold a share in the Thali development to Beluga Energy
Nigerian commodity trader Beluga Energy has acquired a stake in the production-sharing contract for the Thali development in Cameroon’s Rio del Rey basin from AIM-listed Tower Resources. Beluga will take a 49pc non-operating interest for $15mn, although Tower’s contractor subsidiary TRCSA's 10pc royalty overrides the other allocations. The deal is subject to approval by Cameroon’s Ministry of Mines, Industry and Technological Development and Beluga’s shareholders, but both companies expect to complete the transaction by the end of September this year. Tower says the funds will go towards the cost of drilling the NJOM-3 well on Thali’s Njonji structure, for which the firm is negotiating for
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