Tower Resources PLC is acquiring an additional 5% in the PEL96 offshore licence in Namibia, increasing its total stake to 60%. The acquisition is pending regulatory approval. The company is also preparing to drill the NJOM-3 well in Cameroon, having requested a license extension and started hiring key personnel.
Tower Resources PLC (AIM:TRP) has announced its decision to increase its stake in the PEL96 offshore licence in Namibia by acquiring an additional 5% from local partner ZM Fourteen Investment for $375,000. Following this transaction, Tower will hold a total interest of 60% in the license. ZM will maintain a fully carried 5% interest, alongside NAMCOR’s 10% and Prime Global Energies’ 25% stakes, with the acquisition pending regulatory approvals expected to align with the completion of a farm-out agreement with Prime.
In Cameroon, Tower Resources is actively pursuing a one-year extension of its Thali license and is currently awaiting final approval from the government. A decision is anticipated from the Office of the Presidency by the end of March. In preparation for the NJOM-3 well’s drilling, Tower has commenced the evaluation of available drilling rigs and plans to finalize a selection as soon as approvals are received. Additionally, the company has initiated hiring key personnel, including a senior geologist and drilling engineer, to facilitate a prompt start to operations once the drilling phase begins.
Chairman and CEO Jeremy Asher expressed satisfaction with the progress being made, stating that the acquisition demonstrates the company’s commitment to ZM’s sustainable position, while also underscoring confidence in the value of the PEL96 license. He emphasized the importance of thorough well planning in Cameroon and is optimistic about the approval process, indicating “Forward planning usually improves both time and budget performance.” Asher committed to keeping stakeholders informed of ongoing developments in the company’s initiatives.
Tower Resources has successfully increased its stake in the Namibian PEL96 offshore licence, reflecting strategic confidence in its value. The company is also advancing its operations in Cameroon, with preparations underway for drilling the NJOM-3 well, pending governmental approval. Chairman Jeremy Asher highlighted the significance of diligent planning to enhance operational efficiency and performance.
Original Source: www.proactiveinvestors.co.uk
