Tower Resources PLC is set to acquire an additional 5% stake in the PEL96 offshore licence in Namibia, raising its holding to 60%. The company is also preparing to drill the NJOM-3 well in Cameroon and has requested a one-year extension for its Thali license. Regulatory approvals are anticipated shortly, with ongoing recruitment for drilling operations.
Tower Resources PLC (AIM:TRP) has successfully negotiated to increase its stake in the PEL96 offshore licence located in Namibia by an additional 5%, bringing its total share to 60%. This acquisition, amounting to $375,000, involves purchasing the stake from local partner ZM Fourteen Investment. ZM retains a fully carried 5% interest, while national oil company NAMCOR holds a 10% carried stake and Prime Global Energies has a 25% share.
The deal is contingent on receiving regulatory approvals, which Tower Management anticipates coinciding with the finalization of its farm-out agreement with Prime Global Energies. Meanwhile, in Cameroon, the company has submitted a request for a one-year extension on its Thali license, currently awaiting final approval from the government, with a decision expected by the end of March.
To prepare for upcoming drilling operations, Tower has initiated the evaluation of available rigs and plans to select one following the necessary approvals. Additionally, the company is in the process of recruiting vital personnel, including a senior geologist and a drilling engineer, to facilitate a prompt commencement of drilling once operations begin.
Chairman and CEO Jeremy Asher expressed optimism in a statement, highlighting the positive steps taken in both Namibia and Cameroon. He stated, “We are pleased with the progress we are making and also with the acquisition of this small additional interest in the Namibian PEL96 from our local partner ZM.” Asher reaffirmed the company’s commitment to efficient planning, stating, “Forward planning usually improves both time and budget performance. I look forward to keeping you updated with our further progress.”
In summary, Tower Resources PLC is enhancing its business operations through the acquisition of an increased stake in Namibia’s PEL96 offshore license while preparing for significant drilling activities in Cameroon. The strategic moves reflect the company’s confidence in its projects and aim for sustainable growth amidst necessary regulatory processes. CEO Jeremy Asher remains optimistic about the ongoing progress and planning efforts.
Original Source: www.proactiveinvestors.co.uk
