Tower Resources PLC is increasing its stake in Namibia’s PEL96 licence by 5%, raising its ownership to 60%. The acquisition, valued at $375,000, is pending regulatory approval. Additionally, preparations for drilling the NJOM-3 well in Cameroon are underway with a decision on a license extension expected by the end of March.
Tower Resources PLC, listed on AIM (AIM:TRP), has agreed to acquire an additional 5% interest in its offshore PEL96 licence in Namibia from local partner ZM Fourteen Investment, for a sum of $375,000. This acquisition will increase Tower’s stake in the licence to 60%. Meanwhile, ZM Fourteen will retain a fully carried 5% interest. NAMCOR and Prime Global Energies hold 10% and 25% interests, respectively.
The acquisition awaits regulatory approvals, which Tower anticipates coinciding with the completion of its farm-out agreement with Prime. Concurrently, Tower Resources has submitted a request for a one-year extension of its Thali license in Cameroon and is currently awaiting governmental approval, with a decision expected by the end of March.
In preparation for the drilling of the NJOM-3 well, the company has started evaluating rig options and plans to select a rig once all required approvals are finalized. Additionally, Tower has begun hiring critical personnel, including a senior geologist and drilling engineer, to facilitate an efficient drilling operation once it commences.
Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress, stating that the acquisition of the additional interest in the Namibian licence reflects commitment toward a more sustainable future for ZM. He reiterated the company’s confidence in the value of the PEL96 licence and outlined their proactive planning in anticipation of the drilling process in Cameroon.
In summary, Tower Resources PLC is taking significant steps to strengthen its position in Namibia and Cameroon. The acquisition of a 5% stake in the Namibian PEL96 licence illustrates the company’s commitment to expanding its operations in Africa. Additionally, preparations for drilling in Cameroon demonstrate a proactive approach to project management and stakeholder engagement. The combination of these efforts positions the company favorably for future developments in the region.
Original Source: www.proactiveinvestors.com
