Tower Resources PLC has increased its stake in the Namibian PEL96 license to 60% by acquiring an additional 5%. The acquisition is subject to regulatory approval. Simultaneously, the company seeks a one-year extension for its Thali license in Cameroon as it prepares for the NJOM-3 well drilling. CEO Jeremy Asher highlights the importance of planning and sustainability in their operations.
Tower Resources PLC, listed on AIM, has agreed to enhance its involvement in the PEL96 offshore licence in Namibia by acquiring an additional 5% stake, which elevates its total ownership to 60%. The purchase, amounting to $375,000, is made from local partner ZM Fourteen Investment. ZM retains a 5% interest, while national oil company NAMCOR holds a 10% carried stake, and Prime Global Energies maintains a 25% interest.
The acquisition is pending necessary regulatory approvals, which Tower anticipates will align with the conclusion of its farm-out agreement with Prime. In Cameroon, the company has applied for a one-year extension of its Thali license and is awaiting a decision from the government, expected by the end of March.
To facilitate the upcoming drilling at the NJOM-3 well, Tower is assessing available rigs and aims to select one following the receipt of the requisite approvals. Additionally, the company is in the process of hiring essential personnel, including a senior geologist and drilling engineer, to ensure readiness for the commencement of operations.
Chairman and CEO Jeremy Asher expressed satisfaction with the progress, stating the acquisition of the additional interest in Namibia signifies a commitment to sustainability and reflects belief in the value of the PEL96 license. He emphasized forward planning in Cameroon to ensure timely readiness for drilling, noting that effective planning can enhance both time and budget performance. Regular updates on their progress are anticipated.
In summary, Tower Resources has taken strategic steps to increase its stake in the PEL96 offshore licence in Namibia while actively preparing for drilling in Cameroon. The company’s plans include enhancing partnerships, ensuring regulatory compliance, and hiring necessary personnel to expedite operations. This proactive approach indicates Tower’s confidence in its projects and commitment to effective resource management.
Original Source: www.proactiveinvestors.com
