Tower Resources PLC has acquired an additional 5% in the PEL96 offshore licence in Namibia, increasing its stake to 60%. The company is also preparing to drill the NJOM-3 well in Cameroon, having requested a one-year extension for its Thali license. Regulatory approvals are anticipated soon, alongside ongoing preparations to ensure timely drilling operations.
Tower Resources PLC (AIM:TRP) has increased its stake in the PEL96 offshore licence in Namibia by acquiring an additional 5% from ZM Fourteen Investment for $375,000. This acquisition raises its total holding to 60%. ZM Fourteen will maintain a 5% interest, while national oil company NAMCOR holds 10% and Prime Global Energies has 25%. The purchase is pending regulatory approvals, anticipated to coincide with the completion of a farm-out agreement with Prime.
In Cameroon, Tower Resources has formally requested a one-year extension of its Thali license and is currently awaiting government approval, which is expected by the end of March. Concurrently, the company is preparing for its upcoming drilling of the NJOM-3 well. To facilitate this, Tower has begun evaluating drilling rigs and plans to select one after receiving the necessary approvals.
Additionally, the company is in the process of recruiting key personnel, such as a senior geologist and drilling engineer, to ensure timely commencement of drilling operations. Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress, particularly highlighting the acquisition in Namibia.
“The acquisition reflects our wish for ZM to move to a more sustainable fully-carried position,” he stated, emphasizing their confidence in the PEL96 license’s value. Asher also noted the importance of planning for the well in Cameroon and looks forward to keeping investors informed about future developments.
Tower Resources is strategically enhancing its position in the Namibian oil sector by increasing its stake in the PEL96 licence and preparing for drilling in Cameroon. The acquisition consolidates its holdings, while ongoing preparations demonstrate its commitment to efficient operations and readiness for future activities. The company remains optimistic about regulatory approvals and is focused on ensuring all project aspects align with its growth objectives.
Original Source: www.proactiveinvestors.com
