Tower Resources PLC has increased its ownership in Namibia’s PEL96 licence to 60% by acquiring a 5% stake for $375,000. The acquisition is pending regulatory approvals. The company is also preparing to drill the NJOM-3 well in Cameroon, having submitted a license extension request and evaluating rigs for drilling operations.
Tower Resources PLC (AIM:TRP) has announced an increase in its ownership of the PEL96 offshore licence in Namibia by acquiring an additional 5% stake from ZM Fourteen Investment for $375,000. This acquisition raises Tower’s total stake to 60%, with ZM retaining a 5% fully carried interest alongside NAMCOR’s 10% and Prime Global Energies’ 25% stakes. The purchase is pending regulatory approvals, which Tower anticipates will coincide with the completion of its farm-out agreement with Prime.
In addition, Tower Resources is preparing for drilling operations at the NJOM-3 well in Cameroon following its request for a one-year extension of the Thali license, currently awaiting government confirmation. The company expects a decision from the Office of the Presidency by the end of March, which will enable them to move forward with drilling plans.
As part of the preparations for drilling, Tower is evaluating available rigs for the NJOM-3 project, aiming to select one after receiving the necessary approvals. The hiring of essential personnel, including a senior geologist and drilling engineer, has also commenced to facilitate efficient operations once drilling starts.
Jeremy Asher, Tower’s Chairman and CEO, expressed satisfaction regarding the progress on both fronts. He highlighted the importance of the additional interest in the Namibian licence and reiterated the company’s commitment to effective well planning in Cameroon. Asher emphasized that thorough preparation is likely to enhance performance in terms of both time and budget, and he looks forward to updating stakeholders on future developments.
Tower Resources is actively advancing its strategic goals in Africa by increasing its stake in the Namibian PEL96 licence and preparing for drilling operations in Cameroon. The acquisition is a strategic move to strengthen local partnerships while expanding operational capabilities. With expected regulatory approvals and planned investments in personnel and resources, Tower is setting up for significant operational advancements in the coming months.
Original Source: www.proactiveinvestors.co.uk
