Tower Resources PLC plans to acquire an additional 5% stake in the PEL96 offshore licence in Namibia, raising its total to 60%. The company also seeks a one-year extension for its Thali license in Cameroon as it prepares for the NJOM-3 well. Chairman Jeremy Asher expresses confidence in both initiatives amid ongoing preparations.
Tower Resources PLC (AIM:TRP) has announced plans to acquire an additional 5% stake in its PEL96 offshore licence located in Namibia, bringing its total ownership to 60%. The company will acquire this stake from local partner ZM Fourteen Investment for $375,000. ZM will retain a 5% interest, while NAMCOR, the national oil company, holds a 10% stake, and Prime Global Energies has a 25% interest in the license.
This acquisition is pending regulatory approvals, which Tower anticipates receiving simultaneously with the finalization of its farm-out agreement with Prime. Meanwhile, in Cameroon, Tower Resources has filed for a one-year extension regarding its Thali license and awaits the government’s decisive approval, expected from the Office of the Presidency by the end of March.
To facilitate the drilling of the NJOM-3 well, Tower has initiated the evaluation of available drilling rigs and will finalize a selection upon receiving the necessary approvals. Additionally, the company is in the process of hiring critical personnel, including a senior geologist and a drilling engineer, to ensure readiness for drilling operations.
Chairman and CEO Jeremy Asher expressed satisfaction with the ongoing developments, stating that the purchase of the additional interest in Namibian PEL96 symbolizes their commitment to a sustainable partnership with ZM. He emphasized the belief in the value of the license while integrating a new partner to mitigate risks and diversify funding. Asher also discussed preparations for the upcoming well planning in Cameroon, highlighting the importance of forward planning for improved efficiency.
Tower Resources has made strategic moves to increase its stake in the Namibian PEL96 offshore licence while preparing for future drilling operations in Cameroon. The acquisition of the additional interest showcases the company’s commitment to strengthening partnerships and managing operational risks. By focusing on necessary approvals and essential personnel, Tower is positioning itself effectively for potential successes in both regions.
Original Source: www.proactiveinvestors.co.uk
