Tower Resources has acquired a 5% stake in the PEL96 licence in Namibia, increasing its ownership to 60%. The company is also preparing to drill the NJOM-3 well in Cameroon while waiting for a license extension approval. CEO Jeremy Asher stressed the importance of planning and preparation in advancing their projects.
Tower Resources PLC has announced plans to enhance its involvement in the PEL96 offshore licence in Namibia by acquiring an additional 5% stake for $375,000 from ZM Fourteen Investment. This acquisition will raise Tower’s holding to 60%. ZM will maintain a 5% carried interest, alongside NAMCOR’s 10% carried stake and Prime Global Energies’ 25% interest. The deal is pending regulatory approvals, which Tower anticipates will coincide with the final steps of its farm-out agreement with Prime.
Simultaneously, in Cameroon, Tower Resources has filed for a one-year extension of its Thali license and is awaiting government approval. The Office of the Presidency is expected to deliver a decision by the end of March. As part of preparation for drilling activities, the company has begun evaluating available rigs and plans to finalize its selection once the necessary approvals are in place. Recruitment efforts are underway, targeting key roles such as a senior geologist and a drilling engineer.
Chairman and CEO Jeremy Asher has expressed satisfaction with the company’s advancements and the recent stake acquisition in Namibia. He stated, “We are pleased with the progress we are making and also with the acquisition of this small additional interest in the Namibian PEL96 from our local partner ZM.” The acquisition aims to create a more sustainable position for ZM and underscores Tower’s confidence in the PEL96 license’s value. Additionally, Asher emphasized the importance of thorough preparation and forward planning for the drilling of the NJOM-3 well in Cameroon, anticipating improved efficiency in both schedule and budget.
Asher concluded, “Forward planning usually improves both time and budget performance. I look forward to keeping you updated with our further progress.”
Tower Resources PLC is enhancing its position in the PEL96 offshore licence in Namibia by acquiring a 5% stake, raising its holding to 60%. The acquisition is awaiting regulatory approval. In Cameroon, the company is preparing to drill the NJOM-3 well and has requested a license extension. Chairman Jeremy Asher highlights the importance of strategic planning to ensure operational readiness and efficiency moving forward.
Original Source: www.proactiveinvestors.com
