Tower Resources PLC has acquired an additional 5% stake in its Namibian PEL96 licence, now holding 60%. The acquisition, subject to regulatory approval, highlights a strategic shift to share risks and funding. In Cameroon, the company is preparing to drill NJOM-3 after seeking a one-year extension of its Thali licence, with final approval expected soon.
Tower Resources PLC, an AIM-listed company, has announced that it will acquire an additional 5% stake in the PEL96 offshore licence in Namibia, raising its total holding to 60%. The company will make this acquisition from local partner ZM Fourteen Investment for $375,000. ZM will retain a fully carried 5% interest, alongside a 10% carried interest held by national oil company NAMCOR and a 25% interest from Prime Global Energies.
The acquisition is subject to regulatory approvals, which Tower Resources anticipates will occur around the same time as the completion of a farm-out agreement with Prime. Additionally, in Cameroon, the company has submitted a request for a one-year extension for its Thali license and is waiting for the government’s final decision, expected from the Office of the Presidency by the end of March.
To facilitate drilling operations, Tower Resources has begun evaluating suitable rigs and plans to finalize its selection following the receipt of necessary approvals. Furthermore, the company is hiring critical personnel, including a senior geologist and a drilling engineer, to ensure readiness for the impending drilling of the NJOM-3 well.
Chairman and CEO Jeremy Asher commented on the progress made by the company, expressing satisfaction regarding the acquisition of the additional interest in Namibian PEL96. He elaborated that this acquisition reflects the company’s commitment to a sustainable investment strategy and its confidence in the value of the licence, while also aligning with efforts to manage risks by bringing in a new partner for shared funding responsibilities. Asher emphasized the importance of forward planning to enhance time and budget performance while reassuring investors of ongoing progress updates.
Tower Resources PLC is advancing its operations by increasing its stake in the PEL96 licence in Namibia and preparing for the drilling of the NJOM-3 well in Cameroon. The acquisition of additional interest strengthens its position in Namibia while the strategic hiring in Cameroon positions the company for future success. Regulatory approvals are anticipated, which will facilitate the commencement of drilling activities, demonstrating the company’s commitment to its projects in Africa.
Original Source: www.proactiveinvestors.com
