Tower Resources PLC has acquired an additional 5% of the PEL96 offshore license in Namibia, raising its stake to 60%. The firm is also preparing for the NJOM-3 well drilling in Cameroon, pending government approvals. Chairman Jeremy Asher expressed confidence in the company’s strategic moves and plans for timely drilling operations.
Tower Resources PLC, listed on AIM (AIM:TRP), has secured an agreement to enhance its ownership in the PEL96 offshore license in Namibia by acquiring an additional 5% interest. This transaction, valued at $375,000, will elevate the company’s stake to 60%. Notably, ZM Fourteen Investment will retain a fully carried 5% interest alongside partners which include the national oil company NAMCOR with a 10% carried stake and Prime Global Energies holding 25%. This acquisition is contingent upon receiving necessary regulatory approvals, which Tower anticipates coinciding with the finalization of its farm-out agreement with Prime.
In relation to its operations in Cameroon, Tower Resources has applied for a one-year extension on its Thali license and is presently awaiting governmental approval. The firm expects to receive feedback from the Office of the Presidency by the end of March. As part of its drilling preparations, Tower has initiated an evaluation of available rigs and intends to finalize its selection pending approval. Additionally, the company is in the process of onboarding critical personnel, including a senior geologist and a drilling engineer, to facilitate swift drilling operations once they begin.
Jeremy Asher, the Chairman and CEO of Tower Resources, expressed satisfaction with the company’s progress and highlighted the strategic acquisition of the additional interest in the Namibian PEL96 license. He stated that this acquisition demonstrates a commitment to fostering a sustainable position for ZM, while also reflecting confidence in the PEL96’s value as they introduce a new partner to mitigate risk and share funding responsibilities. Furthermore, Asher assured investors that the company is advancing its well-planning efforts in Cameroon and is optimistic about the approval process, aiming to drill the NJOM-3 well promptly. He emphasized that effective forward planning enhances both time efficiency and budget management, expressing a commitment to keep investors informed on the company’s evolving developments.
Tower Resources PLC is strategically enhancing its operational footprint in Africa through increased stakes in its Namibian license and preparations for drilling in Cameroon. The acquisition of an extra 5% in the PEL96 license reflects a commitment to collaborative growth and investor confidence. As operational readiness progresses in Cameroon with key personnel hiring and rig evaluations, the company remains poised for impactful developments and seeks to maintain communication with stakeholders regarding ongoing advancements.
Original Source: www.proactiveinvestors.com
