Tower Resources PLC has increased its stake in the Namibian PEL96 license by acquiring an additional 5%, now holding 60%. It is also preparing to drill the NJOM-3 well in Cameroon, pending government approval for a license extension. The company is focused on operational readiness and personnel recruitment to expedite drilling efforts.
Tower Resources PLC (AIM:TRP) has finalized an agreement to acquire an additional 5% stake in its PEL96 offshore license located in Namibia. This acquisition, valued at $375,000, will elevate Tower’s total holding in the license to 60%. ZM Fourteen Investment will retain a fully carried 5% interest, complemented by NAMCOR’s 10% carried stake and Prime Global Energies’ 25% share in the project.
This acquisition remains subject to regulatory approvals, which Tower anticipates will coincide with the completion of its farm-out agreement with Prime Global Energies. In parallel, Tower Resources has submitted a request for a one-year extension of its Thali license in Cameroon and awaits final approval from the government, with a decision expected from the Office of the Presidency by the end of March.
To facilitate drilling preparations, Tower Resources has initiated evaluations for available drilling rigs and plans to finalize a selection upon receiving the necessary approvals. Furthermore, the company is recruiting essential personnel, including a senior geologist and a drilling engineer, to ensure readiness for the upcoming drilling of the NJOM-3 well.
Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress, stating, “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.” He emphasized the importance of this move towards a more sustainable position for ZM and reiterated confidence in the value of the PEL96 license while managing risks and sharing funding obligations with new partners. Asher added, “Forward planning usually improves both time and budget performance. I look forward to keeping you updated with our further progress.”
In summary, Tower Resources has taken strategic steps to enhance its position in Namibia by acquiring an additional stake in the PEL96 offshore license and is actively preparing for future drilling operations in Cameroon. With ongoing evaluations and personnel recruitment, the company demonstrates its commitment to advancing its projects. The anticipated regulatory approvals will play a crucial role in expediting these developments.
Original Source: www.proactiveinvestors.co.uk
