Tower Resources PLC has agreed to acquire an additional 5% stake in its Namibian offshore licence, raising its total to 60% while making preparations for drilling the NJOM-3 well in Cameroon. The acquisition is subject to regulatory approvals, which Tower anticipates will align with its agreement with Prime Global Energies. Furthermore, the company has begun hiring critical personnel and evaluating drilling rigs to expedite operations.
Tower Resources PLC, listed on AIM, is set to enhance its investment in the PEL96 offshore licence in Namibia by acquiring an additional 5% stake from ZM Fourteen Investment for $375,000. This transaction will elevate Tower’s total holding to 60%, while ZM will maintain a 5% interest, alongside NAMCOR’s 10% and Prime Global Energies’ 25% interests. The acquisition awaits regulatory approvals, which Tower anticipates coinciding with the finalization of its farm-out agreement with Prime.
In Cameroon, Tower Resources is actively seeking a one-year extension for its Thali licence and is currently awaiting the government’s final approval, which is expected from the Office of the Presidency by the end of March. To facilitate drilling preparations for the NJOM-3 well, the company has commenced the evaluation of available drilling rigs and anticipates making a selection once approvals are granted. Furthermore, Tower has initiated the hiring process for vital personnel, including a senior geologist and a drilling engineer, to ensure efficient operations when drilling commences.
Chairman and CEO Jeremy Asher expressed satisfaction regarding the company’s progress and the strategic acquisition in Namibia, emphasizing the importance of ZM’s transition to a fully-carried position. He highlighted the faith in the PEL96 licence’s value while bringing a new partner to share funding obligations. Asher assured investors that planning for the Cameroon well is well underway, with confidence in the approval process, and emphasized the importance of preparation in optimizing time and budget for the upcoming drilling operations.
Tower Resources’ strategic moves reflect its ongoing commitment to advancing oil and gas projects in Africa, underscoring both the immediate and long-term vision for growth in the region.
In conclusion, Tower Resources is strategically increasing its stake in the Namibian PEL96 licence and preparing for drilling activities in Cameroon. These developments are crucial for the company’s growth in the oil and gas sector in Africa. The emphasis on regulatory approvals, personnel hiring, and meticulous planning suggests a proactive approach to ensure operational efficiency and readiness. The leadership’s confidence in their strategic decisions reflects a strong commitment to enhancing the company’s market position.
Original Source: www.proactiveinvestors.co.uk
