Tower Resources PLC has increased its stake in Namibia’s PEL96 licence to 60% and is preparing to drill NJOM-3 in Cameroon. The company acquired the additional stake for $375,000, pending regulatory approvals. In Cameroon, it awaits a one-year license extension to initiate drilling plans, with a focus on ensuring operational readiness as it hires key personnel.
Tower Resources PLC, listed on AIM under the ticker TRP, has announced its intent to acquire an additional 5% stake in its PEL96 offshore licence in Namibia for $375,000, raising its total holding to 60%. This acquisition is from local partner ZM Fourteen Investment, which will maintain a fully carried 5% interest alongside NAMCOR’s 10% carried stake and Prime Global Energies’ 25% interest. The finalization of this transaction is contingent upon regulatory approvals expected to be granted concurrently with a farm-out agreement with Prime.
In Cameroon, the company has submitted a request for a one-year extension for its Thali license and is currently awaiting the final approval from governmental authorities. A decision from the Office of the Presidency is anticipated by the end of March. Meanwhile, Tower Resources has commenced the evaluation of available drilling rigs and plans to make a selection post-approval. The company has also initiated the hiring process for crucial personnel such as a senior geologist and a drilling engineer to expedite drilling operations once permitted.
Chairman and CEO Jeremy Asher expressed satisfaction with the progress, stating the acquisition of the additional interest in the Namibian licence demonstrates their commitment to sustainable partnerships while managing risk and funding obligations. He also emphasized the importance of effective planning in facilitating timely and budget-conscious drilling operations for the NJOM-3 well in Cameroon, expressing optimism for the approval process and commitment to keep investors informed on progress.
Tower Resources PLC is actively enhancing its position in its offshore operations, particularly through increased stakes in Namibia and advancements in Cameroon. The strategic acquisition of an additional 5% in the PEL96 licence underscores the company’s confidence in its prospects while ensuring sustainability in local partnerships. Furthermore, the readiness for drilling operations in Cameroon indicates robust planning and resource allocation to optimize project outcomes. The expected approvals and subsequent activities reveal Tower’s commitment to its expansion and operational efficiency within the African oil and gas sector.
Original Source: www.proactiveinvestors.co.uk
