Tower Resources PLC has increased its stake in the Namibia PEL96 licence to 60% and is preparing to drill the NJOM-3 well in Cameroon, awaiting government approval for a license extension. The company is also mobilizing resources and personnel to ensure readiness for drilling operations.
Tower Resources PLC has announced an acquisition of an additional 5% stake in its PEL96 offshore licence in Namibia, raising its ownership to 60%. The purchase from ZM Fourteen Investment costs $375,000. ZM Fourteen will maintain a fully carried 5% interest, with NAMCOR holding a 10% carried stake and Prime Global Energies possessing a 25% interest. This acquisition is pending regulatory approvals expected to coincide with the completion of the farm-out agreement with Prime.
In Cameroon, Tower Resources has requested a one-year extension for its Thali license and is awaiting government approval. A decision from the Office of the Presidency is anticipated by the end of March. The company has initiated preparations for drilling by evaluating available rigs and intends to finalize its selection post-approval. Key personnel, including a senior geologist and drilling engineer, are also being recruited to expedite operations once drilling commences.
Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress, emphasizing the strategic acquisition in Namibia. He noted, “This acquisition reflects our wish for ZM to move to a more sustainable fully-carried position, and also reflects our faith in the value of the PEL96 license.” He expressed confidence regarding the approval process in Cameroon for the upcoming NJOM-3 well, stating that forward planning typically enhances performance in both timeline and budget.
In summary, Tower Resources is steadily advancing its operations in Namibia and Cameroon by increasing its stake in the PEL96 offshore licence and preparing for drilling at the NJOM-3 well. The strategic acquisition strengthens its partnership dynamics and enhances potential productivity. Furthermore, the company is actively managing its preparations for drilling, ensuring readiness once approvals are obtained, affirming its commitment to progress in the African oil and gas sector.
Original Source: www.proactiveinvestors.co.uk
