Tower Resources PLC is acquiring a 5% stake in Namibia’s PEL96 licence, raising total ownership to 60%. The company is also preparing to drill the NJOM-3 well in Cameroon, awaiting regulatory approvals for its Thali license extension and subsequent drilling activities.
Tower Resources PLC has announced plans to enhance its investment in the PEL96 offshore licence in Namibia by acquiring an additional 5% stake, which will elevate its total ownership to 60%. The acquisition, valued at $375,000, is being made from the local partner, ZM Fourteen Investment, which will retain a fully carried 5% interest. Additionally, existing interests include a 10% carried stake from NAMCOR, the national oil company, and 25% from Prime Global Energies.
This transaction is pending regulatory approvals that Tower anticipates receiving simultaneously with the completion of its farm-out agreement with Prime Global Energies. In a related development in Cameroon, Tower has submitted a request for a one-year extension of its Thali license, with a response expected from the government by the end of March. Preparations for drilling the NJOM-3 well are underway, with evaluations of available rigs and recruitment of necessary personnel in progress.
The company has begun hiring key team members, including a senior geologist and a drilling engineer, to ensure readiness for drilling operations as soon as approvals are obtained. Chairman and CEO Jeremy Asher expressed satisfaction with the advancements being made, emphasizing the strategic importance of the acquisition in Namibia and the impending drilling preparations in Cameroon. He highlighted the importance of forward planning for improving efficiency and cost management.
In summary, Tower Resources is advancing its strategic interests by increasing its stake in the Namibian PEL96 offshore licence and preparing for drilling operations in Cameroon. With regulatory approvals underway and necessary personnel being hired, the company is positioning itself to enhance its operational efficiency and value in these regions. Tower’s commitment to sustainability in partnerships also reflects its strategic foresight and confidence in its projects.
Original Source: www.proactiveinvestors.com
