Tower Resources PLC has acquired a 5% additional stake in Namibia’s PEL96 licence, bringing its total interest to 60%. The company is also preparing to drill the NJOM-3 well in Cameroon, having requested a one-year extension for its Thali license. Key hiring and rig evaluations are ongoing as Tower anticipates regulatory approvals and aims for efficient project execution.
Tower Resources PLC, listed on AIM as TRP, has made a strategic move by acquiring an additional 5% stake in its offshore licence PEL96 in Namibia, increasing its total holding to 60%. The purchase, costing $375,000 from local partner ZM Fourteen Investment, is part of ongoing efforts to expand its operations in Africa’s oil and gas sector. ZM will retain a fully carried 5% interest, while national oil company NAMCOR holds a 10% carried stake, and Prime Global Energies possesses a 25% interest.
The acquisition is contingent upon receiving regulatory approvals, which Tower anticipates will occur simultaneously with the finalization of its farm-out agreement with Prime. Meanwhile, in Cameroon, Tower is seeking a one-year extension for its Thali license, with an expected decision from the Office of the Presidency by the end of March.
To prepare for drilling the NJOM-3 well, Tower has begun evaluating available rigs and plans to finalize its selection once approvals are received. Additionally, the company is hiring key personnel, such as a senior geologist and drilling engineer, to facilitate a swift commencement of drilling operations.
Chairman and CEO Jeremy Asher expressed satisfaction regarding the company’s progress and the acquisition from ZM. He emphasized the aim for ZM to attain a sustainable fully-carried position while underscoring Tower’s confidence in the PEL96 license’s value. Asher noted, “We are already working hard on the well planning in Cameroon, as we are confident about the approval process, and want to ensure we are ready to drill the NJOM-3 well in good time. Forward planning usually improves both time and budget performance.”
Moving forward, Tower Resources remains committed to advancing its oil and gas projects in Africa, focusing on securing necessary approvals and preparing for impending drilling operations.
In summary, Tower Resources PLC is enhancing its foothold in Namibia by increasing its stake in the PEL96 licence while simultaneously preparing drilling operations in Cameroon. With expectations for regulatory approvals, the company is strategically hiring personnel and researching available rigs to ensure efficient project implementation. The leadership expressed optimism about the future performance of its operations, underlining the importance of strategic planning in driving efficiency and effectiveness.
Original Source: www.proactiveinvestors.com
