Tower Resources Expands Stake in Namibia and Prepares for Cameroon Drilling
Tower Resources PLC has acquired a 5% additional stake in its Namibian PEL96 licence, raising its total ownership to 60%. The company is also preparing to drill the NJOM-3 well in Cameroon, awaiting a license extension approval. Chairman Jeremy Asher expressed confidence in the progress and strategic partnerships involved in these ventures.
Tower Resources PLC, listed on AIM under the ticker TRP, has announced an acquisition of a 5% additional stake in its offshore PEL96 licence in Namibia for $375,000. This acquisition will elevate Tower’s ownership to 60%, while local partner ZM Fourteen Investment will maintain a fully carried 5% interest, joining the 10% carried stake from the national oil company NAMCOR and the 25% holding by Prime Global Energies.
The acquisition is pending regulatory approvals which Tower anticipates will align with the finalization of their farm-out agreement with Prime. In parallel, Tower is seeking a one-year extension for its Thali license in Cameroon, with a decision expected from the Office of the Presidency by the end of March.
To ensure efficient drilling preparations for the NJOM-3 well, Tower is evaluating available drilling rigs and planning to finalize the selection once approvals are secured. The company has also initiated the recruitment of essential personnel, including a senior geologist and a drilling engineer, to facilitate swift operations once drilling commences.
In comments to investors, Chairman and CEO Jeremy Asher expressed satisfaction with the company’s ongoing progress and highlighted the importance of acquiring additional interests in Namibia. Asher emphasized the strategic significance of this acquisition not only for risk management but also for the confidence in the PEL96 licence’s value. He further noted the commitment to thorough well planning in Cameroon, advocating that systematic planning enhances performance efficiency and budget management.
In summary, Tower Resources’ recent acquisition of an increased stake in the Namibian PEL96 license, combined with their planned drilling operations in Cameroon, underscores their proactive strategy in advancing their oil and gas initiatives in Africa. With preparations underway and forthcoming regulatory approvals, the company appears poised for significant developments in these areas. The leadership’s confidence in navigating these projects reflects a strong commitment to sustainable partnerships and operational readiness.
Original Source: www.proactiveinvestors.co.uk
