Tower Resources Expands Stake in Namibia and Prepares for Drilling in Cameroon
Tower Resources PLC has agreed to purchase an additional 5% stake in its PEL96 offshore licence in Namibia, increasing its holding to 60%. The firm is also preparing to drill the NJOM-3 well in Cameroon, awaiting government approval for a license extension. Chairman Jeremy Asher is optimistic about the progress and operational efficiency of both projects.
Tower Resources PLC, listed on AIM under the symbol TRP, is set to enhance its investment in the offshore PEL96 licence in Namibia by acquiring an additional 5% stake for $375,000. This transaction will elevate Tower’s total ownership in the licence to 60%. Meanwhile, its local partner, ZM Fourteen Investment, will maintain a fully carried 5% interest in the licence, alongside NAMCOR’s 10% carried stake and Prime Global Energies’ 25% stake in the venture.
The completion of this acquisition is contingent upon regulatory approvals, which Tower Resources anticipates to receive concurrently with the finalization of its farm-out agreement with Prime Global Energies. In relation to its operations in Cameroon, Tower has formally requested a one-year extension for its Thali licence, pending government approval. A definitive decision from the Office of the Presidency is expected by March’s end.
To prepare for the NJOM-3 well drilling, Tower Resources is currently assessing available drilling rigs and plans to finalize its selection upon obtaining necessary approvals. Additionally, the company has begun to recruit essential staff, including a senior geologist and a drilling engineer, to ensure operational readiness as soon as drilling begins.
Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress and the acquisition of the additional interest in the Namibian licence. He commented on the strategic importance of ZM moving to a more sustainable position while highlighting the value of the PEL96 licence. Asher is optimistic about the impending approval process for the drilling in Cameroon and is dedicated to ensuring that preparations align to enhance efficiency and budget adherence during the operation.
In conclusion, Tower Resources PLC is actively progressing its oil and gas projects in Africa, notably by increasing its stake in the Namibian PEL96 licence. The company is also making preparations for the NJOM-3 well in Cameroon while awaiting regulatory approvals for both projects. The strategic acquisition and ongoing operational preparations reflect the company’s commitment to growth and operational efficiency in the region.
Original Source: www.proactiveinvestors.co.uk
