Tower Resources Enhances Stake in Namibia License and Prepares for Drilling in Cameroon

Tower Resources PLC has acquired an additional 5% stake in the PEL96 offshore licence in Namibia, raising its total to 60%. In Cameroon, the company is seeking a one-year extension for its Thali licence and is preparing for drilling operations. Chairman and CEO Jeremy Asher expressed confidence in both projects as they move forward.

Tower Resources PLC has announced an increase in its stake in the PEL96 offshore licence in Namibia by acquiring an additional 5% interest from partner ZM Fourteen Investment for $375,000. This acquisition raises Tower’s holding in the licence to 60%. ZM will retain a fully carried 5% interest, alongside NAMCOR’s 10% and Prime Global Energies’ 25% interests. Completion of the acquisition depends on regulatory approvals, which Tower anticipates receiving concurrently with finalization of the farm-out agreement with Prime.

In terms of its operations in Cameroon, Tower has requested a one-year extension for its Thali licence, pending government approval. The company expects to receive a decision from the Office of the Presidency by the end of March. In preparation for drilling, Tower is evaluating available rigs and will select one after obtaining the necessary approvals. Additionally, the company has begun hiring key personnel, such as a senior geologist and drilling engineer, to expedite drilling operations once they commence.

Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress and the acquisition of the additional interest in Namibia. He stated that this acquisition aims to enhance ZM’s sustainability as a partner while affirming Tower’s confidence in the PEL96 licence’s value. Asher highlighted ongoing work on well planning in Cameroon and emphasized the importance of forward planning to improve operational efficiency. He looks forward to providing further updates on the company’s progress.

In conclusion, Tower Resources PLC is actively enhancing its hold on oil and gas assets by increasing its stake in Namibia while progressing with plans for drilling in Cameroon. The company is strategically preparing for operations by securing the necessary personnel and assessing equipment. With positive advancements in its regulatory processes, Tower appears poised for future development in both regions.

Original Source: www.proactiveinvestors.com