Tower Resources Expands Stake in Namibian Licence and Progresses…

Tower Resources PLC is increasing its stake in Namibia’s PEL96 licence to 60% by acquiring an additional 5% from ZM Fourteen Investment for $375,000. The acquisition is pending regulatory approval. Concurrently, the company seeks a one-year extension for its Thali license in Cameroon and is preparing for drilling at NJOM-3, awaiting governmental decisions by March end.

Tower Resources PLC, listed on AIM (AIM: TRP), has announced plans to increase its stake in the PEL96 offshore licence in Namibia by acquiring an additional 5% from ZM Fourteen Investment for $375,000, bringing its total ownership to 60%. ZM will retain a carried interest of 5%, while NAMCOR and Prime Global Energies hold 10% and 25% interests, respectively. This acquisition is contingent upon regulatory approvals, which are expected coinciding with the finalization of the farm-out agreement with Prime.

In terms of its operations in Cameroon, Tower Resources has submitted a request for a one-year extension of its Thali license and is awaiting government approval, with an anticipated decision from the Office of the Presidency by the end of March. To facilitate upcoming drilling activities, the company is assessing available rigs and preparing to hire essential personnel, such as a senior geologist and a drilling engineer, to expedite operations once approvals are secured.

Chairman and CEO Jeremy Asher expressed satisfaction with the company’s advancements and the acquisition of the additional interest in PEL96. He noted that this investment signifies a commitment to supporting ZM’s transition towards a sustainable status while affirming confidence in the PEL96 licence’s potential value. Asher also emphasized the importance of thorough well planning in Cameroon to ensure timely readiness for drilling at the NJOM-3 site, underscoring that proactive planning typically enhances both time and budget efficiency.

Overall, Tower Resources is actively pursuing opportunities to expand its holdings in Namibia while strategically preparing for forthcoming drilling operations in Cameroon, projecting confidence in both regions’ potential for development.

Tower Resources PLC is enhancing its involvement in the Namibian oil sector by acquiring an additional 5% stake in the PEL96 licence, increasing its total holding to 60%. Meanwhile, the company is preparing for drilling operations in Cameroon, having submitted an extension request for its Thali license and awaiting regulatory approval. The strategic moves signify the company’s commitment to leveraging valuable assets while ensuring readiness for future ventures.

Original Source: www.proactiveinvestors.com