Tower Resources Enhances Stake in Namibian Licence and Advances Cameroon Operations

Tower Resources PLC has agreed to increase its stake in the PEL96 offshore licence in Namibia to 60% by purchasing an additional 5% from ZM Fourteen Investment for $375,000. The company is also preparing to drill the NJOM-3 well in Cameroon, having submitted a request for a one-year Thali licence extension and working on rig selection and personnel hiring. Chairman Jeremy Asher highlights the importance of forward planning in ensuring timely and budget-compliant operations.

Tower Resources PLC, listed on the AIM, has finalized an agreement to acquire an additional 5% interest in its offshore PEL96 licence in Namibia, boosting its total stake to 60%. The company will procure this stake from ZM Fourteen Investment for $375,000. ZM Fourteen will retain a fully carried 5% interest, while NAMCOR and Prime Global Energies hold stakes of 10% and 25%, respectively. This acquisition is contingent upon regulatory approvals that Tower anticipates will coincide with the completion of its farm-out agreement with Prime.

In Cameroon, Tower Resources has submitted a request for a one-year extension of its Thali licence, with an expectation of receiving governmental approval by the end of March. The company is preparing to drill the NJOM-3 well by evaluating available rigs and plans to make a selection following the approval process. Additionally, Tower has commenced hiring essential personnel, such as a senior geologist and drilling engineer, to facilitate prompt initiation of drilling operations once approval is granted.

Chairman and CEO Jeremy Asher expressed satisfaction with the ongoing developments, stating that the acquisition represents a strategic shift for ZM to a sustainably carried position and reflects Tower’s confidence in the PEL96 licence’s value. He emphasized the importance of meticulous well planning in Cameroon, anticipating a smooth approval process to expedite the drilling of the NJOM-3 well. Asher noted, “Forward planning usually improves both time and budget performance.”

In conclusion, Tower Resources is taking significant steps to enhance its operations in Namibia by increasing its stake in the PEL96 licence and is actively preparing for drilling activities in Cameroon. The strategic acquisition from ZM Fourteen Investment demonstrates the company’s commitment to its African oil and gas projects, while also reflecting a collaborative partnership approach. With ongoing preparations for the NJOM-3 well, Tower Resources exemplifies a proactive strategy to enhance its resources and streamline operations.

Original Source: www.proactiveinvestors.com