Tower Resources Expands Interests in Namibia and Prepares Drilling in Cameroon

Tower Resources PLC has obtained a 5% increase in its Namibian PEL96 licence stake, now holding 60% ownership. The firm is also preparing to drill the NJOM-3 well in Cameroon, awaiting regulatory approval for a license extension. The CEO, Jeremy Asher, emphasizes confident planning and ongoing progress in both territories.

Tower Resources PLC (AIM: TRP) has finalized an agreement to increase its stake in the PEL96 offshore licence in Namibia by an additional 5%. This acquisition from local partner ZM Fourteen Investment, valued at $375,000, raises Tower’s total ownership to 60%. ZM retains a 5% interest, fully carried, while national oil company NAMCOR holds a 10% carried stake, and Prime Global Energies owns a 25% interest. Approval from regulatory authorities is pending, anticipated to coincide with the completion of a farm-out agreement with Prime.

In Cameroon, Tower Resources has requested a one-year extension for its Thali license and is currently awaiting the government’s final approval. The company expects a decision from the Office of the Presidency by the end of March. To facilitate drilling preparations, Tower has commenced evaluating available rigs and plans to finalize a selection post-approval. Additionally, hiring of key roles such as a senior geologist and drilling engineer has begun to expedite operations once drilling commences.

Jeremy Asher, Chairman and CEO, expressed satisfaction with the advancements made, particularly regarding the acquisition of the Namibian stake. He stated that this acquisition underscores their commitment to a sustainable relationship with ZM and reflects confidence in the PEL96 licence’s value. Asher also emphasized the importance of thorough well planning in Cameroon, demonstrating optimism for the approval process and readiness to drill the NJOM-3 well in a timely manner. He remarked, “Forward planning usually improves both time and budget performance,” and promised to keep investors informed of future developments.

In summary, Tower Resources PLC is actively enhancing its position in its Namibian offshore licence while simultaneously preparing for drilling operations in Cameroon. The acquisition of an additional stake in the PEL96 licence is indicative of their strategic growth ambitions. Concurrently, steps are being taken to ensure readiness for the NJOM-3 well drilling, showcasing the company’s proactive planning approach. This activity affirms Tower Resources’ commitment to its African oil and gas projects.

Original Source: www.proactiveinvestors.com