Tower Resources Expands Stake in Namibia Licence and Prepares for Drilling in Cameroon

Tower Resources PLC has acquired a 5% additional stake in its Namibia licence, increasing its holding to 60%. The acquisition is pending regulatory approval. In Cameroon, the company seeks a licence extension and prepares for drilling the NJOM-3 well, while recruiting essential personnel and evaluating drilling rigs.

Tower Resources PLC, a company listed on AIM (AIM:TRP), has expanded its ownership in the offshore PEL96 licence in Namibia by acquiring an additional 5% stake from local partner ZM Fourteen Investments for $375,000. This acquisition increases Tower’s total stake in the licence to 60%. ZM Fourteen will retain a fully carried 5% interest, in addition to NAMCOR’s 10% carried stake and Prime Global Energies’ 25% share.

The acquisition is contingent on receiving regulatory approvals, which Tower Resources anticipates obtaining concurrently with the conclusion of its farm-out agreement with Prime. The company is also advancing its drilling plans in Cameroon, having submitted a request for a one-year extension of its Thali licence, and it awaits final government approval, which is expected by the end of March.

In preparation for drilling operations, Tower is evaluating available rigs and plans to select one once the necessary approvals are secured. Key personnel, including a senior geologist and a drilling engineer, are also being recruited to facilitate a swift start to drilling when the time comes.

Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress and the acquisition of the additional stake in PEL96. He noted, “This acquisition reflects our wish for ZM to move to a more sustainable fully-carried position, and also reflects our faith in the value of the PEL96 license at the same time that we are bringing in a new partner to manage risk and share funding obligations.” Asher emphasized that forward planning could enhance both time and budget efficiency, expressing eagerness to share further updates on their progress.

In summary, Tower Resources PLC has successfully increased its stake in the PEL96 licence in Namibia, demonstrating its commitment to enhancing its position in African oil and gas projects. The company is also moving forward with drilling preparations in Cameroon while awaiting necessary regulatory approvals. With strategic planning and recruitment, Tower is positioned to advance its operations effectively in the forthcoming period.

Original Source: www.proactiveinvestors.co.uk