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

Tower Resources PLC is set to acquire an additional 5% stake in the PEL96 offshore license in Namibia for $375,000, raising its total holding to 60%. The company is also preparing to drill the NJOM-3 well in Cameroon while awaiting governmental approval for an extension on its Thali license. Chairman and CEO Jeremy Asher expressed confidence in the company’s strategic actions and planning.

Tower Resources PLC, listed on AIM under the symbol TRP, has announced its intention to increase its stake in the PEL96 offshore license in Namibia by 5%. The acquisition from local partner ZM Fourteen Investment will cost $375,000, raising Tower’s stake to 60%. ZM will retain a fully carried 5% interest, while other partners include national oil company NAMCOR at 10% and Prime Global Energies holding 25% of the license.

The acquisition is pending regulatory approvals, which Tower anticipates receiving concurrently with its upcoming farm-out agreement with Prime Global Energies. In addition, Tower Resources is advancing its operations in Cameroon, where it has submitted a request for a one-year extension regarding its Thali license. The company is awaiting final approval from the government, with a decision expected by the end of March.

To facilitate drilling preparations at the NJOM-3 well, Tower begins the evaluation of available drilling rigs and plans to finalize its selection once approvals are secured. The company is also looking to recruit essential personnel, such as a senior geologist and a drilling engineer, to ensure efficiency in operations at the commencement of drilling.

Jeremy Asher, Chairman and CEO of Tower Resources, expressed satisfaction with the progression made by the company. He highlighted the strategic acquisition of the additional stake in Namibia and its significance for both the partnership with ZM and the value of the PEL96 license. Asher also emphasized the thoroughness of their well planning in Cameroon and confidence in the impending approval process, aiming to be prepared for drilling as soon as possible.

In conclusion, Tower Resources PLC is actively expanding its involvement in Namibia while preparing to initiate drilling operations in Cameroon. The acquisition of an additional stake in the PEL96 license demonstrates the company’s commitment to its regional projects. As regulatory approvals are anticipated, the company is ensuring that it has the necessary resources and personnel in place to support its operational objectives moving forward.

Original Source: www.proactiveinvestors.co.uk