Tower Resources has acquired an additional 5% interest in Namibia’s PEL96 licence, raising its total stake to 60%. Additionally, the company is preparing to drill the NJOM-3 well in Cameroon, having requested a one-year extension for its Thali licence. Preparations include hiring key personnel and evaluating drilling rigs, with expectations of timely approvals from regulatory authorities.
Tower Resources PLC (AIM:TRP) has announced its intention to enhance its investment in Namibia’s offshore PEL96 licence by acquiring an additional 5% stake from partner ZM Fourteen Investment for $375,000. This acquisition will elevate Tower’s interest in the licence to 60%, while ZM will maintain a carried 5% stake, in addition to NAMCOR’s 10% and Prime Global Energies’ 25% interests. The completion of the acquisition is contingent upon receiving regulatory approvals, which Tower anticipates coinciding with its ongoing farm-out agreement with Prime.
In relation to its operations in Cameroon, Tower Resources has requested a one-year extension on its Thali licence and is currently awaiting a decision from the government, expected by the end of March. Concurrently, the company has begun preparations for drilling the NJOM-3 well, including evaluating available drilling rigs and hiring a senior geologist and drilling engineer to facilitate a prompt commencement of operations once approvals have been secured.
Jeremy Asher, Chairman and CEO, expressed satisfaction with the company’s advancements, particularly regarding the acquisition in Namibia, which reflects their commitment to a sustainable partnership with ZM and recognition of PEL96’s potential. He emphasized the significance of thorough planning in Cameroon, expressing confidence in the approval process and anticipating timely readiness for the NJOM-3 drilling.
Tower Resources is actively expanding its stake in Namibia’s PEL96 licence while preparing for drilling operations in Cameroon. The strategic acquisition signifies confidence in the licencing value and effective partnership with local entities, aiming for sustainable operational growth. Their proactive approach in hiring key personnel and planning ensures readiness for upcoming drilling activities, reflecting the company’s commitment to advancing its African projects.
Original Source: www.proactiveinvestors.co.uk
