Tower Resources PLC is increasing its stake in the PEL96 offshore license in Namibia to 60% and preparing to drill the NJOM-3 well in Cameroon. The company plans to acquire a 5% stake from ZM Fourteen Investment, subject to regulatory approval. Additionally, it has requested a one-year extension for its Thali license in Cameroon while evaluating drilling options and hiring key personnel for upcoming operations.
Tower Resources PLC has announced its decision to acquire an additional 5% stake in the PEL96 offshore license in Namibia, bringing its total ownership to 60%. The company will purchase this stake from ZM Fourteen Investment for $375,000, while ZM retains a fully carried 5% interest, joining national oil company NAMCOR, which holds a 10% stake, and Prime Global Energies, which has a 25% interest. This acquisition requires regulatory approval, expected during the completion period of a farm-out agreement with Prime.
In Cameroon, Tower Resources is progressing with its oil and gas projects by requesting a one-year extension for its Thali license. The company anticipates a decision from the Office of the Presidency by the end of March and is preparing for drilling operations by evaluating available rigs. It plans to hire key personnel, including a senior geologist and a drilling engineer, to ensure expediency once approvals are granted.
Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress and the strategic acquisition in Namibia. He highlighted that this move allows ZM to adopt a sustainable, fully-carried position while demonstrating confidence in the PEL96 license’s value. Asher affirmed that the company is diligently preparing for the NJOM-3 well in Cameroon, emphasizing that effective planning usually enhances time and budget efficiency. He promised to keep stakeholders informed of future developments.
In summary, Tower Resources is advancing its strategic initiatives by increasing its stake in the Namibian offshore license and preparing for upcoming drilling activities in Cameroon. The company’s proactive measures, including personnel recruitment and equipment evaluation, reflect its commitment to operational readiness. The anticipated regulatory approvals and active management of partnerships underscore Tower’s focus on realizing its objectives in the oil and gas sector.
Original Source: www.proactiveinvestors.co.uk
