Tower Resources PLC has agreed to increase its stake in the PEL96 offshore licence in Namibia to 60% by acquiring an additional 5% from ZM Fourteen Investment. The company is also preparing to drill the NJOM-3 well in Cameroon while awaiting regulatory approvals and government decisions on its licensing.
Tower Resources PLC (AIM:TRP) has announced its decision to increase its stake in the PEL96 offshore licence in Namibia by acquiring an additional 5% from ZM Fourteen Investment for $375,000, thereby raising its total stake to 60%. ZM Fourteen will maintain a fully carried 5% interest, while NAMCOR and Prime Global Energies own 10% and 25%, respectively. This acquisition hinges on obtaining necessary regulatory approvals, anticipated to coincide with the completion of a related farm-out agreement.
In summary, Tower Resources PLC is expanding its involvement in Namibian oil ventures while advancing preparations for drilling operations in Cameroon. The company is actively seeking necessary approvals and has begun essential hiring to ensure timely execution. The strategic acquisition reflects Tower’s commitment to enhancing its stake and managing risks effectively in its projects.
Original Source: www.proactiveinvestors.co.uk
