Tower Resources PLC is acquiring a 5% stake in the Namibian PEL96 licence to boost its holding to 60%. In Cameroon, the company seeks a one-year extension for its Thali license while preparing to drill the NJOM-3 well. Preparations include rig evaluations and personnel hiring as they await government approvals.
Tower Resources PLC has announced its intention to acquire an additional 5% stake in the PEL96 offshore licence located in Namibia. This acquisition will increase the company’s stake to 60% as Tower purchases the share from local partner ZM Fourteen Investment for $375,000. ZM will maintain a fully carried 5% interest in the licence, supplemented by NAMCOR’s 10% carried stake and Prime Global Energies’ 25% interest.
The acquisition is pending regulatory approval, which Tower Resources is optimistic about receiving concurrently with the completion of its farm-out agreement with Prime. Meanwhile, in Cameroon, the company has requested a one-year extension for its Thali license and is currently awaiting the final approval from the government with a decision expected by the end of March.
In preparation for the drilling of the NJOM-3 well, Tower Resources has initiated the evaluation of available drilling rigs and plans to finalize its selection once approvals are granted. Additionally, the company is in the process of hiring essential personnel, including a senior geologist and drilling engineer, to ensure efficient operations upon commencement of drilling activities.
Chairman and CEO Jeremy Asher expressed satisfaction with the company’s progress, stating that the acquisition of the additional interest in PEL96 reflects confidence in its value and a commitment to a sustainable partnership with ZM. He emphasized the importance of forward planning to enhance time and budget performance in the upcoming drilling operations in Cameroon.
Tower Resources has effectively increased its interest in the Namibian offshore licence to 60% while preparing for its drilling project in Cameroon. With plans underway for personnel hiring and rig evaluations, the company is poised to operate efficiently following regulatory approvals. The strategic acquisition showcases Tower’s commitment to sustainable partnerships and confidence in its resources. The anticipated approval from the Cameroonian government will further bolster its project timeline.
Original Source: www.proactiveinvestors.com