Tower Resources PLC is increasing its stake in Namibia’s PEL96 offshore licence to 60% by acquiring an additional 5%. The company is also preparing to drill the NJOM-3 well in Cameroon and awaits a government decision on a Thali licence extension. Regulatory approvals are pending for both projects.
Tower Resources PLC has announced its decision to increase its stake in the PEL96 offshore licence in Namibia by 5%, bringing its total holding to 60%. This acquisition, made from local partner ZM Fourteen Investment for $375,000, is contingent on regulatory approval. ZM will maintain a 5% interest in a fully carried position, alongside NAMCOR’s 10% and Prime Global Energies’ 25% interests.
In addition to this acquisition, Tower has submitted a request for a one-year extension of its Thali licence in Cameroon, awaiting the government’s decision. The company anticipates a response from the Office of the Presidency by the end of March. To facilitate the upcoming drilling of the NJOM-3 well, Tower is assessing rig availability and preparing to recruit essential personnel, including a senior geologist and drilling engineer.
In summary, Tower Resources is actively expanding its operations in Africa by enhancing its stake in Namibia’s offshore licence and preparing for further developments in Cameroon. The company demonstrates proactive planning by recruiting necessary personnel and evaluating logistics for drilling, all while awaiting critical regulatory approvals. These strategic steps signify Tower’s commitment to advancing its projects in the region.
Original Source: www.proactiveinvestors.com
