Business
Namibia and Cameroon Update
Namibia and Cameroon Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n\n\n \n7 March 2025\nTower Resources plc\n(\"Tower\" or the \"Company\")\nNamibia and Cameroon Update\n \nTower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on Africa, is pleased to announce that its wholly-owned subsidiary Tower Resources (Namibia) Limited (\"TRNL\") has agreed to purchase an additional 5% interest in the PEL96 license offshore Namibia from its local partner, ZM Fourteen Investment (Pty) Ltd (\"ZM\"), and is also pleased to provide investors with a general update on preparations for drilling the NJOM-3 well on the Thali license, offshore Cameroon.\n \nNamibia\n \nTRNL has agreed to purchase a 5% interest in the PEL96 license from ZM, half of ZM's current 10% interest in the license, for a cash consideration on completion of US$375,000. ZM's remaining 5% interest in the PEL96 license will be fully carried through to production, as is the 10% interest held by the National Petroleum Corporation of Namibia (Proprietary) Limited (\"NAMCOR\"). TRNL has already funded all of the expenses associated with ZM's interest to date, so no further reimbursement of past costs is due to ZM. Completion of the purchase is subject to usual conditions precedent, identical to those in the farm-out agreement that TRNL concluded with Prime Global Energies Limited (\"Prime\") in January 2025, including Namibian government approvals and consent of the other partners in the PEL96 license, and the two transactions are expected to complete at or about the same time, as both are subject to similar government consents. ZM has also confirmed its consent to the TRNL-Prime farm-out agreement. Tower expects to fund this acquisition on behalf of TRNL using a portion of the substantial amount of cash it is due to receive from the TRNL-Prime farm-out completion.\n \nFollowing completion of this purchase from ZM, and the farm-out of a 25% interest in the license to Prime, the interests in the PEL96 license will be as follows:\n \n TRNL 60% (Operator)\n Prime 25%\n &...