Business
Letter of Approval for PEL96 Farm-out
Tower Resources plc has received a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy for the farm-out of the PEL96 license to Prime Global Energies Limited, fulfilling the final condition precedent of the contract announced on 10 January 2025. The company is awaiting approval for an additional 5% interest purchase in PEL96 from its local partner, ZM Fourteen Investment, which was announced on 7 March 2025, and while the parties are no longer bound to complete this acquisition due to delays, discussions are ongoing. Disclaimer*
About this update from Tower Resources Plc
25 June 2026 Tower Resources plc ("Tower" or the "Company") Namibia Update: Letter of Approval for PEL96 Farm-out Tower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on Africa, is delighted to announce that it has received a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy ("MIME") for the farm-out of the PEL96 license, offshore Namibia, to Prime Global Energies Limited ("Prime"). This represents the finalisation of the only outstanding condition precedent under the PEL96 farm-out contract, announced on 10 January 2025. The Company will now send out a notice of completion to Prime, and a draft deed of assignment, novation and amendment to MIME and Tower's partners, with completion expected to follow shortly. The Company is still awaiting approval for the proposed purchase by its wholly owned subsidiary Tower Resources (Namibia) Limited ("TRNL") of an additional 5% interest in the PEL96 license from its local partner, ZM Fourteen Investment (Pty) Ltd ("ZM") (together, the "Parties"), announced on 7 March 2025. As a result of the delay, the Parties are no longer bound to complete the acquisition of this interest, but are continuing to discuss its execution. Tower Resources Chairman & CEO, Jeremy Asher, commented: "We are very pleased to have received this letter of approval, and would like to thank the relevant personnel at MIME, the Upstream Petroleum Unit and NAMCOR for their diligent review and continued engagement throughout this process. We would also like to welcome Prime, who we view as a highly favourable partner for PEL96, with substantial technical and financial resources and a track record of operational success. We look forward to working alongside them and our other stakeholders to progress with the work programme offshore Namibia." Contacts: Tower Resources plc Jeremy Asher Chairman & CEO Andrew Matharu VP - Corporate Affairs +44 20 7157 9625 BlytheRay Financial PR Megan Ray Will Jones +44 20 7138 3204 [email protected] SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Stuart Gledhill Caroline Rowe Josh Ray +44 20 3470 0470 Axis Capital Markets Limited Joint Broker Lewis Jones +44 203 026 2689 About Tower Resources Tower Resources plc is an AI...
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