Tower Resources Secures Agreements to Buy and Sell Stakes in Offshore Assets

After signing agreements to buy and sell stakes in assets offshore Namibia and Cameroon, Tower Resources, a UK-based oil and gas company, is seeking partner and government approvals for the transactions.

Acquisition in Namibia

Tower Resources Namibia Limited (TRNL) has agreed to purchase a 5% interest in the PEL96 license offshore Namibia from its partner ZM Fourteen Investment for $375,000. ZM’s remaining interest in PEL96 will be fully carried through to production, along with the 10% interest held by the National Petroleum Corporation of Namibia (NAMCOR).

Farm-out Agreements in Cameroon

Tower also inked two farm-out agreements with Prime Global Energies, where Prime acquired interests in PEL96 and the Thali license off Cameroon for cash considerations and work program commitments.

Approval Process

TRNL is now seeking approvals from NAMCOR and the Ministry of Mines and Energy in Namibia for the transactions. In Cameroon, Tower Resources Cameroon SA (TRCSA) has submitted documentation for approval from the Minister of Mines, Industry, and Technological Development.

Future Plans

Tower Resources Chairman & CEO, Jeremy Asher, expressed confidence in the progress made and the value of the acquired interests. The company expects to receive necessary authorizations for the deals by the end of March.

Additionally, Tower is in discussions regarding rig selection for upcoming drilling activities and is working on well planning in Cameroon to ensure timely execution of the NJOM-3 well.

Conclusion

With ongoing developments in both Namibia and Cameroon, Tower Resources is positioning itself for future growth and success in its offshore operations. Stay tuned for further updates on the company’s progress.