Tower Resources has secured formal approval from Namibia’s Ministry of Industries, Mines and Energy for the farm-out of its PEL96 licence, offshore Namibia, to Prime Global Energies Limited, clearing the last outstanding condition tied to the deal first announced in January. Tower will now issue a notice of completion to Prime and forward a draft deed of assignment, novation and amendment to the ministry and its partners, with completion expected shortly.
Separately, Tower’s wholly owned subsidiary is still awaiting sign-off on a planned purchase of an additional five percent stake in PEL96 from local partner ZM Fourteen Investment, a deal announced in March 2025; the delay means neither party is now bound to complete it, though talks continue. Tower Resources Chairman and CEO Jeremy Asher welcomed the approval, thanking Namibian regulators for their diligence and describing Prime as a strong technical and financial partner for the licence going forward.
Source: oilreviewafrica.com