Tower Resources Secures Additional £250,000 for Cameroon Drilling Operations
Tower Resources has successfully expanded its bridge loan facility by 50%, increasing the total funding from £500,000 to £750,000 through its partnership with Gibraltar-registered Prime Resources. The enhanced funding will support the company’s upcoming drilling operations in Cameroon and advance its Namibia farm-out negotiations.
The loan extension maintains the original 12-month term from the March 25, 2025 drawdown date and remains convertible into ordinary shares at a fixed price if not prepaid earlier. The financing terms include a 5% implementation fee and 15% annual interest rate.
Chairman and CEO Jeremy Asher explained that the additional working capital provides crucial flexibility as the company prepares for drilling the NJOM-3 well on the Thali license in Cameroon. The Admarine 510 rig, owned by ADES, is scheduled to arrive in Cameroon in October for the Q4 2025 drilling campaign.
The company is also making significant progress on the farm-out of PEL96 offshore Namibia, with updates expected for both projects in the coming months. Tower recently agreed to sell non-operated interests in both PEL 96 and Thali to Prime Global Energies in exchange for cash contributions toward the drilling program.
Source: namibiaoilandgas.com