UK-based oil and gas company Tower Resources has signed multiple agreements involving its offshore assets in Namibia and Cameroon. The company announced on March 7, 2025, that its subsidiary, Tower Resources Namibia Limited (TRNL), has agreed to acquire a 5% stake in the PEL96 license offshore Namibia from partner ZM Fourteen Investment for $375,000.
Earlier in January, Tower inked two farm-out agreements with Prime Global Energies. Under these deals, Prime acquired a 25% non-operated interest in PEL96 for $2.5 million and a 42.5% non-operated interest in the Thali license offshore Cameroon for a $15 million contribution toward the Thali work program and the NJOM-3 well drilling in 2025.
Following these transactions, TRNL will retain a 60% operating interest in PEL96, while Prime holds 25%, with NAMCOR and ZM maintaining 10% and 5% carried interests, respectively. Tower Resources is now awaiting government approvals for the transactions in both Namibia and Cameroon.
Tower Resources Chairman & CEO Jeremy Asher stated, “We are pleased with the progress we are making and also with the acquisition of this additional interest in Namibia. This acquisition reflects our confidence in the value of the PEL96 license while managing risk through partnerships.”
Tower Resources anticipates securing approvals by the end of March, with well planning for the NJOM-3 project already underway. The company has also received multiple offers for drilling rigs, with a selection decision expected soon.
Source: Offshore Energy
