Tower Resources farms out stakes in Namibia and Cameroon

WINDHOEK, January 10, 2025 – Tower Resources has farmed out stakes in licences offshore Namibia and Cameroon to fellow UK-based upstream player Prime Global Energies, Tower said on Friday.

London-listed Tower’s share price jumped 40% on Friday morning following the announcement.

Subsidiary Tower Resources (Namibia) will farm out a 25% non-operated interest in PEL 96 to Prime Global, a UK-based upstream player.

PEL 96, situated in the Walvis Basin, comprises three offshore blocks.

Meanwhile, subsidiary Tower Resources Cameroon will farm out a 42.5% non-operated interest in the Thali license to Prime, which will contribute USD 15 million to the work programme, including the drilling of the NJOM-3 well this year.

Both assets are in the exploration phase.

Following the completion of the deals, expected in Q1 of this year, Prime’s payment to Tower will total USD 4.37 million.

Tower Resources chairman and CEO Jeremy Asher said he was “delighted” by the deal.

“For our Thali license, the funding provided should enable Tower to drill the NJOM-3 commitment well, which will mark a significant milestone for the company,” he said.

“Whilst this has been our priority, we have also made great efforts over the past few years to understand better the huge prospectivity of the PEL 96 licence, offshore Namibia, and I’m very pleased that its potential has also been recognised through this additional agreement with Prime as a non-operating partner.”

Read our latest insights on: