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Tower Resources, the AIM-listed oil and gas company focused on Africa, has inched closer to the finish line of its farm-out deal for a license off the coast of Namibia.
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Tower Resources has secured the final missing approval for the farm-out transaction with Prime Global Energies in Namibia, originally announced in January 2025, thanks to the receipt of a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy (MIME) for the PEL96 license offshore Namibia.
The company explains that this approval represents the finalization of the only outstanding condition precedent under the PEL96 farm-out contract. The firm will now send out a notice of completion to Prime, and a draft deed of assignment, novation and amendment to MIME and the firm’s partners, with completion expected to follow shortly.
Jeremy Asher , Tower Resources Chairman & CEO, commented: “We are very pleased to have received this letter of approval, and would like to thank the relevant personnel at MIME, the Upstream Petroleum Unit and NAMCOR for their diligent review and continued engagement throughout this process.
“We would also like to welcome Prime, who we view as a highly favourable partner for PEL96, with substantial technical and financial resources and a track record of operational success. We look forward to working alongside them and our other stakeholders to progress with the work programme offshore Namibia.”
However, Tower is still awaiting approval for the proposed purchase by its wholly owned subsidiary Tower Resources (Namibia) Limited (TRNL) of an additional 5% interest in the PEL96 license from its local partner, ZM Fourteen Investment (ZM), as announced in March 2025.
As a result of the delay, the companies are no longer bound to complete the acquisition of this interest but continue to discuss its execution.
Multiple global players are pursuing hydrocarbon resources in Namibian waters, as demonstrated by Shell’s recent oil discovery .
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10 days ago
about 1 month ago
Tower Resources, the AIM-listed oil and gas company focused on Africa, has inched closer to the finish line of its farm-out deal for a license off the coast of Namibia.
