Tower Resources, the AIM-listed oil and gas company focused on Africa, provides an update on the approval process in respect of the farm-out transactions with Prime Global Energies in Cameroon and Namibia, announced on 10 January 2025.

Tower has also announced a subscription of 6,315,785,262 ordinary shares of 0.001p each to raise £1,499,999  at a price of 0.02375p per Subscription Share, being at a discount of approximately 5% to the closing bid price of the Company's shares on 13 March 2026.

License and Farmout Approval Update

The Company visited both the Societe Nationale de Hydrocarbures ("SNH") and the Prime Minister during the past two weeks in Cameroon, together with Tower's partner Prime. The Company has now been informed by SNH that, following requests from the Prime Minister's office and a further site visit which took place last week, it will recommend to the Minister of Mines, Industry and Technological Development ("MINMIDT") to issue the requested extension of the First Exploration Period of Tower's Thali license for a further year to March 2027, and to approve Tower's proposed farmout of a 42.5% interest in the Thali license to Prime, though the Company is still waiting for written confirmation of this. The Prime Minister's office has separately told the Company that it is convening a meeting together with MINMIDT and SNH to bring the matter to a conclusion, and the Company expects the requisite documentation to follow soon after that meeting.

In Namibia, the Company met with the newly-formed Upstream Petroleum Unit, which reports directly to the President of Namibia, together with representatives from the Ministry of Industries, Mines and Energy. Following the meeting, Tower has been informed that its request for approval of the farmout to Prime of a 25% interest in PEL96 will now be expedited. The national oil company, NAMCOR, has informed the Company that its due diligence on Prime is now complete, and that is only waiting for some further documentation on Tower's local partner to complete its file. Investors will recall that the Company has already entered the First Renewal Period of PEL96.

The Company is therefore confident that these approvals will now be documented reasonably quickly, though the Company remains cautious about predicting a precise date for each.

Tower Resources Chairman & CEO, Jeremy Asher, commented:
"We are very pleased to be approaching the end of the process to receive our farm-out approvals, lengthy as it has been. We had wanted to have these concluded before the repayment date of the Bridge Loan, and it is possible that the documentation of one or both approvals may indeed be in hand by then, but we did not want to allow the potential repayment date to loom too close.

"We are still looking forward to drilling the NJOM-3 well in Cameroon as soon as possible this year, ideally in Q3, but, as usual, this will depend on rig schedules. We will update investors both when the formal documentation has been received and also when we have finalised the rig schedule together with our partners and SNH. We are also working with Prime on an application for a further block in Cameroon during the current license round, and we are continuing to work on further data acquisition on PEL96.

"We look forward to having more to say about these initiatives soon."

KeyFacts Energy: Tower Resources Namibia country profile   l   Tower Resources Cameroon country profile