Tower Resources plc has received formal approval from Namibia’s Ministry of Industries, Mines and Energy for the farm-out of the offshore PEL96 license to Prime Global Energies Limited, satisfying the final outstanding condition under the agreement announced on 10 January 2025.
The company will now issue a notice of completion to Prime Global Energies and submit a draft deed of assignment, novation and amendment to the ministry and its partners. Completion is expected to follow shortly.
Separately, Tower Resources is still awaiting approval from the ministry for the proposed acquisition by its wholly owned subsidiary, Tower Resources (Namibia) Limited, of an additional 5% interest in PEL96 from local partner ZM Fourteen Investment (Pty) Ltd. The proposed deal was announced on 7 March 2025.
Due to the delay, the parties are no longer bound to complete that acquisition, but discussions on its execution are continuing.
Tower Resources Chairman and Chief Executive Officer Jeremy Asher said the company appreciated the review and continued engagement by the ministry, the Upstream Petroleum Unit and NAMCOR throughout the process.
He also welcomed Prime Global Energies as a partner in PEL96, citing its technical and financial resources and operational track record, and said the partners looked forward to progressing the offshore Namibia work program.
