Courtesy "Tower Resources plc Corporate summary June 2024" presentation
Stars represent downhole locations of deviated wells.
Tower Resources has conducted farm-out agreements with Prime Global Energies covering exploration projects offshore Cameroon and Namibia.
Pending approvals, Prime will take a 42.5% non-operated interest in the Thali license offshore Cameroon by contributing $15 million to the ongoing work program and drilling of the NJOM-3 appraisal well later this year.
In addition, Prime will farm into 25% of the PEL96 offshore Namibia. Tower hopes to finalize both arrangements by the end of March.
Prime is a UK-incorporated upstream operation. Parent company Prime International Oil and Gas acquired Eni’s E&P interests in Pakistan.
The two parties have in principle also agreed to work together on other projects in Cameroon.
Tower aims to use part of the proceeds to fund its activities offshore Namibia, including evaluation of large stratigraphic and structural leads and prospects across the license area.
It aims to reprocess prior 2D seismic that was acquired over large parts of the license to build a more detailed picture of prospective structures. That work will support the selection of a 3D seismic data acquisition area.
