Africa-focused energy company Tower Resources has reported further progress on regulatory approvals for its exploration interests in Cameroon and Namibia, as it prepares for the next phase of its regional oil and gas programme.
The company’s shares rose during trading after the latest update, with investors responding to developments surrounding its proposed farm-outs and plans to advance exploration activity in both countries.
In Namibia, Tower said the deed of assignment relating to the farm-out of a 25 per cent interest in Petroleum Exploration Licence 96 (PEL96) to Prime Global Energies Limited has reached the Minister of Industries, Mines and Energy for signature.
Tower had received formal ministerial approval for the farm-out in June, satisfying the final condition precedent under the transaction. The remaining administrative steps involve the ministerial signature and stamping of the assignment documents.
The development is expected to move the Namibia transaction closer to completion, allowing Tower and Prime to progress with planned work on PEL96 alongside NAMCOR and local partners.
In Cameroon, Tower said presidential authorisation for an extension of the Thali licence and the proposed farm-out of a 42.5 per cent interest to Prime has progressed through the government approval process.
The presidential letter has been transmitted through the Prime Minister’s Office to Cameroon’s Minister of Mines, Industry and Technological Development and the Société Nationale des Hydrocarbures (SNH).
Tower said the relevant authorities are now expected to issue the formal approvals required to complete the transaction.
The company’s Cameroon operations centre on the shallow-water Thali licence in the Rio del Rey Basin, where it is preparing for the NJOM-3 appraisal well.
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Tower said it remains in drilling readiness, with the well now expected to spud in the second quarter of 2027. The company has already received the mud-line suspension system required for the well, while other long-lead equipment is being stored in Douala.
Draft service agreements for the drilling programme are also in place, although final arrangements will depend on rig selection and confirmed scheduling.
Tower’s latest update comes against a tight financial position. Its cash and equivalents stood at $66,583 at June 30, 2026, compared with $394,025 a year earlier, while the company recorded an operating loss of $844,141 for the six-month period.
The company has nevertheless raised additional funds through several share subscriptions, including £325,000 in August, £400,000 in June and £1.5 million in March.
Tower said it expects to work with Prime, NAMCOR and its local partners on the next phase of PEL96 activity, including seismic analysis that could support possible 3D seismic acquisition in 2027.
The company is also continuing preparations for Cameroon’s NJOM-3 well, while financing discussions for subsequent development of the Njonji structure remain dependent on the results of the appraisal drilling.
