Tower Resources PLC executed two farm-out agreements and associated documentation with Prime Global Energies Ltd. for minority, non-operated interests in Tower’s Thali license offshore Cameroon and PEL96 offshore Namibia.
Tower Resources Cameroon SA has agreed to farm-out a 42.5% non-operated interest in the Thali license to Prime in exchange for $15,000,000 cash towards the Thali work program and drilling of the NJOM-3 well in 2025.
Tower Resources (Namibia) Ltd. will farm out PEL96 for a 25% non-operated interest. Tower will also receive further payments including $937,500 in cash immediately and a further $3,437,500 cash on completion of the two farm-out agreements, for a total of $4,375,000 in cash.
Completion of both farm-out agreements is expected to occur by the end of first-quarter 2025 subject to government, partner, and regulatory consents.
