Tower Resources is reinforcing its ability to deliver on key projects in Africa by expanding its bridge loan facility to £750,000.
This move is designed to maintain momentum on two fronts: the planned drilling of the NJOM-3 well in Cameroon and the ongoing farm-out negotiations for its Namibian offshore blocks.
In Cameroon, the company is preparing for the arrival of the Admarine 510 rig, scheduled for October 2025.
The additional funding will allow Tower to secure critical services and long-lead equipment necessary to ensure the NJOM-3 well is drilled on time.
This well is a central part of the Thali license development strategy and is expected to unlock significant reserves and value for the company.
At the same time, Tower’s Namibian operations are set to benefit from the increased financial flexibility.
The company is actively negotiating a farm-out deal for its deepwater Namibian acreage, aiming to bring in a partner to share exploration costs and mitigate project risk.
The expanded loan ensures Tower can keep these negotiations moving forward without delay and continue planning work to support a future drilling campaign.
Tower Resources’ Chairman and CEO Jeremy Asher has emphasised the importance of securing funding to maintain operational momentum in both countries.
By expanding the bridge loan, the company aims to stay on track with its strategy of delivering high-impact wells while minimising shareholder dilution through timely farm-out agreements.
The loan itself runs for up to 12 months from 25 March 2025. It is unsecured, though backed by corporate guarantees from Tower’s operational subsidiaries. Interest accrues at an annual rate of 15% and is paid at maturity, with a 5% fee charged at the time of drawdown.
The loan features a fixed conversion price of 0.05588 pence per share, set at a 100% premium to the average market price at the time of the original issue, giving Tower the option to prepay the loan with accrued interest if its share price remains below the conversion threshold.
By securing this expanded facility, Tower Resources ensures it can meet the near-term needs of its Cameroon drilling program while continuing to advance its plans in Namibia, thereby strengthening its position as an exploration-led company focused on delivering value across Africa.
