Tower Resources chief executive officer Jeremy Asher says engagement with Namibia’s national oil company has resumed, with Namcor confirming it is back to work on due diligence and documentation linked to an additional farm-out agreement for the company’s PEL 96 licence in the Orange Basin.
Asher said the renewed engagement follows contact from Namcor after the holiday period, confirming the resumption of work related to the proposed farm-out with Prime Global Energies Limited, a privately held United Kingdom–based energy investment and development firm.
The step is viewed as critical to advancing the licence and securing funding for the next phase of work.
PEL 96 was granted to Tower Resources in 2021 and is located offshore in Namibia’s Orange Basin, one of the country’s most prospective hydrocarbon regions.
Under the current licence structure, Tower holds an 80% working interest, while Namcor retains a 20% carried interest, consistent with Namibia’s upstream participation framework.
In 2023, Tower announced a farm-out arrangement with Prime Global Energies, under which the UK-based company would acquire an interest in PEL 96 by funding exploration and development work, subject to Namibian regulatory approvals and Namcor’s due diligence.
During 2024, Tower disclosed an additional proposed farm-out involving Prime, aimed at increasing Prime’s participation and securing funding for the next phase of work on the licence, which required further technical, legal and commercial reviews by Namcor.
Meanwhile, Tower Resources plc (AIM: TRP) has raised short-term funding to support working capital requirements. At the same time, it awaits the required documentation to complete its agreed farm-outs in Namibia.
The company announced a subscription for 1,704,545,454 ordinary shares for 0.022 pence per share, representing a discount of about 8% to the closing bid price on 27 January 2026.
The subscription is intended to maintain operational momentum as regulatory processes linked to the PEL 96 transaction continue.
Tower has continued with Namibian data acquisition and technical work during this period, and the confirmation that Namcor has resumed its review is expected to help move the additional farm-out toward completion, subject to final approvals from the Ministry of Mines and Energy.
