Tower Resources has raised £1.87 million (about N$46 million) through two share subscriptions this year as it advances its offshore Namibian interests, including Petroleum Exploration Licence 96 (PEL 96), where it recently increased its stake and secured a licence renewal.
The AIM-listed oil and gas company is focused on developing its African exploration portfolio, with PEL 96 offshore Namibia among its key growth assets, alongside the Thali licence in Cameroon.
The company raised a combined £1,874,999 through share subscriptions completed in January and March 2026, with part of the funding used to repay a bridge loan and support ongoing corporate and exploration activities.
The largest fundraising was completed on 16 March 2026, when Tower raised £1,499,999 by issuing 6,315,785,262 new ordinary shares for 0.02375 pence per share. The company said the proceeds were used, among other things, to repay a bridge loan facility in full.
Axis Capital Markets, which acted as broker, received warrants over 141,052,526 new ordinary shares with a strike price of 0.0475 pence per share, exercisable over three years.
The March fundraising followed an earlier subscription completed on 28 January 2026, which raised £375,000 by issuing 1,704,545,454 new ordinary shares at 0.022 pence per share.
In connection with that transaction, Axis Capital Markets received warrants over 42,613,363 ordinary shares with a strike price of 0.044 pence per share, also exercisable over three years.
The capital raisings come as Tower continues to strengthen its position in Namibia’s offshore petroleum sector.
On 7 March 2025, Tower Resources Namibia agreed to acquire an additional 5% interest in PEL 96 from its local partner, ZM Fourteen Investment, for US$375,000, subject to customary approvals and conditions.
The licence has also attracted interest from outside investors. In January 2025, Prime Global Energies agreed to farm into PEL 96 for a 25% non-operated interest as part of a wider transaction involving Tower’s Namibian and Cameroonian assets. Under the agreement, Tower is expected to recover historical costs and receive additional cash payments upon completion of the farm-out transaction.
Tower reported that Namibia’s Ministry of Industries, Mines and Energy formally confirmed the company’s entry into the First Renewal Period of PEL 96 on 17 June 2025, allowing exploration activities on the licence to move into the next phase.
The company also disclosed that completion of the Namibia and Cameroon farm-out transactions would generate total cash proceeds of US$4.375 million for Tower. The package includes a US$2.5 million payment linked to the Namibia transaction, although part of that amount remains subject to completion conditions.
Tower’s continued investment in PEL 96 comes at a time when international interest in Namibia’s offshore sector remains high following major discoveries by operators including TotalEnergies, Shell and Galp Energia in the Orange Basin.
The latest fundraising provides the company with additional financial flexibility as it pursues exploration and farm-out activities across its African portfolio while maintaining exposure to Namibia’s increasingly active offshore oil and gas industry.
