Tower Resources (LSE:TRP) has moved closer to completing its farm-out agreements with Prime Global Energies in both Namibia and Cameroon, marking further progress in efforts to secure funding and advance its exploration portfolio across Africa.
In Namibia, the company reported that the relevant authorities have acknowledged receipt of the documentation relating to the transfer fee and have indicated that a decision on the final approval letter is expected by 1 July 2026. Once received, the approval would enable completion of the farm-out transaction and support the next phase of activity on the licence.
In Cameroon, the farm-out of the Thali licence and the proposed extension of the initial exploration period have progressed to the Office of the Presidency. The process has been supported by a letter from the Prime Minister, reflecting the senior-level approvals required before the transaction can be finalised.
While awaiting regulatory decisions, Tower has strengthened its short-term liquidity position through a £400,000 fundraising completed via a discounted share subscription. The company also issued broker warrants as part of the financing package and confirmed details of its enlarged share capital.
Management believes the funding will provide working capital support as it continues to pursue completion of the Namibia and Cameroon transactions, both of which are viewed as important milestones in attracting additional capital and technical expertise for future exploration programmes.
Successful completion of the farm-outs would represent a significant step forward in advancing Tower’s upstream development plans and unlocking larger-scale investment across its asset portfolio.
More about Tower Resources
Tower Resources is an AIM-listed oil and gas exploration company focused on opportunities across Africa, with key interests in offshore Namibia and Cameroon. The company seeks to advance its exploration and development assets through farm-out agreements, licence extensions and partnerships with industry participants, providing access to funding and technical capabilities for frontier hydrocarbon projects.
Leave a Reply