Tower Resources has received formal approval from Namibia’s Ministry of Industries, Mines, and Energy (MIME) to transfer part of its interest in the offshore PEL96 license to Prime Global Energies Limited (Prime).
With the approval now in place, the final outstanding condition of the farm-out agreement announced last January has been met. Tower Resources will issue a notice of completion to Prime and submit the draft deed of assignment, novation, and amendment to MIME and its partners. The company expects the transaction to be completed shortly.
The company is still waiting for approval for its subsidiary, Tower Resources (Namibia) Limited (TRNL), to acquire an additional 5% interest in the PEL96 license from its local partner, ZM Fourteen Investment (Pty) Ltd. Because of the delay, neither party is required to complete the transaction, but discussions are continuing.
Tower Resources Chairman and CEO Jeremy Asher welcomed the approval and thanked MIME, the Upstream Petroleum Unit and NAMCOR for their review and support throughout the process. He also welcomed Prime as a partner, citing its technical and financial strength and operational experience, and said the company looks forward to working together to move the PEL96 work program offshore Namibia forward.
source;oilreviewafrica.com
African Energy Council