Namibia Approves Tower Resources Farm-Out of Offshore PEL96 License to Prime Global Energies
Tower Resources has received formal approval from Namibia’s Ministry of Industries, Mines and Energy (MIME) for the farm-out of its offshore PEL96 exploration license to Prime Global Energies Limited.
The approval removes the final outstanding condition under the farm-out agreement announced in January, clearing the way for the transaction to proceed to completion.
Tower Resources will now issue a completion notice to Prime and submit the required deed of assignment, novation, and amendment to MIME and its joint venture partners.
Completion of the deal is expected in the near term.
Separately, Tower Resources is still awaiting regulatory approval for its wholly owned subsidiary, Tower Resources (Namibia) Limited, to acquire an additional 5% stake in PEL96 from local partner ZM Fourteen Investment (Pty) Ltd.
Although delays have eased contractual obligations tied to the transaction, discussions between the parties are ongoing regarding a potential path forward.
Tower Resources Chairman and CEO Jeremy Asher welcomed the regulatory approval, expressing appreciation to MIME, the Upstream Petroleum Unit, and NAMCOR for their cooperation throughout the review process.
He also welcomed Prime Global Energies as a new partner in the project, noting that the company brings strong technical expertise, financial capacity, and operational experience to the development of PEL96. Asher added that Tower Resources looks forward to collaborating with all partners to advance offshore exploration activities on the license
