Letter of Approval for PEL96 Farm-out

Tower Resources PLC

25 June 2026

 

25 June 2026

Tower Resources plc

("Tower" or the "Company")

Namibia Update: Letter of Approval for PEL96 Farm-out

Tower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on Africa, is delighted to announce that it has received a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy ("MIME") for the farm-out of the PEL96 license, offshore Namibia, to Prime Global Energies Limited ("Prime").

This represents the finalisation of the only outstanding condition precedent under the PEL96 farm-out contract, announced on 10 January 2025. The Company will now send out a notice of completion to Prime, and a draft deed of assignment, novation and amendment to MIME and Tower's partners, with completion expected to follow shortly.

The Company is still awaiting approval for the proposed purchase by its wholly owned subsidiary Tower Resources (Namibia) Limited ("TRNL") of an additional 5% interest in the PEL96 license from its local partner, ZM Fourteen Investment (Pty) Ltd ("ZM") (together, the "Parties"), announced on 7 March 2025. As a result of the delay, the Parties are no longer bound to complete the acquisition of this interest, but are continuing to discuss its execution.

Tower Resources Chairman & CEO, Jeremy Asher, commented:

"We are very pleased to have received this letter of approval, and would like to thank the relevant personnel at MIME, the Upstream Petroleum Unit and NAMCOR for their diligent review and continued engagement throughout this process. We would also like to welcome Prime, who we view as a highly favourable partner for PEL96, with substantial technical and financial resources and a track record of operational success. We look forward to working alongside them and our other stakeholders to progress with the work programme offshore Namibia."

Contacts:

Tower Resources plc Jeremy Asher Chairman & CEO Andrew Matharu VP - Corporate Affairs	[phone]
BlytheRay Financial PR Megan Ray Will Jones	[phone] [e-mail]
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Stuart Gledhill Caroline Rowe Josh Ray	[phone]
Axis Capital Markets Limited Joint Broker Lewis Jones	[phone]

About Tower Resources

Tower Resources plc is an AIM listed energy company building a balanced portfolio of energy opportunities in Africa across the exploration and production cycle in oil and gas and beyond. The Company's current focus is on advancing its operations in Cameroon to deliver cash flow through short-cycle development and rapid production with long term upside, and de-risking attractive exploration licenses through acquiring 3D seismic data in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made.

Tower's strategy is centred around stable jurisdictions that the Company knows well and that offer excellent fiscal terms. Through its Directors, staff and strategic relationship with EPI Group, Tower has access to decades of expertise and experience in Cameroon and Namibia, and its joint venture with New Age builds on years of experience in South Africa.

 

END