RNS Summary7 Feb 2025 12:28
This is key.
"Through its wholly-owned subsidiary, Tower Resources Cameroon S.A. ("TRCSA"), the Company has agreed to farm-out a 42.5% non-operated interest in the Thali license to Prime in exchange for a US$15,000,000 cash contribution towards the Thali work programme and drilling of the NJOM-3 well in 2025, and further payments as set out below. In addition, via Tower Resources (Namibia) Limited, Prime has also agreed to farm-in to PEL96, offshore Namibia, for a 25% non-operated interest. As explained below, as part of these arrangements, Tower will also receive further payments including US$937,500 in cash immediately and a further US$3,437,500 cash on completion of the two farm-out agreements, for a total of US$4,375,000 in cash."
Plenty of cash and also Completion of both farm-out agreements due before end of Q1. So we should have some news on government approvals, licence extensions etc all before final farm out completions. Busy busy few weeks ahead