Trp Looking forward key points25 Mar 2026 08:32
Key Developments (Q1 2026)
Farm-out Agreement: Tower has executed an agreement for Prime Global Energies to acquire a 42.5% stake in the Thali license in exchange for a $15 million gross contribution to the Thali work programme costs.
Licence Extension: Cameroon's Societe Nationale de Hydrocarbures (SNH) has indicated it will recommend a one-year extension of the First Exploration Period of the Thali license to March 2027.
Regulatory Approval: While formal written confirmation is still awaited, both the SNH and the Prime Minister’s office are working toward final approval of the deal, following visits by Tower CEO Jeremy Asher and Prime CEO Kamran Ajmal Mian to Yaoundé.
Drilling Plans: Tower aims to drill the NJOM-3 well in the third quarter of 2026, subject to final approvals and rig availability.
Funding: In March 2026, Tower raised £1.5 million to repay a bridge loan and support working capital for the Thali project, along with their Namibian project.