Tower Resources plc announce the following update with respect to the possible farm-out of part of its interests in Namibia PEL0010 and the issuance of New Ordinary Shares.
Considerable progress has been made in the farm-out process. Tower is seeking a farm-in partner for a 10% working interest in Namibia PEL0010. A number of interested parties have conducted a full review of the data-room and subsequent follow-up enquiries have been or are in the process of being dealt with. The Company is pleased with the level of interest. Tower expects the final well design and budget to be agreed soon with its partners, Repsol (operator) and Arcadia, and anticipates that this should allow the farm-out process to be brought to a timely conclusion.