7th Nov 2018 12:13
LONDON (Alliance News) - Tower Resources PLC said Wednesday that unit Tower Resources (Namibia) Ltd has signed a new petroleum deal with the government of Namibia.
The agreement covers an 80% operated interest in blocks 1910A, 1911 and 1912B, offshore Namibia. The National Petroleum Corporation of Namibia and ZM Fourteen Investment CC both own a 10% stake each.
Chairman and Chief Executive Officer Jeremy Asher said: "We are very excited about our new Petroleum Agreement in Namibia.
"As a company, we know Namibia very well, and the wells drilled in the Walvis Basin during the past few years have provided a much greater level of understanding of the regional geology."
Tower Resources shares were trading up 7.8% at 1.59 pence each.
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