**Summary**
Tower Resources plc, an AIM-listed oil and gas company focused on Africa, announced updates on farm-out approvals and a subscription to raise £1,499,999. The company is nearing final approvals for farm-out transactions with Prime Global Energies Limited in Cameroon (Thali license) and Namibia (PEL96), with positive progress reported in meetings with government authorities. In Cameroon, the Societe Nationale de Hydrocarbures (SNH) recommended extending the exploration period and approving the farm-out, pending formal documentation. In Namibia, the Upstream Petroleum Unit is expediting approval, with due diligence on Prime completed.
The subscription involves issuing 6,315,785,262 ordinary shares at 0.02375p each, primarily to repay a £1 million convertible bridge loan due March 25, 2026. The remaining proceeds will fund working capital. The company also issued warrants to the broker, Axis Capital Markets Limited, as part of the arrangement.
Tower Resources remains focused on drilling the NJOM-3 well in Cameroon in Q3 2026, subject to rig availability, and is pursuing additional opportunities in Cameroon and Namibia. The company emphasized caution regarding precise approval timelines but expressed confidence in progress. The announcement includes regulatory disclaimers, forward-looking statement notices, and contact details for further information.