Tower Resources PLC (AIM:TRP) has announced an extension of its Initial Exploration Period for its PEL 96 license, offshore Namibia.
The company, in a statement, noted that the initial exploration period of the licence will move out until the end of October, and, the Namibian authorities have invited the company to apply to enter its first renewal period which will subsequently run for two to three years.
It noted that the remaining work commitments under the initial exploration period is substantially complete.
And, the Namibia Ministry of Mines and Energy agreed to the deferral of commitments to acquire 1,000 square kilometers of new 3D seismic data into the first renewal period.
Tower told investors it continues to work on the evaluation of large stratigraphic and structural leads on PEL96, and its advancing plans to reprocess previously acquired 2D seismic data.
“Our view of the prospectivity of PEL 96 has improved greatly since we began the current phase of work in 2019, and we look forward to having sufficient data quality to share a more detailed picture of the structures we wish to explore further with the 3D data acquisition, as soon as we have it,” chief executive Jeremy Asher said in a statement.
“In the meantime, we plan to prepare a more detailed report summarising our findings to date, the main conclusions of which we will share with investors in due course."