Tower Resources PLC (AIM:TRP), in Tuesday's results statement, told investors it is completely confident about drilling the NJOM-3 well, and it is fully committed to doing so as soon as possible.
The company highlighted progress on its farm-out agreements in Cameroon and Namibia and preparations for drilling the NJOM-3 well on the Thali licence.
"During the first half of 2025 we announced the execution of farm-out agreements in respect of both our Cameroon and Namibian licenses, and since that announcement we have been ramping up staff and contractors and negotiating contracts in anticipation of drilling in Cameroon and further seismic data acquisition in Namibia," Tower chief executive Jeremy Asher said.
"The process of getting government approvals has taken longer than we would have hoped, and this has somewhat delayed our operational plans. However, the approval time frames so far are not unusual and we believe these processes are still on track in both cases."
Under the deal with Prime Global Energies, Tower will receive US$15 million for Thali and US$2.5 million for the Namibia asset, in exchange for minority interests.
The NJOM-3 well is now expected to be drilled in the first quarter of 2026 following government approvals and rig scheduling.
"We are very excited about the months ahead and the opportunities that 2026 will bring," Asher added.