Tower Resources

What Tower Resources does

Tower Resources plc is an AIM-listed independent oil and gas exploration company headquartered in London (134 Buckingham Palace Road, Westminster) with a pan-African asset portfolio across Cameroon, Namibia, and South Africa. Its core products are three offshore exploration licences: the 100%-held Thali Production Sharing Contract in Cameroon's Rio del Rey Basin (35.4 MMbbls risked PMean recoverable resources, planned NJOM-3 development well), the 80%-operated PEL 96 licence in Namibia's Walvis Basin (home to the billion-barrel-scale Gamma Prospect), and the 50%-held Algoa-Gamtoos licence in South Africa's deep-water Outeniqua Basin. The underlying technical workflow combines 3D seismic interpretation, basin modeling, and prospect evaluation, supplemented by third-party AI-driven seismic attribute analysis (Paradise workbench from Geophysical Insights) used to refine drilling locations at Thali.

The company is pre-revenue and does not sell products or services to end customers; its revenue model is contingent on converting exploration success into production cashflow. In the interim, Tower funds operations primarily through discounted equity share subscriptions (raising approximately £1.9 million in 2026 alone at deeply dilutive prices) and farm-out transactions, notably with Prime Global Energies, which is acquiring 42.5% of Thali and 25% of PEL 96 in exchange for funding drilling obligations. Strategic services are delivered by a lean 1-10 person team supported by Outsourced Exploration Department (OExD) services from P.D.F. Limited / EPI Group and three joint brokers (SP Angel, Axis Capital Markets, Novum Securities). The company's customers, in the practical sense, are limited to a single farm-out counterparty and host-state regulatory partners (SNH in Cameroon, NAMCOR in Namibia), making regulatory milestones — not sales pipelines — the primary near-term value driver.

Name

Tower Resources

Legal name

Tower Resources plc

Website

https://towerresources.co.uk

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Tower Resources plc is a London-based, AIM-listed independent oil and gas exploration company with a pre-revenue pan-African portfolio spanning offshore licences in Cameroon (Thali), Namibia (PEL 96), and South Africa (Algoa-Gamtoos), funding drilling via equity raises and farm-out partnerships.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration

NAICS

Support Activities for Mining (2131), Drilling Oil and Gas Wells (213111)

SIC

Oil & Gas Field Exploration Services (1382), Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

akta.pro secondary industry

Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Oil and gas exploration
• Pan-African operations
• Offshore exploration licenses
• Upstream oil and gas
• Farm-out transactions

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Exploration and Production: Pre-revenue exploration stage company. Revenue expected from oil and gas production once exploration and development are successful. The company aims to develop oil and gas production providing operational cashflow to fund early-stage exploration costs.
2. Farm-out Transactions: The company generates capital through farm-out transactions where it sells interests in its exploration licenses to partners (e.g., Prime Global Energies) in exchange for funding obligations and carried interests.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Tower Resources is an AIM-listed independent oil and gas exploration company focused on pan-African offshore assets. It originates and holds interests in exploration licenses including the Thali PSC in Cameroon (100%), PEL 96 in Namibia (80% operated), and Algoa-Gamtoos in South Africa (50%), pursuing farm-out transactions with industry partners to fund drilling while retaining material upside exposure.

Product overview

Tower Resources is an AIM-listed independent oil and gas exploration and production company with a pan-African focus. The company operates three core assets: the Thali PSC in Cameroon (100% interest, planning NJOM-3 development well), the PEL 96 license in Namibia (80% operated interest), and the Algoa-Gamtoos license in South Africa (50% non-operated joint venture with NewAge). Tower Resources does not offer software products or digital platforms; its offerings consist entirely of oil and gas exploration and production assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Thali Production Sharing Contract (PSC) Offshore shallow-water oil and gas license in the Rio del Rey Basin, Cameroon, covering 119.2 km² with water depths of 8-48 metres. Contains the Njonji discovery with multiple fault blocks and the planned NJOM-3 development well. Held at 100% interest via Tower Resources Cameroon S.A.
• PEL 96 License Offshore exploration license covering 23,297 km² in the northern Walvis Basin and Dolphin Graben, Namibia. Tower holds 80% operated interest with multiple structural and stratigraphic prospects including the Gamma Prospect.
• Algoa-Gamtoos License Offshore exploration license covering 9,369 km² in South Africa, operated by NewAge Energy Algoa (50% interest). Held by Tower subsidiary Rift Petroleum Limited (50% non-operated interest). Contains multiple deep-water leads and prospects targeting Cretaceous turbidite plays.

Quantifiable outcome

• Risked PMean recoverable resources of 35.4 million barrels at Thali block, Cameroon
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Prime Global Energies LimitedcoreStrategic or Co-development Partner · 1 January 2025Farm-out partner for both Cameroon (Thali PSC - 42.5% interest) and Namibia (PEL96 - 25% interest) licenses. Prime Global Energies will acquire interests in exchange for funding obligations, supporting plans to drill the NJOM-3 well in Cameroon. Ministerial approval received for Namibia farm-out in June 2026; Cameroonian approval pending with presidential involvement.
• P.D.F. LimitedcoreImplementation/ SI/ Consulting Partner · 1 July 2013International oil and gas exploration advisory group providing Outsourced Exploration Department (OExD) services to Tower Resources. P.D.F. was acquired by EPI Group in 2016 and continues as the Geoscience function within EPI, with Mark Enfield serving as CEO of Geoscience at EPI.
• New Age Energy Algoa (Pty) LtdcoreStrategic or Co-development PartnerOperator of the Algoa-Gamtoos license in South Africa, holding 50% interest alongside Tower's subsidiary Rift Petroleum Limited (50%). Tower acquired its non-operated interest through the all-share acquisition of Rift in April 2014.
• ZM Fourteen InvestmentminorStrategic or Co-development PartnerLocal partner in Namibia for PEL96. A separate transaction for Tower's subsidiary to acquire an additional 5% interest from ZM Fourteen Investment remains pending and is no longer binding due to delay in completion.
• ENVOI LimitedminorChannel Partner/ Reseller/ DistributorManaging farm-out process for Algoa-Gamtoos license in South Africa on behalf of operator NewAge and Tower.

Scale indicators6 records

Recent moves8 records

Expansion highlights4 records

Market position

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/towerresources

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tower Resources