Tower Resource's strategy is to build a high impact pan-African explorer based around its key Namibian asset and has traditionally targeted exploration licences where potential is thought to exist by analogy to similar hydrocarbon provinces elsewhere. The Namibia Licence 0010 was signed at a time when it was thought to be too far from existing discoveries to warrant early exploration activity. Since that time, a number of small exploration companies have entered the region and conducted successful farm-out programmes which have resulted in a number of IOCs and NOCs entering the region to pursue drilling programmes.
In order to achieve this strategy the New Ventures team are seeking to diversify the Tower portfolio via two routes with a geographical focus on the West African Atlantic margin basins and East African Rift systems:
- Participation in large equity stakes (50–100%) in early stage acreage in relatively under-explored regions
- Small equity interests (10-25%) in drill ready opportunities
The team aims to be opportunistic and imaginative in its approach to new ventures but focussed on delivery.