Prime Global Energies Limited (Formerly Prime Pakistan Limited) Expands Global Footprint with Offshore Interests in Cameroon and Namibia

Karachi, Pakistan – January 10, 2025 

Prime Global Energies Limited (“Prime”), formerly Prime Pakistan Limited, a distinguished pioneer in Pakistan’s upstream oil and gas sector, has taken a significant leap onto the global stage. In a landmark deal, Prime has acquired non-operated interests in exploration licenses located in offshore West Africa from Tower Resources Plc, a UK-based exploration company.

Prime executed two Farm Out Agreements with Tower Resources Plc and its local subsidiaries on January 9, 2025. Through these agreements, Prime has secured:

•  *   42.5% participating interest in the Thali license and Production Sharing Contract in the Rio del Rey          basin, off the coast of Cameroon.
•  *   25% participating interest in the PEL96 Petroleum Agreement covering blocks 1910A, 1911,  and            1912B in Walvis basin, Namibia.

These agreements are pending customary approvals, which both Tower and Prime are confident will be secured.

Tower Resources Plc, known for its strategic focus on high-potential exploration projects in sub-Saharan Africa, welcomes this partnership. Jeremy Asher, CEO of Tower Resources Plc, stated, “In Prime, we have secured a partner with substantial technical and financial resources and a track record of operational success. We are very pleased to be working closely with them on these two highly valuable projects.”

Kamran Ajmal Mian, CEO of Prime, echoed these sentiments, highlighting the partnership’s promising future. These transactions mark a pivotal step in Prime’s strategy to diversify its portfolio, explore untapped resources, and enhance its strategic positioning within the global upstream oil and gas industry, attracting further investment and partnerships.