Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces its preliminary results for the 12 months ended 31 December 2014.

Highlights:

  • Placing raised gross £19.3 million (US$32.0 million)
  • Portfolio diversified into Kenya, South Africa and Zambia
  • Drilling of the Welwitschia-1/1A well, offshore Namibia, completed with remaining Albian Carbonate potential untested
  • Cash balance at year-end of US$7.9 million (2013: US$17.5 million)

Graeme Thomson, Chief Executive Officer of Tower Resources, said:

“2014 was a very active year for Tower with a focus on de-risking and further diversifying our African portfolio into South Africa, Zambia and Kenya. We were all extremely disappointed with the result of the Welwitschia well offshore Namibia and, post-period, the onshore Badada-1 in Kenya. Both wells, however, had enormous potential for Tower, had been validated by first class partners, and have provided valuable information about the blocks which remain prospective.

We currently have limited commitments, and are exploring several opportunities to develop our portfolio further including our anticipated entry into the Dissoni Block, offshore Cameroon. Tower will also continue to seek potential partners to share its exploration costs where desirable or necessary to move our most exciting prospects along faster.”

Download 2014 Preliminary Results in full [PDF]

Contacts
Tower Resources

Graeme Thomson (CEO)
Andrew Matharu (VP – Corporate Affairs)
+44 20 7253 6639

Peel Hunt LLP (Nominated Adviser and Joint Broker)

Richard Crichton/Ross Allister
+44 20 7418 8900

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Emily Morris
+44 20 7647 2800

Vigo Communications

Chris McMahon/Peter Reilly
+44 20 7016 9572