Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM-listed Africa-focussed oil and gas exploration company, announces its Interim Results for the six months ended 30 June 2017.

Highlights

  • The sale, in January 2017, of Tower’s wholly owned subsidiary, Comet Petroleum Limited (“Comet”) for a nominal cash consideration, future contingent payments and net over-riding royalty interests of five or ten per cent over future production revenue from Comet’s assets in the Saharawi Arab Democratic Republic;
  • Suspension of trading in the Company’s shares on AIM in May 2017, due to financial uncertainty after a transaction in respect of the Thali block, Cameroon, that would have triggered an immediate cash payment to Tower, failed to complete;
  • The completion of a placing in June 2017, which raised £180,000, and announcement of an open offer, at a price of 1.0 pence per share with key support from Directors and existing shareholders; and
  • Further corporate overhead reductions, which have reduced our cash G&A costs by approximately $1 million in aggregate, compared to 1H 2016, and should result in a further reduction in 2H 2017.

Post reporting period events

  • Completion of a substantially over-subscribed open offer in August 2017, which raised approximately £187,890 at a price of 1.0 pence per share;
  • Extension of the Algoa-Gamtoos block, offshore South Africa (50% Tower, Operator New Age 50%): 1st Renewal Period to 27 August 2019 confirmed by the Operator; and
  • Workshop held in Cameroon regarding upcoming work programme on Thali block.

Download full announcement including the Interim Results for the Six Months to 30 June 2017 [PDF, 665KB]

Contacts

Tower Resources plc

Jeremy Asher (Chairman and CEO)
Andrew Matharu (VP – Corporate Affairs)
+44 20 7253 6639

Peel Hunt LLP (Nominated Adviser and Broker)

Richard Crichton/Ross Allister
+44 20 7418 8900