Skip to main content

Tower Resources releases 1H19 interim results

Published by
Oilfield Technology,


Tower Resources plc has announced its Interim Results for the six months ended 30 June 2019.

Highlights

  • January 2019 placing of 170 million new ordinary shares at 1p to raise £1.7 million (gross), together with issuance of placing warrants, broker warrants, and agreement of directors to accept warrants in lieu of fees.
  • February 2019 announcement by Total of a 1 billion boe gas-condensate discovery at its Brulpadda well in the Outeniqua basin, on its Blocks 11B/12B in South Africa, which is immediately adjacent to the Company's 50%-owned Algoa-Gamtoos licence.
  • Release of operator's estimates of 510 million boe of mean unrisked recoverable resource potential in the Algoa-Gamtoos licence, including a 346 million boe prospect in the Outeniqua basin section of the license.
  • April 2019 announcement of a Bridging Loan of US$750 000, with associated warrants, provided by Pegasus Petroleum Ltd and other parties to fund working capital while the Company pursues a farm-out of its Thali licence in Cameroon.
  • June 2019 subscription of 15 million new ordinary shares at 1p to raise £150 000 of further working capital.

Post reporting period events

  • July 2019 award in the company's favour by the First-Tier Tribunal (Tax Chamber) in respect of the company's VAT dispute with HMRC (where HMRC has subsequently requested leave to appeal to the Higher Tribunal).
  • Ongoing well planning and preparatory work for the intended 2019 Thali drilling programme in Cameroon.
  • Continuation of farm-out processes in respect of both the Thali licence in Cameroon and the Algoa-Gamtoos licence in South Africa.
  • Substantial farm-out discussions in respect of Thali.
  • Extension of bridging loan until 31 August 2019 with grace period until 30 September 2019.
  • Now seeking funding for working capital and to repay bridging loan.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/12092019/tower-resources-releases-1h19-interim-results/

You might also like

Winters Instruments

[Webinar] A New Solution to Monitoring Pressure in Applications with Vibration and Pulsation

During this webinar, Winters Instruments will discuss the issues associated with liquid-filled gauges and how a new solution overcomes them. Register for free today »

 
 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Upstream news Upstream drilling news Oil & gas news