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.