Tower Resources announces preliminary FY18 results

Highlights:

• Thali PSC US$1.2 million (2017: US$431 000) exploration and evaluation expenditure;
• Publication of Cameroon Reserves Report by Oilfield International Limited;
• Award of new Petroleum Agreement for an 80% operated interest in blocks 1910A, 1911 and 1912B, offshore Namibia, together with the National Petroleum Corporation of Namibia (NAMCOR);
• Reduced loss before impairment of US$1.0 million (2017: loss US$1.6 million);
• Impairment of Zambia licences totalling US$2.8 million (2017: US$nil); and
• Cash balance at year-end of US$331 000 (2017: US$2.2 million).

Post-reporting period events:

• Placing and subscription to raise £1.7 million (gross) at placing price of 1.00 pence per share;
• Interim financing via a US$750 000 Bridging Loan Facility.

The full annnouncement can be read here

Read the article online at: https://www.oilfieldtechnology.com/special-reports/04062019/tower-resources-announces-preliminary-fy18-results/