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Tower Resources announces preliminary FY18 results

Published by
Oilfield Technology,


Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, has announced its preliminary results for the 12 months ended 31 December 2018.

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/

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