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/
