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Tower Resources announces preliminary FY18 results

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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.


  • 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

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