Proactiveinvestors United Kingdom Tower Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Tower Resources PLC RSS feed en Mon, 22 Jul 2019 16:05:03 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Tower Resources says successful in appeal against an HMRC decision to deny it credit for input VAT ]]> https://www.proactiveinvestors.co.uk/companies/news/223584/tower-resources-says-successful-in-appeal-against-an-hmrc-decision-to-deny-it-credit-for-input-vat-223584.html Tower Resources PLC (LON:TRP), the Africa-focused oil company, revealed it has been successful in its appeal against an HMRC decision to deny it credit for input VAT.

In a brief statement, the group noted that, on 8 July, The First-Tier Tribunal (Tax Chamber) delivered its decision to allow the company's appeal. It added that the decision is subject to a possible further appeal by HMRC to the Upper Tribunal.

READ: Tower Resources looks to July for spudding of key Cameroon well

If HMRC chooses to make such an appeal, then it must do so within 56 days of the delivery of the First-Tier Tribunal's decision, the group said, while any such appeal must be based on an error of law. The findings of fact made by the First-Tier Tribunal are final, it noted.

The company pointed out that it has fully provided for assessments previously issued by HMRC in its accounts, up to and including its accounts for year ended 31 December 2018.

The group said it will announce further developments as they arise.

In early trading, shares in Tower Resources were 2.8% higher at 0.93p.

 -- Adds share price, clarifies statement --

 

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Tue, 09 Jul 2019 09:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223584/tower-resources-says-successful-in-appeal-against-an-hmrc-decision-to-deny-it-credit-for-input-vat-223584.html
<![CDATA[RNS press release - VAT Tribunal Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190709070003_14140858/ Tue, 09 Jul 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190709070003_14140858/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190704114420_14137028/ Thu, 04 Jul 2019 11:44:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190704114420_14137028/ <![CDATA[RNS press release - Issue of Warrants to Directors ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190701101702_14131096/ Mon, 01 Jul 2019 10:17:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190701101702_14131096/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190628152058_14129716/ Fri, 28 Jun 2019 15:20:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190628152058_14129716/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190628103928_14128966/ Fri, 28 Jun 2019 10:39:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190628103928_14128966/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190624070013_14120918/ Mon, 24 Jun 2019 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190624070013_14120918/ <![CDATA[News - Tower Resources raises £150k, hopes to wrap up financing discussions for NJOM-3 well ‘soon’ ]]> https://www.proactiveinvestors.co.uk/companies/news/222561/tower-resources-raises-150k-hopes-to-wrap-up-financing-discussions-for-njom-3-well-soon-222561.html Africa-focused oil and gas explorer Tower Resources PLC (LON:TRP) has raised £150,000 after its chief executive subscribed for another slew of shares.

Jeremy Asher has paid 1p apiece for 15mln shares, taking his total holding to just shy of 15%.

READ: Tower looks forward to progress in 'crucial' 2019

The subscription doesn’t affect the terms of a £590,000 (US$750,000) bridging loan due for repayment at the end of the month, Tower said.

The cash injection will keep the business ticking over while bosses continue with talks regarding the financing of the NJOM-3 well on the Thali licence, offshore Cameroon.

The well is due to be spudded in the third quarter (July-September) and Tower is hopeful that the discussions with “several parties” will be concluded soon.

Looking for an industry partner

Its preference is to find an industry partner that will finance some or all of the exploration costs whilst still leaving Tower shareholders with a decent stake in the project.

The company is also continuing to explore longer-term options for debt, equity or pre-financing of the remainder of the first phase development of the Njonji structure, which might or might not be linked to the financing of the current well.

Tower added that it would try to “minimise the need for further equity funding”, but recognised that this may also be necessary or may be in shareholders’ interests.

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Fri, 21 Jun 2019 07:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222561/tower-resources-raises-150k-hopes-to-wrap-up-financing-discussions-for-njom-3-well-soon-222561.html
<![CDATA[RNS press release - Completion of Subscription and Director's Dealings ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190621073002_14119603/ Fri, 21 Jun 2019 07:30:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190621073002_14119603/ <![CDATA[RNS press release - Cameroon Financing Update, Proposed Subscription ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190621070004_14119159/ Fri, 21 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190621070004_14119159/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190619113459_14116864/ Wed, 19 Jun 2019 11:34:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190619113459_14116864/ <![CDATA[RNS press release - Posting of Annual Report, Accounts and AGM Notice ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190605171258_14100252/ Wed, 05 Jun 2019 17:12:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190605171258_14100252/ <![CDATA[News - Tower Resources looks forward to progress in ‘crucial’ 2019 ]]> https://www.proactiveinvestors.co.uk/companies/news/221462/tower-resources-looks-forward-to-progress-in-crucial-2019-221462.html Tower Resources PLC (LON:TRP) says 2019 will be a crucial year for the company in many ways.

The company, in its financial results statement, highlighted that it is realising plans for the Thali license in Cameroon which could transform the group, meanwhile, it said that assets in Namibia and South Africa are attracting lots of industry attention.

Presently, the company continues to adjust its near term strategy to focus on lower risk exploration and development within proven basins (like the Thali project, for example).

READ: Tower Resources looks to July for spudding of key Cameroon well

During 2018, the company spent US$1.2mln on exploration and evaluation at Thali and it published a reserves report for the project.

The exploration company reported a reduced loss before impairment of US$1mln, from US$1.6mln in 2017, and a total comprehensive loss of US$3.82mln for the year. It included an impairment of US$2.8mln to the value of Tower’s Zambia licences.

Tower ended the year with US$331,000 of cash.

In the current financial year, the company has raised £1.7mln through a share placing priced at 1p per share, along with a further US$750,000 brought in via an interim financing facility.

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Tue, 04 Jun 2019 09:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221462/tower-resources-looks-forward-to-progress-in-crucial-2019-221462.html
<![CDATA[RNS press release - Preliminary Results to 31 December 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190604070004_14097004/ Tue, 04 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190604070004_14097004/ <![CDATA[RNS press release - Africa E&P Summit ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190520070026_14079386/ Mon, 20 May 2019 07:00:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190520070026_14079386/ <![CDATA[News - Tower Resources looks to July for spudding of key Cameroon well ]]> https://www.proactiveinvestors.co.uk/companies/news/219900/tower-resources-looks-to-july-for-spudding-of-key-cameroon-well-219900.html  

How is it doing

Thali also has a mean figure of 111 MMbbls of oil identified across four prospects in the northern part of the Thali licence and  20 MMbbls of oil identified at the Njonji South and Njonji South-West fault blocks.

Using a 10% discount the value of the prospective resources is US$82mln.

Jeremy Asher, chairman and chief executive of Tower, said the group expected the NJOM-3 well to transform the 18mln barrels of Pmean contingent resources on the Njonji structure into reserves, which would be “transformative” for the project and Tower

NJ0M3

The NJOM3 well will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones already identified. 

In May, Tower reported further site preparation work will be required before the rig is moved to site with the spud date shifted to July as a consequence.

“This is still within the original date range contemplated by the rig contract, and well within the license extension period agreed last year.”

Algoa-Gamtoos

Elsewhere, Tower has a 50% stake in the Algoa-Gamtoos exploration area offshore South Africa that sits immediately adjacent to Total’s huge gas condensate discovery at Brulpadda.

Total encountered 57 metres of net pay in Lower Cretaceous reservoirs with an estimated one billion barrels at least of condensate.

Tower’s Algoa-Gamtoos contains an area of the same deepwater basin margin.

Namibia

The group also has an 80% interest in three exploration areas (blocks 1910A, 1911 and 1912B) that cover a total of 23,297 square kilometres in the Walvis Basin and Dolphin Graben offshore Namibia.

An initial four year exploration period requires a minimum spend of $5mln on work.

It will include the acquisition and reprocessing of existing 2D seismic data and new seismic.

 

Video

 

Inflexion points

Finance and spudding of NJ0M3 well

Results from NJ0M3 well

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Wed, 08 May 2019 14:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219900/tower-resources-looks-to-july-for-spudding-of-key-cameroon-well-219900.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508094820_14066376/ Wed, 08 May 2019 09:48:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508094820_14066376/ <![CDATA[News - Tower Resources to conduct extra pre-drill preparation for NJOM3 well ]]> https://www.proactiveinvestors.co.uk/companies/news/219848/tower-resources-to-conduct-extra-pre-drill-preparation-for-njom3-well-219848.html Tower Resources PLC (LON:TRP) has chosen to put back the start date of the planned NJOM3 well, at the Thali block in Cameroon.

The company, in a statement, told investors that following receipt of additional data – relating to the two previously drilled wells - it has decided to carry out additional pre-drill preparation work.

READ: Tower’s prospects boosted as Total opens up discoveries next door

It is now anticipated that the contracted Topaz Driller will be mobilised in July, rather than late May as previously anticipated.

“This is still within the original date range contemplated by the rig contract, and well within the license extension period agreed last year,” Tower said.

The NJOM3 well is designed to be a follow up to the NJOM1B and NJOM2 discovery wells, drilled in the past by Total. It aims to confirm analysis which indicates greater reservoir thickness in an updip position, along with testing additional exploration zones which were not present in the prior wells.

Tower intends to drill and test NJOM3 and, subject to results, suspend the well as one of four needed in the initial phase of field development and production.

 

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Wed, 08 May 2019 07:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219848/tower-resources-to-conduct-extra-pre-drill-preparation-for-njom3-well-219848.html
<![CDATA[RNS press release - Cameroon Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508070002_14065598/ Wed, 08 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190508070002_14065598/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190507102322_14064606/ Tue, 07 May 2019 10:23:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190507102322_14064606/ <![CDATA[RNS press release - Assignment of Bridging Loan and Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190503173722_14063270/ Fri, 03 May 2019 17:37:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190503173722_14063270/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190501102053_14059164/ Wed, 01 May 2019 10:20:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190501102053_14059164/ <![CDATA[RNS press release - UK Investor City Forum ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190429162451_14056030/ Mon, 29 Apr 2019 16:24:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190429162451_14056030/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190426120329_14053798/ Fri, 26 Apr 2019 12:03:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190426120329_14053798/ <![CDATA[News - Tower Resources sees May spud date for key Cameroon well ]]> https://www.proactiveinvestors.co.uk/companies/news/218677/tower-resources-sees-may-spud-date-for-key-cameroon-well-218677.html Tower Resources PLC (LON:TRP) has scheduled a spudding date of late May for its first well on the Thali block in Cameroon. 

The Topaz Driller rig is available in the last week in May, with the location now agreed with Cameroon’s state oil company SNH.

READ: Tower Resources’ Algoa-Gamtoos prospects boosted as Total opens up world class discovery next door

A full drilling team is in place and operating from the company's offices in Douala, added Tower, and all long lead items have been acquired and all services contracted on a late-May spud date basis.

NJOM3 will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones already identified by two discovery wells drilled on the Njonji structure by previous operator Total.

Chairman Jeremy Asher has put up a US$750,000 bridging loan while it finalises the finance required to drill the well.

NJOM3 will cost around US$10mln to drill and a further US$4mln to test if successful.

Tower intends to use bank financing and own or partner equity to fund the well.

Discussions with a local bank are underway over a US$15mln facility, which could be extended to US$50mln. Tower still hopes this can be established by mid-May.

Talks are also underway with several possible partners for the Thali licence.

NJOM3 will confirm the greater reservoir thicknesses observed in reprocessed 3D seismic and identify other potential reservoirs not present in data from the two wells drilled by Total.

Tower intends it to be one of four initial production wells on the structure with first oil pencilled in for 2020.

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Tue, 16 Apr 2019 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218677/tower-resources-sees-may-spud-date-for-key-cameroon-well-218677.html
<![CDATA[RNS press release - Completion of Bridging Loan and Issue of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416073002_14042537/ Tue, 16 Apr 2019 07:30:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416073002_14042537/ <![CDATA[RNS press release - Cameroon Operational Update,Proposed Bridging Loan ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416070012_14042067/ Tue, 16 Apr 2019 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190416070012_14042067/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190322094131_14012339/ Fri, 22 Mar 2019 09:41:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190322094131_14012339/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190320123414_14009426/ Wed, 20 Mar 2019 12:34:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190320123414_14009426/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190315102010_14004031/ Fri, 15 Mar 2019 10:20:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190315102010_14004031/ <![CDATA[RNS press release - London South East Oil & Gas Investor Evening ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190311070012_13996501/ Mon, 11 Mar 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190311070012_13996501/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190221092850_13977100/ Thu, 21 Feb 2019 09:28:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190221092850_13977100/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190220094304_13975564/ Wed, 20 Feb 2019 09:43:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190220094304_13975564/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190213115001_13968201/ Wed, 13 Feb 2019 11:50:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190213115001_13968201/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190211093415_13964721/ Mon, 11 Feb 2019 09:34:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190211093415_13964721/ <![CDATA[News - Tower Resources’ Algoa-Gamtoos prospects boosted as Total opens up world class discovery next door ]]> https://www.proactiveinvestors.co.uk/companies/news/214236/tower-resources-algoa-gamtoos-prospects-boosted-as-total-opens-up-world-class-discovery-next-door-214236.html Tower Resources PLC’s (LON:TRP)  50% owned Algoa-Gamtoos exploration area has been boosted by a significant new gas condensate discovery at the neighbouring Brulpadda exploration project, offshore South Africa.

French major, Total, is the operator at Brulpadda where an exploration well has encountered 57 metres of net pay in Lower Cretaceous reservoirs. The discovery has been described as “world class” with initial estimates pitched at 500mln to 1bn barrels oil equivalent.

READ: Tower Resources to raises funds ahead of Cameroon drill programme

Total now intends to drill a series of follow up wells across the wider exploration block (Block 11B/12B).

Tower’s Algoa-Gamtoos is the adjacent exploration block, and, it also contains an area of the same deepwater basin margin in which Brulpadda was positioned.

At Algoa-Gamtoos, the “analogue prospect potential” has been assessed based on Brulpadda and it has been estimated that there could be some 364mln barrels present.

A farm-out project has previously been launched, and, a data room is presently open and available to potential partners.

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Fri, 08 Feb 2019 07:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214236/tower-resources-algoa-gamtoos-prospects-boosted-as-total-opens-up-world-class-discovery-next-door-214236.html
<![CDATA[RNS press release - Brulpadda well statement and TRP resource update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190208070002_13962570/ Fri, 08 Feb 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190208070002_13962570/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190206105643_13960346/ Wed, 06 Feb 2019 10:56:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190206105643_13960346/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190201170250_13956106/ Fri, 01 Feb 2019 17:02:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190201170250_13956106/ <![CDATA[Media files - Tower Resources chairman Jeremy Asher presents to investors at Oil Capital ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12077/tower-resources-chairman-jeremy-asher-presents-to-investors-at-oil-capital-12077.html Fri, 01 Feb 2019 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12077/tower-resources-chairman-jeremy-asher-presents-to-investors-at-oil-capital-12077.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131104015_13953653/ Thu, 31 Jan 2019 10:40:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131104015_13953653/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131070003_13952637/ Thu, 31 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190131070003_13952637/ <![CDATA[RNS press release - Oil Capital Conference Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190129070009_13949559/ Tue, 29 Jan 2019 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190129070009_13949559/ <![CDATA[RNS press release - Turner Pope Investor Evening ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128111512_13948819/ Mon, 28 Jan 2019 11:15:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128111512_13948819/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128094631_13948691/ Mon, 28 Jan 2019 09:46:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190128094631_13948691/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125170125_13947754/ Fri, 25 Jan 2019 17:01:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125170125_13947754/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101036_13947169/ Fri, 25 Jan 2019 10:10:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101036_13947169/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101033_13947168/ Fri, 25 Jan 2019 10:10:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190125101033_13947168/ <![CDATA[RNS press release - Clarification announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124180004_13946218/ Thu, 24 Jan 2019 18:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1024/LSE20190124180004_13946218/ <![CDATA[News - Tower Resources to raise £1.7mln to support upcoming Cameroon drill programme ]]> https://www.proactiveinvestors.co.uk/companies/news/213235/tower-resources-to-raise-17mln-to-support-upcoming-cameroon-drill-programme-213235.html Tower Resources PLC (LON:TWR) has launched a placing to raise £1.7mln through a share placing and subscription to support the funding of a drill programme at the Njonji area of the Thali project, in Cameroon.

It intends to sell some 170mln new shares priced at 1p.

The injection of funds is earmarked to pay for long-lead items required for the envisaged drill programme which aims to unlock the Njoni asset.

READ: Tower Resources hires rig contractor for 2019 well programme in Cameroon

In an October a third-party assessment was estimated to have 18mln barrels of contingent resources and was valued at US$118mln – compared to Tower’s market capitalisation of around £4.3mln.

“The company has an asset whose potential value greatly exceeds its current market capitalisation, but the asset does require capital to develop,” Tower said in Thursday’s statement.

After the placing, Tower will still need to secure funds to pay for the majority of the drill programme.

Today it told investors that it had received interest from potential farm-in partners which may have funded the project and it has also had talks with potential lenders over a debt-based project financing.

“The company's opinion is that a borrowing facility encompassing both pre-production and production financing, including the Thali NJOM-3 well scheduled for Q2 2019, is the best way forward for shareholders,” Tower added.

“… the company believes that it is possible to conclude such a facility before the mobilisation of the Vantage Topaz Driller rig which the company has contracted to drill this well.

“While the company cannot rule out the possibility of needing additional equity financing for this forthcoming well, the company does not wish to raise more capital than needed while a good likelihood exists that such a borrowing facility can be completed, and the company is hopeful that in that case no further equity fundraising may be required prior to the NJOM-3 well.”

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Thu, 24 Jan 2019 08:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213235/tower-resources-to-raise-17mln-to-support-upcoming-cameroon-drill-programme-213235.html