Company
Tower Resources PLC
LON:TRP
Tower Resources PLC is an energy company building a balanced portfolio of energy opportunities in Africa across the exploration and production cycle in oil and gas and beyond. The company's current focus is on advancing its operations in Cameroon to deliver cash flow through short-cycle development and rapid production with long term upside, and de-risking attractive exploration licenses through acquiring 3D seismic data in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made.
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Today's Oil and Gas Update: Tower Resources, Arrow Exploration Corp, and more...
Market Update: 19 June 2023LON:TRP* - Lays out forward plansLON:KIST - Benriach is sub-commercialCVE:AXL - Nears 3kboe/d targetLON:ENOG - Refinancing plansFAR Limited (ASX: FAR) - Proposes cash returnEnergy NewsBrent Oil US$76.4/bbl vs US$7
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Malcy's Blog - Oil price, Chariot, Zephyr, Tower. And finally…
WTI *(Jan) $80.11 -$1.29, Brent (Jan) $87.62 -$2.16, Diff -$7.51 -63c. *WTI ExpiryUSNG (Dec) $6.30 +43c, UKNG (Dec) 270.0p +5.0p, TTF €119.495 +€5.19.Oil priceOil continues to take a beating as China goes from bad to worse. Covid cases have
Tower Resources receives approval for loan from Cameroon bank
The loan is part of the financing for its Thali Production Sharing Contract in the Rio Del Rey sedimentary basin offshore Cameroon
Tower Resources highlights 'significant progress' in its first half
“We still expect to get the [NJOM-3] well underway in good time,” chief executive Jeremy Asher said
Tower Resources raises £1.5mln as it looks to make drilling headway in Cameroon
The proceeds from the placing will be used as the company prepares to drill the NJOM-3 appraisal well offshore Cameroon
Tower Resources inks loan agreement to help fund Cameroon well
"We are delighted to announce this step forward in the financing of the NJOM-3 well," said chief executive Jeremy Asher.
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Capital climbs after contract news
A look at the major movers on the London market on Thursday
Tower Resources says 2022 will be a crucial year for the company
Tower said its priority is to get the NJOM-3 well drilled at the Njonji development, as this is the gateway to the rest of the development
Tower Resources set for more beneficial funding in Cameroon
The explorer is redrawing its financing plans for the project.
Tower Resources redraws financing plans for Cameroon well
Shelf is being lined up to drill and test the NJOM-3 well in the fourth quarter of 2022
Tower Resources says its delighted by news of significant Namibian oil discovery
Tower has among the largest acreage positions offshore Namibia which is boosted by the new discovery.
Tower Resources raises £1.5mln to support working capital
"While waiting for the farmout to complete we must continue to prepare for drilling operations and to maintain the current equipment inventory in a drill-ready state," Jeremy Asher said
Tower Resources expects to complete Beluga Energy farm-out
The company expects to drill the NJOM-3 well alongside its new partner in the first quarter of 2022
Tower Resources eyes Cameroon well in coming months as preparations progress
“The first six months of 2021 have been very positive for our company," Tower said.
Tower Resources submits Cameroon farmout documentation for ministerial approval
Tower Resources is focused on developing oil and gas assets across Africa
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Oil price, Touchstone, Prospex, Block, Trinity. And finally…
Trinity has confirmed the following Board changes following the tragic passing of Bruce Dingwall CBE, Executive Chairman, on 03 August 2021, Nicholas Clayton, who was named Interim Non-Executive Chairman, will assume the role of Non-Executi
Tower Resources to raise £1.5mln in share placing
“While we felt that this placing was timely and necessary, we have sought to minimise share issues and will continue to do so, especially while financing our operations at the asset level remains more cost-effective," CEO Jeremy Asher said
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Oil price, Tower Resources, UOG/Prospex. And finally
Oil price The oil price fall continued yesterday as Chinese data in particular oil imports disappointed markets. Oil imports were 9.7m b/d in July, the 4th month below 10m b/d which along with more Asian lockdowns panicked the market
Tower Resources agrees Cameroon farm-out
"We are looking forward to a great future developing these resources together," said chair Jeremy Asher
Tower Resources sees renewed interest in assets with rising oil price
In Cameroon, Tower added it hopes a farm-out will be completed soon
Tower Resources receives favourable ruling in tax tribunal
The tribunal upheld the decision of a prior tribunal
Tower Resources looks forward to NJOM well as extension details are confirmed
“We are looking forward to seeing the NJOM-3 well drilled as soon as possible," said CEO Jeremy Asher
Tower Resources to advance NJOM well as Cameroon set to extend licence
“We are looking forward to seeing the NJOM-3 well drilled as soon as possible," Jeremy Asher said.
Tower Resources extends Pegasus loan facility
“The independent directors and I are all committed to getting the NJOM-3 well in Cameroon drilled as soon as circumstances permit," said Jeremy Asher
Tower Resources sees Algoa-Gamtoos resource inventory increase by 54%
Project operator New Age has added confidence and resource barrels following the reprocessing of seismic data.
Tower Resources raises £1.25mln to stay ‘drill-ready’ in Cameroon
"We are happy to complete this placing, which provides us with sufficient working capital to remain drill-ready in Cameroon, as soon as circumstances permit, and also allows us to contribute to the current work programme at Algoa-Gamtoos,”
Tower Resources and New Age Energy advance Algoa-Gamtoos project in South Africa
The new exploration period under the licence will run for two years
Tower Resources says it remains excited for upcoming Thali project
The explorer also believes it can capitalise on new opportunities arising in the currently challenging period for the industry.
Tower Resources raises funds to cover working capital as it finalises funding arrangements for the drilling on Thali licence
The company said it has entered into a six-month loan facility with Shard Merchant Capital for US$500,000 and has extended its existing US$750,000 loan facility with Pegasus Petroleum by six months
Tower Resources advances loan talks to potentially cover Thali wells
"Debt financing has remained our preference since we first explored the idea last year,” said chair and chief executive Jeremy Asher
Tower Resources notes announcement of resource estimate from neighbouring company in Namibia
Tower Resources has been focusing on Cameroon recently
Tower Resources announces further extension of its loan facility of US$750,000 with Pegasus
A previous restructuring of the facility was announced on October 15, 2019, resulting in Pegasus Petroleum holding 100% of the facility
Tower Resources updates on progress for Thali production-sharing contract farm-out in Cameroon
The group said the binding Heads of Terms with OilLR Pty Ltd is progressing towards completion, with the first payment into escrow now expected in late July or first half of August
Tower Resources can still drill well at Thali, this year suggests broker
Farm-in partner OilLR and Tower have agreed to amend the completion date until 30 June
Tower Resources says projects remain attractive
Tower is expecting its farm-out deal will complete in the near future and it looks forward to the planned NJOM-3 work campaign
Tower Resources could still drill NJOM-3 well by September amid coronavirus uncertainty
Tower remains committed to its existing farm-out deal, though the completion date has been reset and alternative talks are taking place with other parties
Tower Resources says reserves update confirms “attractiveness” of Njoni project
“So even in the lower oil price environment in which we now find ourselves ... the Thali license is an attractive asset which we expect will earn excellent returns," said Jeremy Asher, Tower chief executive.
Tower Resources raises £500,000 as Thali block farm-out nears completion
The placing is designed to mitigate the risk of running low on cash as the company completes its farm-out of a 24.5% working interest in Thali to Australian firm OiLR
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Proactive news snapshot: Tower Resources, Redx Pharma, Tekcapital, Strategic Minerals …
A glance at some of the day's highlights from the Proactive Investors newswire
Tower Resources agrees farm-out for 24.5% of Thali block, offshore Cameroon
Discussions are underway with several other parties regarding a farm-out of up to a further 24.5% interest
Tower Resources wants to drill NJOM-3 in June
Tower is continuing partnership talks to at least partially fund the planned well.
Tower Resources completes well site survey ahead NJOM-3 drilling
Tower is expecting to finalise its drill schedule for the NJOM-3 well this month.
Tower Resources to finalise NJOM-3 well schedule later this month
A well site survey is presently underway and the findings will inform the drill plans.
Tower Resources set for NJOM well as Cameroon govt says it will approve licence extension
A well site survey is expected to start shortly ahead of a drill programme for the NJOM well on the Thali licence.
Tower Resources signs contract for site survey ahead of Cameroon drilling
The survey work will comprise three boreholes and is a prerequisite to drilling the NJOM-3 well.
Tower Resources unveils restructuring of bridging loan facility, around £1.5mln placing and subscription
The oiler said the placing will see approximately 461.54 million new ordinary shares issued at a price of 0.325p per share
Tower Resources advances possible co-operation with international oil major
Tower chief Jeremy Asher said the early stage situation may not lead to a deal but its a timely reminder that the explorer has extremely attractive exploration opportunities in its portfolio.
Tower Resources continues to work on bridge loan extension
“The company continues to manage its limited cash resources carefully as these discussions are progressed,” Tower said.
Tower Resources halves interim loss amid farm-out interest for Njonji-3 well
For the six months ended 30 June, the AIM-listed oiler reported a pre-tax loss of US$1.6mln, down from a US$3.3mln loss a year ago
Tower Resources switches rig hire contracts for the Thali block
The NJOM3 well will be drilled to a total depth of 1,100m, intersecting at least three reservoir zones
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Proactive news snapshot: Seeing Machines, Xpediator, Physiomics...
A glance at some of the day's highlights from the Proactive Investors newswire
Tower Resources Plc extends bridging loan as farm-out deal looms
The bridging loan provided working capital whilst the company worked on alternative longer-term funding options.
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Proactive weekly oil & gas highlights: Hurricane Energy, Providence Resources, Cabot, TLOU, Eland Oil & Gas, Chariot, Tower Resources, Block Energy, SDX
It was another active week in the small cap oil & gas sector.