logo-loader
viewTower Resources PLC

Tower Resources PLC - Financing Update

RNS Number : 4281R
Tower Resources PLC
30 June 2020
 

30 June 2020

 

Tower Resources plc

Financing Update

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, is pleased to provide an update regarding the farm-out process in respect of its Thali production-sharing contract (the "PSC") in Cameroon conducted through its wholly-owned subsidiary Tower Resources Cameroon SA.

The binding Heads of Terms with OilLR Pty Ltd (the "HoT"), which was signed on 28 February 2020 and amended on 29 March 2020, is progressing towards completion. The first payment into escrow is now expected in late July or first half of August. While this is later than originally planned due to factors arising from the pandemic, both parties remain committed to completing the transaction. The backstop date for completion has been amended to 15th September 2020, and both parties hope to have all funds in escrow well before that date.

The Company is continuing discussions with other potential farm-in partners to the Thali PSC, on similar terms to those agreed with OilLR. As previously announced, the HoT has been structured to accommodate such additional investors.

The Company also notes that it is in discussions regarding a further extension to its Loan Facility originally announced on 19 April 2019 and extended to 30 June 2020, and expects to conclude this extension before the expiry of the current term. This Facility is held by Pegasus Petroleum Ltd, a company beneficially owned by the Company's Chairman and CEO, Jeremy Asher.   

Jeremy Asher, Tower's Chairman and CEO, commented:

"We are pleased that this transaction is still on track, and we look forward to having funds in hand in good time for the resumption of normal oil and gas operations. While the timing of the removal of travel and other restrictions remains uncertain, we are using this time to get as fully prepared as we can for drilling and testing the NJOM-3 well."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

Contacts

 

Tower Resources plc

+44 20 7157 9625

 

 

Jeremy Asher
Chairman and CEO

 

 

 

 

Andrew Matharu
VP - Corporate Affairs

 

 

 

 

 

 

 

SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker

+44 20 3470 0470

 

 

Stuart Gledhill

Caroline Rowe

 

 

 

 

 

 

 

Turner Pope Investments (TPI) Limited
Joint Broker

Andy Thacker

Zoe Alexander

 

+44 20 3657 0050

 

 

Whitman Howard Limited
Joint Broker

Nick Lovering

 

 

     +44 20 7659 1234

 

           

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDEKLFLBQLXBBV

Quick facts: Tower Resources PLC

Price: 0.325

Market: AIM
Market Cap: £4.04 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Tower Resources CEO updates on Cameroon farm-out and £500k fundraise

Tower Resources PLC's (LON:TRP) Jeremy Asher speaks to Proactive London's Andrew Scott soon after announcing they've raised £500,000 to provide working capital while waiting for a farm-out agreement for its Thali block in Cameroon to complete. Asher also talks to the recent coronavirus...

on 9/3/20