Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed oil and gas company with a focus on Africa, provides an update regarding the Bridging Loan Facility ("Bridging Loan") and issue of Warrants announced on 16 April 2019.
Pegasus Petroleum Ltd, a company beneficially owned by the Company's Chairman Jeremy Asher, has agreed to a assign a total of US$375,000, comprising 50% of the Bridging Loan, to clients of Turner Pope Investments ("TPI") Limited, with 45,000,000 of the 5-year warrants priced at 1.0 pence per share, ("Warrants") also being assigned to them pro rata to their participation in the facility.
The assignment of the Warrants results in the Directors holdings as summarised in the table below.
Number of Warrants being assigned
Total number of Warrants held including this assignment*
Shareholding upon exercise of total number of Warrants held
% of issued share capital upon exercise of Warrants‡
*Warrants are held at different prices
† Warrants issued to Pegasus Petroleum Ltd; a company beneficially owned by Jeremy Asher
‡Excludes share options
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.
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker
+44 20 3470 0470
Turner Pope Investments (TPI) Limited Joint Broker
+44 20 3621 4120
Whitman Howard Limited Joint Broker
+44 20 7659 1234
Yellow Jersey PR Limited
+44 20 3735 8825
Tower Resources Cameroon S.A, a wholly-owned subsidiary of Tower Resources plc, holds a 100% interest in the shallow water Thali (formerly known as "Dissoni") Production Sharing Contract (PSC), in the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC on 15 September 2015 for an Initial Exploration Period of 3 years, which has been extended for a further year ending 15 September 2019.
The Thali PSC covers an area of 119.2 km², with water depths ranging from 8 to 48 metres, and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. The Rio del Rey basin has, to date, produced over one billion barrels of oil and has estimated remaining reserves of 1.2 billion barrels of oil equivalent ("boe"), primarily within depths of less than 2,000 metres. The Rio del Rey is a sub-basin of the Niger Delta, an area in which over 34.5 billion barrels of oil has been discovered, with 2.5 billion boe attributed to the Cameroonian section.
An independent Reserve Report conducted by Oilfield International Limited (OIL) has highlighted the contingent and potential resources on the Thali licence and the associated Expected Monetary Value (EMV) as follows:
§ Gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks;
§ Gross mean prospective resources of 20 MMbbls of oil across the Njonji South and Njonji South-West fault blocks;
§ Gross mean prospective resources of 111 MMbbls of oil across four identified prospects located in the Dissoni South and Idenao areas in the northern part of the Thali licence;
§ Calculated EMV10s of US$118 million for the contingent resources, and US$82 million for the prospective resources, respectively.
In accordance with the guidelines for the AIM market of the London Stock Exchange, Dr Mark Enfield, BSc, PhD, FGS, Advisor to the Board of Tower Resources plc, who has over 30 years' experience in the oil & gas industry, is the qualified person that has reviewed and approved the technical content of this announcement.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
Details of the person discharging managerial responsibilities/person closely associated
Reason for the notification
Chairman and Chief Executive Officer
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Tower Resources PLC
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the financial instrument, type of instrument:
Ordinary Shares of 1 pence each
Nature of the transaction:
Assignment of Warrants attached to loan
Price(s) and volume(s):
Single transaction as in 4 c) above
Date of the transaction:
3 May 2019
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.
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...