Tower Resources PLC (LON:TRP)

Tower Resources PLC (LON:TRP)


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Tower Resources PLC RNS Release

Assignment of Bridging Loan and Warrants


RNS Number : 0993Y
Tower Resources PLC
03 May 2019
 

3 May 2019

 

Tower Resources plc

Assignment of Bridging Loan and Warrants

 

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.

 

Director

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

Jeremy Asher

45,000,000†

82,908,865

153,800,360

19.0

Peter Taylor

-

17,190,413

35,642,139

4.4

Graeme Thomson

-

15,690,413

20,841,180

2.6

*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.

 

 Contacts

 

Tower Resources plc

[email protected]

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

 

+44 20 3621 4120

Whitman Howard Limited
Joint Broker

Nick Lovering

Hugh Rich

 

+44 20 7659 1234

Yellow Jersey PR Limited

+44 20 3735 8825

Tim Thompson

 

 

 

Notes:

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

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Jeremy Asher

2.     

Reason for the notification

a)

Position/status:

Chairman and Chief Executive Officer 

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tower Resources PLC

b)

LEI:

2138002J9VH6PN7P2B09

4.     

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

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary Shares of 1 pence each

GB00BZ6D6J81

 

b)

Nature of the transaction:

Assignment of Warrants attached to loan

 

c)

Price(s) and volume(s):

Price(s)

Volume(s)

1.00  pence

45,000,000

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

 1.00 pence

45,000,000

 

 

e)

Date of the transaction:

3 May 2019

16:45 GMT

 

 


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.
 
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