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Tower Resources continues to explore opportunities

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"2014 was a very active year for Tower with a focus on de-risking and further diversifying our African portfolio into South Africa, Zambia and Kenya,” Thomson said.

Tower Resources (LON:TRP) chief executive Graeme Thomson told investors it is exploring several opportunities to develop its project portfolio further.

Thomson, in today’s results statement, also highlighted that it now had limited work commitments and, where it is desirable to do so, the company continues to seek potential partners to share exploration costs.

The exploration company, which had disappointing results in its two recent wells, raised around US$19mln during 2014 and at December 31 had US$7.9mln of cash.

Today’s results statement included US$50.5mln of impairments to exploration assets, while the loss for the year was reported as US$56.6mln.

"2014 was a very active year for Tower with a focus on de-risking and further diversifying our African portfolio into South Africa, Zambia and Kenya,” Thomson said.

“We were all extremely disappointed with the result of the Welwitschia well offshore Namibia and, post-period, the onshore Badada-1 in Kenya. 

“Both wells, however, had enormous potential for Tower, had been validated by first class partners, and have provided valuable information about the blocks which remain prospective.”

Quick facts: Tower Resources PLC

Price: 0.45 GBX

AIM:TRP
Market: AIM
Market Cap: £4.97 m
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