Tower Resources’ (LON:TRP) has withdrawn from the Badada licence in Kenya to focus on assets around the Atlantic Margin including its recent move into shallow waters offshore Cameroon.
Tower had a 15% stake, but Badada -1 was plugged and abandoned in February and after a detailed assessment it has decided to pull out.
It has also withdrawn from Madagascar for the time being.
Graeme Thomson, Tower’s chief executive, said he was confident the streamlined portfolio would add value even in a difficult oil market.
“Our September entry into the Cameroon shallow waters marks a shift in our risk profile from frontier towards proven producing basins and introduces an asset with existing discoveries and significant upside to the Tower portfolio.
“In Namibia, we have a number of applications in process as we seek to build our acreage position in what remains a hugely underexplored but highly prospective area.
“Our early stage field work in Zambia has been encouraging, and we have now received approvals in South Africa to move into the next licence stage on Algoa-Gamtoos.
Losses in the half year to June were US$5.4mln (US$49mln). In July, an institutional placing raised £5.2mln.
The group also announced the appointment of Philip Frank as a non-executive director, and former BP man Nigel Quinton as exploration director.