logo-loader
viewTower Resources PLC

Tower Resources exits Kenya, confident its portfolio reboot will deliver

Tower Resources is now focused on Atlantic margin.

Oil-and-gas-pipes.jpg
Tower's focus is moving to proven producing basins.

Tower Resources’ (LON:TRP) has withdrawn from the Badada licence in Kenya to focus on assets around the Atlantic Margin including its recent move into shallow waters offshore Cameroon.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It has also withdrawn from Madagascar for the time being.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.

Quick facts: Tower Resources PLC

Price: 0.4 GBX

AIM:TRP
Market: AIM
Market Cap: £4.42 m
Follow

Add related topics to MyProactive

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...

In exchange for publishing services rendered by the Company on behalf of Tower Resources PLC named herein, including the promotion by the Company of Tower Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: 'Major oil firm' expresses interest in Tower Resources'...

Tower Resources PLC's (LON:TRP) Jeremy Asher speaks to Proactive London's Andrew Scott after revealing they're advancing partnering efforts - sharing key technical and commercial information with 'a major international oil company'. Asher says they've shared the information to explore the...

on 4/10/19

RNS

Total Voting Rights

2 weeks, 1 day ago

Holding(s) in Company

2 weeks, 4 days ago

Holding(s) in Company

3 weeks, 4 days ago

Holding(s) in Company

1 month, 1 day ago

Total Voting Rights

on 31/10/19

2 min read