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Tower Resources completes sale of Western Sahara business

"The successful sale of Comet with its exploration acreage in the SADR represents the completion of the first stage of a portfolio review by Tower,” said Jeremy Asher, Tower chief executive.

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Tower will retain a royalty interest in the exploration assets

Tower Resources PLC (LON:TRP) has completed the sale of Comet Petroleum Limited, owner of interests in the Saharawi Arab Democratic Republic (SADR).

Privately owned Red Rio Petroleum Ltd paid Tower a nominal £1 consideration for the deal, though it also grants the AIM quoted explorer a 10% royalty over future production from Comet’s interests in the SADR.

"The successful sale of Comet with its exploration acreage in the SADR represents the completion of the first stage of a portfolio review by Tower,” said Jeremy Asher, Tower chief executive.

“This transaction reduces further our financial commitments and provides flexibility to implement our strategy and to reposition the company for the future."

The SADR is an area of the Western Sahara that is subject to a sovereignty dispute with Morocco.

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