logo-loader
viewTower Resources PLC

Tower Resources shares suspended amid financial uncertainty

“We are enormously disappointed by this development," said chairman and chief executive Jeremy Asher.

offshore oil platform
Tower had been working to close a farm-out deal

Tower Resources PLC (LON:TRP) has requested that its shares are suspended from trading on AIM pending clarification of its financial position.

It comes as the group’s efforts to close a farm-out deal for its Thali asset, offshore Cameroon, has stalled.

“The board confirms that it has been in advanced discussions with a potential partner in relation to the company's Thali asset,” Tower said in a statement.

“Unfortunately, despite significant time and effort on the part of Tower and the other party, a final deadline for signature of a heads of agreement that would have triggered a non-refundable deposit to Tower, which was set for 11 May 2017, has been missed.”

It added: “the financial condition and prospects of the company have deteriorated leading to significant uncertainty and in order to minimise forward outgoings current employees have been provided with notice of termination of their employment.”

The board is ‘considering alternatives’ which may include the appointment of administrators.

Jeremy Asher, Tower chairman and chief executive, said: “We are enormously disappointed by this development.

“We have twice found ourselves in agreement with technically qualified partners for the Thali license, who have been unable to resolve their own financing contingencies and left us unable to move forward.

“The executive team have handled these negotiations appropriately, and shareholders and our counterparts at the Societe Nationale des Hydrocarbures in Cameroon have been patient and supportive; but the board does not believe that the Company can move forward with the work programme at Thali without a partner."

Quick facts: Tower Resources PLC

Price: 0.375 GBX

AIM:TRP
Market: AIM
Market Cap: £4.14 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

1 week, 1 day ago

Holding(s) in Company

1 week, 4 days ago

Holding(s) in Company

2 weeks, 4 days ago

Holding(s) in Company

3 weeks, 3 days ago

Issue of Second Tranche Shares

3 weeks, 4 days ago

Holding(s) in Company

4 weeks, 1 day ago

Total Voting Rights

on 31/10/19

2 min read