logo-loader
viewTower Resources PLC

Tower Resources “weathered the storm” in first half

“SNH and Tower share a mutual objective: to be in a position to start drilling one or more wells in 2018.”

oil and gas operations
Tower is working to resume trading on AIM

Tower Resources PLC (LON:TRP) acknowledged that the first six months of 2017 has been a testing period, but, highlighted that it has so far “weathered the storm”.

The oil explorer, in its interim results statement, said it is hoping to make progress in the second half.

“The potential transaction that we had negotiated in respect of Thali was a good one, and we expected it to complete, not least because our counterparty was as enthusiastic about the block as we are,” the company said.

“This would have been in line with our plan of Autumn 2016, and the projections we made at that time.  Its unexpected failure created a sudden and material financial uncertainty, which led to the suspension of trading in the company's shares on AIM in May as we considered our options.”

It noted that it has completed a modest equity funding, although the share remains suspended on AIM, and in the meantime the company has been focussing on a review of its assets in Cameroon and the work done on the licence to date.

“We have a further set of meetings with SNH scheduled in the coming weeks, and we hope to be able to make an operational update soon after that,” it said.

“SNH and Tower share a mutual objective: to be in a position to start drilling one or more wells in 2018.”

The company added: “we have continued to reduce overheads as much as we possibly can, so that our money goes further and more of it goes directly into operations.”

Tower reported a US$730,000 loss for the period.

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