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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: 0.325 GBX

Market: AIM
Market Cap: £4.04 m

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