leadf
logo-loader
viewTower Resources PLC
(
AIM:TRP
)

Tower Resources pushes ahead as resource potential grows

Snapshot

  • Tower Resources submits Cameroon farmout documentation for ministerial approval
  • Tower Resources CEO updates on Cameroon farm-out and £500k fundraise
oil rig

Quick facts: Tower Resources PLC

Follow
AIM:TRP

Price: 0.33 GBX

Market Cap: £6.96 m

About the company

Tower Resources is building an African-based exploration and production group, which intends to have a balanced portfolio ranging from exploration through appraisal to production, primarily through its own origination of opportunities and their organic development.

How it is doing

21 Sep 2021

Tower Resources PLC (AIM:TRP) has finalised the documentation relating to its farm-out to Beluga Energy Limited of a 49% non-operating working interest in the Thali Production Sharing Contract.

The package of documents is being submitted to the Minister of Mines, Industry and Technological Development (MINMIDT) today as per the Cameroon Petroleum Code.  

Completion of the farm-out is still subject to two conditions precedent: the financing contingency requiring Beluga's shareholders' approval, and the MINMIDT approval.

"We cannot be sure how long the MINMIDT approval may take as it can be as long as 60 days, but we hope it will come much sooner, allowing us to complete the farmout sooner,” said Tower Resources chief executive Jeremy Asher.

11 Aug 2021

Tower Resources PLC (AIM:TRP) has raised £1.5mln through a share placing with the proceeds earmarked to repay a loan and support working capital.

It comes after Tower yesterday landed a key and long anticipated farm-out transaction which will enable the drilling of the NJOM-3 well in the Thali production sharing contract area in Cameroon.

10 Aug 2021

Tower Resources PLC (AIM:TRP) (AIM:TRP) has inked an agreement with Beluga Energy Limited which will farm-in to the Thali Production Sharing contract in Cameroon, as a non-operating partner.

The deal delivers US$15mln towards the costs of the NJOM-3 well, which is presently estimated to cost US$16.8mln (of which some US$3mln is already spent). Well costs above US$15mln will be funded pro-rata.

What management says

09 Mar 2020

Tower Resources PLC's (LON:TRP) Jeremy Asher speaks to Proactive London's Andrew Scott soon after announcing they've raised £500,000 to provide working capital while waiting for a farm-out agreement for its Thali block in Cameroon to complete.

Asher also talks to the recent coronavirus outbreak and how he feels they're well positioned to ride out any uncertainty as well as this morning's dramatic fall in the oil price.

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 named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

UK markets on rocky road as second-hand car sales soar amid shortage of new...

The FTSE 100 saw a soft open following mixed UK consumer spending data overnight. London’s main index was up 7 points to 7,139 in early deals. Vectura Group PLC (AIM:VEC) (LON:VEC) is facing a rare takeover auction whereby Philip Morris International Inc (NYSE:PM). and Carlyle Group have five...

on 10/8/21

3 min read