viewTower Resources PLC

Tower Resources raises £150k, hopes to wrap up financing discussions for NJOM-3 well ‘soon’

The firm raised £150,000 from its chief executive which will keep the business ticking over whilst it wraps up discussions over the financing of the NJOM-3 well at Thali

offshore rig
Tower hopes NJOM-3 will move 18mln barrels of contingent resources on the Njonji structure into the reserves category

Africa-focused oil and gas explorer Tower Resources PLC (LON:TRP) has raised £150,000 after its chief executive subscribed for another slew of shares.

Jeremy Asher has paid 1p apiece for 15mln shares, taking his total holding to just shy of 15%.

READ: Tower looks forward to progress in 'crucial' 2019

The subscription doesn’t affect the terms of a £590,000 (US$750,000) bridging loan due for repayment at the end of the month, Tower said.

The cash injection will keep the business ticking over while bosses continue with talks regarding the financing of the NJOM-3 well on the Thali licence, offshore Cameroon.

The well is due to be spudded in the third quarter (July-September) and Tower is hopeful that the discussions with “several parties” will be concluded soon.

Looking for an industry partner

Its preference is to find an industry partner that will finance some or all of the exploration costs whilst still leaving Tower shareholders with a decent stake in the project.

The company is also continuing to explore longer-term options for debt, equity or pre-financing of the remainder of the first phase development of the Njonji structure, which might or might not be linked to the financing of the current well.

Tower added that it would try to “minimise the need for further equity funding”, but recognised that this may also be necessary or may be in shareholders’ interests.

Quick facts: Tower Resources PLC

Price: 0.375 GBX

Market: AIM
Market Cap: £4.97 m

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Tower Resources CEO updates on Cameroon farm-out and £500k fundraise

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on 9/3/20

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