logo-loader
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: 0.425 GBX

AIM:TRP
Market: AIM
Market Cap: £2.47 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...

2 weeks, 1 day ago

RNS

Holding(s) in Company

16 hours, 49 minutes ago

Second Price Monitoring Extn

3 days, 13 hours ago

Price Monitoring Extension

3 days, 13 hours ago

Proposed Placing and Subscription

3 days, 20 hours ago

Holding(s) in Company

1 week, 4 days ago

Holding(s) in Company

1 week, 5 days ago

Holding(s) in Company

2 weeks, 2 days ago

2 min read