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UPDATE: Tower Resources executive chairman Peter Kingston steps down


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African focused oil and gas explorer Tower Resources (LON:TRP) said this morning that its executive chairman and chief executive Peter Kingston has decided to leave the company in March next year.

Kingston will remain CEO until March next year, while non-executive director Jeremy Asher will immediately replace him as chairman on an interim basis, which Tower said was the first step towards a long-term separation of chairman and CEO roles.

“It was never my intention to remain with the company for as long as I have as executive chairman and it had long been my plan to step back from the day-to-day running of the business,” said Kingston.

“With the end of the final exploration phase of the EA5 license approaching at the end of March, it is a good time to plan a change to the company's leadership.”

At the EA5 license in Uganda, Tower is now finalising contracts for a rig that is currently operating in the country. The company expects to receive final regulatory approvals to drill a well there shortly, while “actively progressing various funding alternatives for this well”.

In the meantime, Tower reported that the operator of its 15 percent owned Namibian license 0010, Arcadia, is making good progress with its efforts to farm-out an interest in the project and is currently considering funding proposals.

A farm-out agreement is expected to be reached in “near future”, said Tower, adding that timing of a well will be conditional on agreement with the farm-in party.

Broker Westhouse highlighted that Arcadia was making good progress with its farm-out programme in Namibia and also that in Uganda, the firm was now finalising contracts for a rig currently in-country, and is expecting final regulatory approvals for a well shortly.

Shares in Tower Resources fell eight percent on the news of Kingston's resignation to trade at 2.58 pence this morning. As at 2.36 pm, the shares stood down 8.93 per cent, changing hands at 2.55 pence.

Quick facts: Tower Resources PLC

Price: 0.375 GBX

Market: AIM
Market Cap: £4.97 m

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