logo-loader
viewTower Resources PLC

Tower Resources rallies after new chairman buys shares

boardroom350_4ed4b8dbd4cae.jpg

Shares in Tower Resources (LON:TRP) rallied this morning after receiving a vote of confidence from its new non-executive chairman Jeremy Asher, who has decided to raise his stake in the company.

The African operating oil and gas company said this morning that Agile Energy Limited has bought 1.55 million shares in the company at a price of 2.6564 pence, bringing its total shareholding to 96.75 million, which represents a 7.89 percent stake.

Agile Energy is owned by the Asher Family Trust, of which Tower’s chairman is a lifetime beneficiary.

Asher’s purchase came after shares in Tower dropped from 2.8 pence to below 2.7 pence yesterday following the resignation of executive chairman Peter Kingston, who has been replaced by Asher on an interim basis.

Kingston will remain CEO of the company until March next year, when Tower is expected to conclude the final exploration phase of the EA5 license in Uganda. Tower is currently 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 the “near future”, said Tower, adding that timing of a well will be conditional on agreement with the farm-in party.

Broker Westhouse yesterday 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.

Quick facts: Tower Resources PLC

Price: 0.375 GBX

AIM:TRP
Market: AIM
Market Cap: £4.14 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...

on 4/10/19

2 min read