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Tower Resources rallies after new chairman buys shares


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from 2.8 pence to below 2.7 pence yesterday following the resignation of executive chairman Peter Kingston, who has been replaced by Asher on an interim basis.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

Market: AIM
Market Cap: £4.14 m

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