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Tower Resources says it remains excited for upcoming Thali project

The explorer also believes it can capitalise on new opportunities arising in the currently challenging period for the industry.

Tower Resources PLC - Tower Resources says it remains excited for upcoming Thali project

Tower Resources PLC (LON:TRP) chief executive Jeremy Asher highlighted that the company remains excited about its projects in Cameroon, Namibia and South Africa.

“These are challenging times, but we do believe that we will surmount these challenges,” Asher said in the company’s interim results statement.

“We are excited about our Thali project in Cameroon, and our Namibian and South African projects, and we believe that there are still more great opportunities to create value in the oil and gas business in Africa.

READ: Tower covers working capital as Thali funding is being finalised

“We look forward to capitalising on these opportunities in the months and years ahead.”

During the first half of 2020 the company secured an extension to the exploration phase of the Thali PSC by one year and the declaration of Force Majeure came into effect from March 17 amidst the pandemic.

A site survey was successfully completed earlier in the year and binding terms were executed for OilLR Ltd’s dealt to acquire 24.5% of the project by covering US$7.5mln of well costs.

An independent reserves report was updated to confirm cross mean contingent resources of 18mln barrels, before exploration upside potential, giving a value of US$179mln for that portion of the project.

Since the end of the first half a number of interim funding supports and measures have been put in place, including extensions to a loan facility with Pegasus Petroleum, an agreement with Shard Merchant Capital and a US$200,000 share subscription.

The pre-revenue exploration company reported a US$457,687 loss for the six month period.

In a separate statement, the company announced the appointment of Paula Brancato to the board as an independent non-executive director.

At the same time, David Thomas has decided to step down from his role as non-executive director in order to pursue other interests, including his interest in Orion Energy PLC.

“Paula will fill a gap left by Graeme Thomson last year, for a well qualified financial professional to oversee our audit committee, and she will also bring a fresh set of eyes to all of our commercial and risk management,” Asher added.

“We anticipate further additions to the board as we ramp up operations again after the pandemic, which we hope will be soon." 

Quick facts: Tower Resources PLC

Price: 0.37 GBX

Market: AIM
Market Cap: £4.9 m

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on 9/3/20

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