Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, announces its Interim Results for the six months ended 30 June 2019.
§ January 2019 placing of 170 million new ordinary shares at 1p to raise £1.7 million (gross), together with issuance of placing warrants, broker warrants, and agreement of directors to accept warrants in lieu of fees;
§ February 2019 announcement by Total of a 1 billion boe gas-condensate discovery at its Brulpadda well in the Outeniqua basin, on its Blocks 11B/12B in South Africa, which is immediately adjacent to the Company’s 50%-owned Algoa-Gamtoos license;
§ Release of Operator’s estimates of 510 Million boe of mean unrisked recoverable resource potential in the Algoa-Gamtoos license, including a 346 million boe prospect in the Outeniqua basin section of the license;
§ April 2019 announcement of a Bridging Loan of US$750,000, with associated warrants, provided by Pegasus Petroleum Ltd and other parties to fund working capital while the Company pursues a farm-out of its Thali license in Cameroon;
§ June 2019 subscription of 15 million new ordinary shares at 1p to raise £150,000 of further working capital.
POST REPORTING PERIOD EVENTS
§ July 2019 award in the Company’s favour by the First-Tier Tribunal (Tax Chamber) in respect of the Company’s VAT dispute with HMRC (where HMRC has subsequently requested leave to appeal to the Higher Tribunal);
§ Ongoing well planning and preparatory work for the intended 2019 Thali drilling programme in Cameroon;
§ Continuation of farm-out processes in respect of both the Thali license in Cameroon and the Algoa-Gamtoos license in South Africa;
§ Substantial farm-out discussions in respect of Thali
§ Extension of bridging loan until 31 August 2019 with grace period until 30 September 2019
§ Now seeking funding for working capital and to repay bridging loan.