Tower Resources (TRP)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.035p
   
  • Change Today:
      0.002p
  • 52 Week High: 0.048
  • 52 Week Low: 0.011
  • Currency: UK Pounds
  • Shares Issued: 17,834m
  • Volume: 1,011,780,100
  • Market Cap: £6.24m
  • RiskGrade: 530

Deal with Barclays    Trade now with Barclays Stockbrokers

Tower Resources looking at financing options for Thali drilling

By Josh White

Date: Friday 21 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Africa-focussed oil and gas company Tower Resources updated the market on the financing of its Cameroon operation, and announced its intention to raise gross proceeds of around £0.15m through a subscription of approximately 15 million new ordinary shares at a price of 1p each on Friday.
The AIM-traded firm said admission of the subscription shares to trading was expected to take place at 0800 BST on 26 June.

It said its near-term focus remained the financing and drilling of the NJOM-3 well on its Thali license, offshore Cameroon, which was planned to spud in the third quarter.

The company said it was in negotiations with several parties to finance some or all of the NJOM-3 well, which it hoped would be concluded soon.

Tower said it was also continuing to explore longer-term options for debt, equity or pre-financing of the remainder of the first phase development of the Njonji structure, which the board said may or may not be linked to the financing of the current well.

Its preferred route of financing was to conclude a transaction with an industry partner on terms that were favourable to shareholders, which it said could obviate or minimise the need for further equity financing.

However, depending on the terms of the asset-level deal achieved, it could also be necessary or in shareholders\' interests to raise a portion of the additional finance via the issue of further corporate equity.

\"Whilst financing negotiations continue regarding the Thali license, the company is proposing to raise approximately £0.15m for working capital purposes via a subscription for shares,\" the board said in its statement.

It said a further announcement was expected to be made shortly in connection with the proposed subscription.

\"The board can confirm that the proposed subscription will not affect the repayment terms of the bridging loan of $0.75m, announced on 16 April.

\"The bridging loan will remain due for repayment on or before 30 June, subject to a grace period of 21 business days which would extend to 29 July 2019.\"

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tower Resources Market Data

Currency UK Pounds
Share Price 0.035p
Change Today 0.002p
% Change -4.11 %
52 Week High 0.048
52 Week Low 0.011
Volume 1,011,780,100
Shares Issued 17,834m
Market Cap £6.24m
RiskGrade 530

Tower Resources Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
63.12% above the market average63.12% above the market average63.12% above the market average63.12% above the market average63.12% above the market average
67.12% above the sector average67.12% above the sector average67.12% above the sector average67.12% above the sector average67.12% above the sector average
Price Trend
14.03% below the market average14.03% below the market average14.03% below the market average14.03% below the market average14.03% below the market average
28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average
Income Not Available
Growth Not Available

Tower Resources Dividends

No dividends found

Trades for 03-Oct-2024

Time Volume / Share Price
16:29 6,000,000 @ 0.035p
16:24 1,304,789 @ 0.036p
16:24 1,813,025 @ 0.034p
16:21 11,750,000 @ 0.035p
16:17 3,125,842 @ 0.035p

Top of Page