Tower Resources (TRP)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.040p
   
  • Change Today:
      0.001p
  • 52 Week High: 0.048
  • 52 Week Low: 0.011
  • Currency: UK Pounds
  • Shares Issued: 17,974m
  • Volume: 473,356,108
  • Market Cap: £7.19m
  • RiskGrade: 530

Tower Resources planning next steps at Thali

By Josh White

Date: Wednesday 19 Feb 2020

LONDON (ShareCast) - (Sharecast News) - Africa-focussed oil and gas company Tower Resources updated the market on the Thali licence in Cameroon on Wednesday, reporting that it was presently preparing plans for drilling for NJOM-3 well, now that the site survey was complete.
The AIM-traded firm said its current view, subject to further work and confirmation of equipment availability, is that it would like to spud the well during June.

Long lead items were already at its base in Douala, Tower noted, adding that some testing equipment would still need to be mobilised prior to spudding the well, along with personnel, so the intended date remained subject to change.

"The company has made considerable progress in farm-out discussions with a number of parties regarding some or all of the well funding, including exchanging draft term sheets, following a pause in discussions that took place while the company was waiting for formal confirmation of the extension of the current exploration period of the Thali PSC," Tower Resources said in its statement.

"The company believes that it will be able to complete a farm-out within its desired timeframe for the NJOM-3 well although there can be no certainty as to timing or eventual outcome of such discussions."

Tower added that it had updated its corporate presentation with a revised indicative timeline for the development of the Njonji structure, and was now preparing updated cash flows and working with OIL to prepare an updated version of the reserve report.

"The company will update its corporate presentation further when the updated reserve report is complete, and will also make the executive summary of the updated reserve report available on its website at that time."

At 1000 GMT, shares in Tower Resources were down 8.1% at 0.48p.

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 0.040p
Change Today 0.001p
% Change -2.44 %
52 Week High 0.048
52 Week Low 0.011
Volume 473,356,108
Shares Issued 17,974m
Market Cap £7.19m
RiskGrade 530

Tower Resources Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.55% above the market average61.55% above the market average61.55% above the market average61.55% above the market average61.55% 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
24.37% above the market average24.37% above the market average24.37% above the market average24.37% above the market average24.37% above the market average
41.03% above the sector average41.03% above the sector average41.03% above the sector average41.03% above the sector average41.03% above the sector average
Income Not Available
Growth Not Available

Tower Resources Dividends

No dividends found

Trades for 10-Oct-2024

Time Volume / Share Price
16:28 6,115,491 @ 0.041p
16:25 4,878 @ 0.041p
16:23 1,000,000 @ 0.041p
16:22 4,878 @ 0.041p
16:22 4,878 @ 0.041p

Top of Page