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 narrows losses in preliminary results

By Josh White

Date: Wednesday 10 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Africa-focussed oil and gas company Tower Resources reported a narrowed loss before tax in its preliminary results on Wednesday, of $2.66m (£2.09m), compared to $3.82m in the prior year.
The AIM-traded firm, which remains pre-revenue, said its basic and diluted losses per share came in at 0.4 US cents for the year ended 31 December, down from 1.02 cents a year earlier.

It reported exploration and evaluation expenditure of $3.9m on the Thali production sharing contract (PSC), up from $1.2m year-on-year.

The company also said that licence payments, securing an 80% operated interest in blocks 1910A, 1911 and 1912B offshore Namibia, together with the National Petroleum Corporation of Namibia (NAMCOR), totalled $0.23m, compared to $5k in 2018.

Administrative costs, net of impairments and share-based payment charges, came in at $0.99m, rising slightly from $0.92m.

Cash at year-end totalled $39k, down from $0.33m.

Since the year ended, Tower noted that in January it was awarded an extension to the initial exploration period of the Thali licence to 15 September.

In February, the NJOM-3 appraisal well site survey was completed by the Geoquip Marine survey vessel MV Investigator.

Following that, in March, an updated Cameroon reserves report reconfirmed gross mean contingent resources of 18 million barrels of oil across the proven Njonji-1 and Njonji-2 fault blocks, with net present value at a 10% discount (NPV10) of the best estimate contingent resources of $119m, using the 10 March 2020 Brent forward curve.

Also in March, Tower completed a placing and subscription to raise £0.5m at a placing price of 0.375p per share.

Finally, also in March, the company notified the government of Cameroon of an event of force majeure over the Covid-19 pandemic, affecting the timing for completion of its work programme in the initial exploration period of the Thali PSC.

"2019 proved to be a challenging year and so far 2020 has been even more challenging, in ways which have affected everyone in our industry and in most other sectors," said chairman and chief executive officer Jeremy Asher.

"The impact on oil demand of the Covid-19 lockdowns was dramatic and, at least in recent history, unprecedented, and the potential for a simultaneous price war among the OPEC nations and Russia initially exacerbated the problem."

Asher said that the dramatic collapse in prompt oil prices resulted in "rapid action" to cut production by both governments and private companies.

"The potential for a second wave of Covid-19 infections remains a concern, but the market for prompt delivery is now stabilising and much improved, with Brent for August 2020 delivery now trading at around $40 per barrel as I write."

At 1447 BST, shares in Tower Resources were down 0.75% at 0.41p.

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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

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