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

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Tower Resources raises £1.5m for maintenance and work programmes

By Josh White

Date: Friday 14 Jan 2022

LONDON (ShareCast) - (Sharecast News) - Africa-focussed oil and gas company Tower Resources raised £1.5m, it announced on Friday, to fund maintenance, planning and work programme costs across its portfolio.
The AIM-traded firm said the money was raised through the placing and subscription of 576,923,077 new shares at a price of 0.26p each, which was a 29% discount on the closing price on 13 January.

As part of the placing, the company's chairman and chief executive officer Jeremy Asher agreed to subscribe for 9,615,384 new shares in the placing, for £25,000.

The company said it would use the net proceeds to advance its portfolio and to cover working capital requirements going forward, including funding maintenance and planning expenditure in Cameroon to maintain the long-lead items inventory ready for the start of drilling and testing of the NJOM-3 well, pending completion of the farm-out, and to make payments and pre-payments to contractors.

It would also be used for work programme costs in Namibia for licence PEL96, where Tower was planning to conduct a basin modelling study based on the latest data available from recent drilling in the areas adjoining the acreage.

Work programme costs in South Africa for the Algoa-Gamtoos licence operated by 50% partner New Age Energy Algoa would also be covered, which adjoins the Total-operated blocks 11B/12B, and where the licence partners were preparing for 3D seismic data acquisition in 2022 and 2023.

Tower Resources said the funds would also be used for general working capital purposes.

"We are working to finalise the Cameroon farm-out, which both parties wish to see completed, and we are also encouraged by recent news reports of drilling operations underway at Graff-1 and Venus-1X, operated by Shell and TotalEnergies, respectively," said Jeremy Asher.

"However, while waiting for the farmout to complete we must continue to prepare for drilling operations and to maintain the current equipment inventory in a drill-ready state."

Asher said the company also wanted to keep moving forward in Namibia and South Africa, so it could capitalise on the improving economics of its acreage positions.

"This does require us to raise capital at this time, though we continue to seek to keep share issues to a minimum."

At 1415 GMT, shares in Tower Resources were down 20.55% at 0.29p.

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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 0.035p
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

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