Business
Final Results
Final Results.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0775B Tower Resources PLC 28 March 2013 \n \n\n \n \nTower Resources plc\n(\"Tower\" or the \"Company\")\n \nFinal Results for the 12 months ended 31 December 2012\n \nTower Resources plc (\"Tower\"), LN: TRP, the AIM listed exploration company, is pleased to announce its final results for the 12 months ended 31 December 2012.\n \n \nHighlights\n \n· Increased our share of the highly prospective Namibian Licence 0010 from 15% to 30%, increasing our net risked recoverable resources to 540 million barrels of oil equivalent (\"mmboe\") at an immediate cash cost of $5.3 million\n \n· Supported the successful farm-out of 44% of the Namibian Licence 0010 to Repsol, a successful and experienced international explorer and which has become the Licence operator\n \n· Secured the Namibian government's agreement to these changes and a one year extension of the licence\n \n· Commenced planning for the Welwitschia-1 well to be drilled in early-mid 2014 \n \n· Entered into a £20 million Equity Finance Facility with Darwin Strategic Limited and an £8 million SEDA through Yorkville.\n \n· Recruited Graeme Thomson as CEO and Philip Swatman as Senior Non-Executive Director\n \n· Recently strengthened the experienced management team, with Nigel Quinton now working as Vice President New Ventures and Andrew Matharu having joined as Vice President Corporate Affairs \n \n \nGraeme Thomson, Chief Executive Officer of Tower Resources commented:\n \n'I am very pleased with the progress that we have made this year. Tower is in a strong position to realise the potential upside of our Namibian assets and we continue to capitalise on our extensive Africa operating experience in the search for new assets to complement our current portfolio. \n \nPlanning for our Welwitschia-1 well continues apace and with a number of other companies operating offshore Namibia, there will be a great deal of activity in the next 12 months in what we consider to be one of the most exciting postcodes in international E&P. We believe that Tower's enviable int...