Business
Interim Results
Interim Results.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2826S Tower Resources PLC 29 September 2017 \n\nTower Resources plc\nOperational Update and Interim Results to 30 June 2017 \n \n29 September 2017\n \nTower Resources plc (the \"Company\" or \"Tower\" (TRP.L, TRP LN)), the AIM-listed Africa-focussed oil and gas exploration company, announces its Interim Results for the six months ended 30 June 2017. \n \nHIGHLIGHTS\n \no The sale, in January 2017, of Tower's wholly owned subsidiary, Comet Petroleum Limited (\"Comet\") for a nominal cash consideration, future contingent payments and net over-riding royalty interests of five or ten per cent over future production revenue from Comet's assets in the Saharawi Arab Democratic Republic;\no Suspension of trading in the Company's shares on AIM in May 2017, due to financial uncertainty after a transaction in respect of the Thali block, Cameroon, that would have triggered an immediate cash payment to Tower, failed to complete;\no The completion of a placing in June 2017, which raised £180,000, and announcement of an open offer, at a price of 1.0 pence per share with key support from Directors and existing shareholders; and\no Further corporate overhead reductions, which have reduced our cash G&A costs by approximately $1 million in aggregate, compared to 1H 2016, and should result in a further reduction in 2H 2017. \n \nPOST REPORTING PERIOD EVENTS\n \no Completion of a substantially over-subscribed open offer in August 2017, which raised approximately £187,890 at a price of 1.0 pence per share;\n \no Extension of the Algoa-Gamtoos block, offshore South Africa (50% Tower, Operator New Age 50%): 1st Renewal Period to 27 August 2019 confirmed by the Operator; and\n \no Workshop held in Cameroon regarding upcoming work programme on Thali block. \n \n \nContacts\nTower Resources plc\nJeremy Asher (Chairman and CEO)\nAndrew Matharu (VP - Corporate Affairs)\n+44 20 7253 6639\n \nPeel Hunt LLP (Nominated Adviser and Broker)\nRichard Crichton/Ross Allister\n+44 20 7418 8900\n \n\n\n \nCHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017\n \nDear Shareholder,\nThe first six months of 2017 have been a testing period for the Company, but so far we have weathered the s...