Business
Interim Results to 30 June 2014
Interim Results to 30 June 2014.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6800Q Tower Resources PLC 03 September 2014 \n \n\n \nTower Resources plc\nInterim Results to 30 June 2014 \n3 September 2014\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 2014. \n \n§ Strategic developments during the reporting period include: \n \n- All-share acquisition of Rift Petroleum Holdings Limited resulting in Tower's entry into South Africa and Zambia\n \n- Farm-in to Block-2B, onshore Kenya, giving Tower exposure to the drill-ready Badada-1 well scheduled to be spud in late 2014/early 2015\n \n- Total cash funding during the period of £20.1 million (US$33.3 million) including an Institutional placing to raise £19.3 million (US$32.0 million), before expenses, at a price of 3.5 pence per share \n \n§ Operational developments during the reporting period include: \n \n- Drilling of the unsuccessful Welwitschia-1A exploration well in the Walvis Basin, offshore Namibia\n \n§ Developments following the reporting period include: \n \n- Post well studies continue on the Namibia Licence 0010 and conditional application made for the next Exploration Period; drilling and other costs being disputed between the non-operating parties and the operator. \n \n- Geological fieldwork in Blocks 40 and 41, Zambia, was completed in August 2014 and evaluation of samples and information is underway.\n \n- Ongoing processing and interpretation of 3D seismic acquired over the Algoa-Gamtoos licence, offshore South Africa, plus reprocessing and merge of older 3D survey. Nearby Brulpadda-1AX well spud in July by Total.\n \n- Preparation for the drilling of the potentially play-opening Badada-1 well, Block 2B, Kenya, including the ordering o...