Business
Interim Results to 30 June 2020
Interim Results to 30 June 2020.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4970A\n Tower Resources PLC\n 30 September 2020\n \n \n \n \n \n \n \n 30 September \n 2020 \n \n \n \n \n \n Tower Resources plc\n \n \n Interim Results to 30 June 2020 \n \n \n \n \n \n Tower Resources plc (the \"Company\" or \"Tower\" (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa,\n announces its Interim Results for the six months ended 30 June 2020. \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n § \n Extension of the initial period of the Exploration Phase of the Thali PSC, offshore Cameroon by one year (from 15 September 2019) for the purposes of completing the NJOM-3 well, and declaration of Force Majeure with effect from 17 March 2020 due to travel and operational restrictions arising from the Covid-19 pandemic;\n \n \n § \n Thali PSC, offshore Cameroon, site survey successfully completed by the Geoquip Marine survey vessel MV Investigator with the drilling of three boreholes to a depth of 80 metres each; \n \n \n § \n Binding Heads of Terms executed with respect to a farm-out of the Thali PSC with OilLR Pty Ltd for a 24.5% working interest covering US$7.5 million of the costs of the NJOM-3 well;\n \n \n § \n March 2020 Placing of 133.33 million new ordinary shares at 0.375p to raise £0.5 million (gross), together with issuance of broker commission shares;\n \n \n § \n Release of an updated independent Reserves Report from Oilfield International Limited (\"OIL\") covering the Thali PSC, confirming Gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks with an NPV10 of US$179 million and EMV10 of US$143 million.\n \n \n \n \n \n POST REPORTING PERIOD EVENTS\n \n \n \n \n \n § \n Further extension of the Loan Facility with Pegasus Petroleum Limited (\"Pegasus\") to 15 August 2020, the terms of which included the issue of 4.5 million five-year warrants with a strike price of 0.35 pence, being a premium of 11.1% to the closing price on 30 June 2020.\n \n Jeremy Asher, as a director of the Company, and Pegasus, are considered to be \"related parties\" as defined under the AIM Rules and accordingly, the extension and issue of warrants constituted related party transactions for the purposes of Rule 13 of the AIM Rules.\n \n \n § \n Issue of 15,219,338 warrants to Director...