Business
Interim Results to 30 June 2021
Interim Results to 30 June 2021.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4424N\n Tower Resources PLC\n 30 September 2021\n \n \n \n \n 30 September \n 2021\n \n \n \n \n \n Tower Resources plc\n \n \n Interim Results to 30 June 2021 \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 2021. \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n § \n January 2021 Placing of 384,615,384 new ordinary shares at 0.325p to raise £1.25 million (gross), together with issuance of one placing warrant for every three placing shares exercisable for two years at 0.65 pence per share and repayment of the US$500,000 Shard Merchant Capital Ltd loan facility;\n \n \n § \n Up\n dated resource estimates for the Algoa-Gamtoos license, offshore South Africa, following the reprocessing of additional 2D seismic data from Tower's 50% partner and license Operator, New Age Energy Algoa (Pty) Ltd. The updated resource estimate identified three separate reservoir targets in the deep-water (Outeniqua basin) section of the license with a total of 1,411 million boe Pmean recoverable resources (unrisked). A new lead in the submarine fan complex in the shallower Gamtoos area of the license was also identified and is estimated to contain 135 million boe Pmean recoverable resources (unrisked);\n \n \n § \n March 2021 extension to the US$750,000 Pegasus Petroleum Loan Facility (\"Facility\") to 30 November 2021 in exchange for an increase in production-based payments due to Pegasus from the Company's Thali license, offshore Cameroon. Interest continued to accrue at 12% per annum, and the production-based payments were increased to 3.75% of the contractor share of production if the Facility was repaid prior to July 15 2021 and 5.00% otherwise.\n \n \n § \n In March 2021 through the Company's subsidiary, Tower Resources Cameroon SA, Tower received Presidential approval of a further extension to the First Exploration Period of the Thali PSC, offshore Cameroon, to May 2022 following the Company having declared Force Majeure with respect to the PSC a year earlier due to the Covid-19 pandemic. \n \n \n § \n In May 2021, Tower Resources Cameroon SA received formal c\n onfirmation from the Cameroon Minister of Mines, Industry and T...