Business
Interim Results to 30 June 2025
Interim Results to 30 June 2025.
About this update from Tower Resources Plc
[{"type":"text","content":"\n\n\n \n30 September 2025\n \nTower Resources plc\n(\"Tower\" or the \"Company\")\nInterim Results to 30 June 2025\n \nTower Resources plc (AIM: TRP), the Africa-focused energy company, announces its Interim Results for the six months ended 30 June 2025.\n \nKey Highlights\n10 January 2025: Transformational Farm-out Agreements for Cameroon and Namibia Licenses\n§ Execution of two farm-out agreements with Prime Global Energies Limited (\"Prime\") for minority, non-operated interests in its Thali license, offshore Cameroon, and PEL96 offshore Namibia.\n§ Prime will acquire a 42.5% non-operated interest in the Thali license in exchange for a US$15,000,000 cash contribution towards the Thali work programme, including drilling of the NJOM-3 well, plus additional payments.\n§ Prime will also acquire a 25% non-operated interest in PEL96, offshore Namibia, for approximately US$2,500,000.\n7 March 2025: Namibia and Cameroon Update\n§ Tower Resources (Namibia) Limited agreed to purchase an additional 5% interest in the PEL96 license, offshore Namibia, from its local partner, ZM Fourteen Investment (Pty) Ltd.\n§ Tower Resources Cameroon SA had previously submitted farm-out agreement documentation and the request for a year's further extension of the First Exploration Period of the Thali license for approval from the Cameroon Minister of Mines, Industry and Technological Development (\"MINMIDT\").\n26 March 2025: Bridge Loan\n§ Agreement for an unsecured fixed-price convertible bridge loan of £500,000 with Prime Resources Limited with a term of up to 12 months and convertible into ordinary shares at a fixed conversion price of 0.05588 pence per share.\n9 April 2025: Grant of Restricted Shares under Long Term Incentive Plan (\"LTIP\")\n§ The award of 1,540,000,000 Restricted Shares to directors, employees and consultants vesting at the end of three years under the annual LTIP scheme.\n10 June 2025: Letter of Award for Rig Contract in Cameroon\n§ Tower Resources Cameroon SA issued a Letter of Award to Advanced Energy Systems S.A.E (\"ADES\") for the provision of a jack-up rig to drill the NJOM-3 well on Tower's Thali license in Cameroon.\n30 June 2025: Key financial metrics\n§ Cash and cash equivalents on hand of $394,025 (2024: $337,489).\n§ Operating loss of $1,177,149 (2024: $447,757) reflecting increased sta...