Business
Preliminary Results to 31 December 2015
Preliminary Results to 31 December 2015.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1773R Tower Resources PLC 07 March 2016 \n\nTower Resources plc\nPreliminary Results to 31 December 2015\n \n7 March 2016\nTower Resources plc (the \"Company\" or \"Tower\" (TRP.L, TRP LN)), the AIM-listed Africa-focussed oil and gas exploration company, announces its preliminary results for the 12 months ended 31 December 2015. \nHighlights:\n· Portfolio refocus towards proven and emerging basins\n \n· Award of a 100% interest in the Thali PSC located in the prolific Rio Del Rey basin, Cameroon\n \n· Institutional placing to raise net US$8 million: Directors subscribed over $1million\n \n· Board strengthened with the appointments of Philip Frank and Nigel Quinton\n \n· Costs reduced and low near-term commitments \n \n· Cash balance at year-end of US$3.5 million (2014: US$7.9 million)\n \n· Look to strengthen asset base in this period of low acquisition and entry costs\n \nChairman and Chief Executive's Joint Statement\n2015 was a year of transition for Tower Resources plc.\nWe repositioned our portfolio to include interests in proven basins, with the signing in September of the Thali PSC (\"Thali\") in the prolific Rio Del Rey shallow water area of the Republic of Cameroon. Tower has a 100% interest in Thali and has been accredited as an operator there. Thali already has three discovery wells, and is therefore part-way to reaching a commercial reserve threshold. In a very difficult equity market, we raised US$8 million in July to fund this acquisition and other activities, with the Directors subscribing over US$1 million. As part of this funding we welcomed M&G Investments as a major new shareholder with an 18% shareholding.\nWe have also moved to reduce and defer our other near-term commitments and associated costs, and by doing so to minimise risk whilst retaining material exposure to longer-term exploration upside. In areas where we see little chance of commerciality in the medium-term, we have withdrawn. We continue to respond to the oil price environment and the negative market sentiment towards the oil sector, by changing the focus of our current activity whilst preserving the b...