Business
Preliminary Results to 31 December 2018
Preliminary Results to 31 December 2018.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9943A Tower Resources PLC 04 June 2019 \n\n 4 June 2019\n \nTower Resources plc\nPreliminary Results to 31 December 2018\nTower Resources plc (the \"Company\" or \"Tower\" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces its preliminary results for the 12 months ended 31 December 2018.\nHighlights:\n§ Thali PSC $1.2 million (2017: $431k) exploration and evaluation expenditure;\n§ Publication of Cameroon Reserves Report by Oilfield International Limited;\n§ Award of new Petroleum Agreement for an 80% operated interest in blocks 1910A, 1911 and 1912B, offshore Namibia, together with the National Petroleum Corporation of Namibia (NAMCOR);\n§ Reduced loss before impairment of $1.0 million (2017: loss $1.6 million);\n§ Impairment of Zambia licences totalling $2.8 million (2017: $nil); and\n§ Cash balance at year-end of $331k (2017: $2.2 million).\n \nPost-reporting period events:\n \n§ Placing and subscription to raise £1.7 million (gross) at placing price of 1.00 pence per share;\n§ Interim financing via a $750,000 Bridging Loan Facility.\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \nContacts\n \n\n\n\nTower Resources plc\n\n\n+44 20 7157 9625 [email protected]\n\n\n\n\nJeremy Asher\nChairman and CEO \n \n\n\n\n\n\n\n\nAndrew Matharu\nVP - Corporate Affairs\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSP Angel Corporate Finance LLP\nNominated Adviser\n\n\n+44 20 3470 0470\n\n\n \n\n\n\n\nStuart Gledhill\nCaroline Rowe\n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nTurner Pope Investments (TPI) Limited\nJoint Broker\nAndy Thacker\n \n\n\n+44 20 3621 4120\n\n\n \n\n\n\n\nWhitman Howard Limited\nJoint Broker\nNick Lovering\nHugh Rich\n \n\n\n+44 20 7659 1234\n\n\n \n\n\n\n\nYellow Jersey PR Limited\n\n\n+44 20 3735 8825\n\n\n \n\n\n\n\nTim Thompson\n\n\n \n\n\n \n\n\n\n\n\n\n\n\n\n \nCHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT\nDuring 2018 we made considerable progress towards our goals, and the general state of our industry improved as well, despite a weakening in market s...