Business
Preliminary Results to 31 December 2020
Preliminary Results to 31 December 2020.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9467A\n Tower Resources PLC\n 07 June 2021\n \n \n \n \n 7 June 2021\n \n \n \n \n \n Tower Resources plc\n \n \n Preliminary Results to 31 December 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, announces its preliminary results for the 12 months ended 31 December 2020.\n \n \n Highlights:\n \n \n · \n Thali PSC $2.2 million (2019: $3.9 million) exploration and evaluation expenditure;\n \n \n ·\n Algoa-Gamtoos TCP $440k (2019: $537k). Second renewal phase approved by PASA effective 17 November 2020;\n \n \n · \n Administrative costs net of impairments and share-based payment charges reduced significantly to $237k (2019: $987k); \n \n \n · \n Cash balance at year-end of $10k (2019: $39k);\n \n \n · \n Award of extension to the Initial Exploration Period of the Thali PSC to 15 September 2020;\n \n \n · \n Completion of NJOM-3 appraisal well site survey by the Geoquip Marine survey vessel MV investigator;\n \n \n · \n Cameroon Reserves Report update reconfirming gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks, with an NPV10 of the Best Estimate Contingent Resources of $119 million using the March 10th 2020 Brent Forward Curve, and an EMV10 of $91 million;\n \n \n · \n Completion of placing and subscription to raise £500k at placing and subscription price of 0.375 pence per share;\n \n \n · \n Notification to the Government of Cameroon of an event of Force Majeure in respect of the Covid-19 pandemic, affecting the timing for completion of the Group's work programme in the Initial Exploration Period of the Group's Thali Production Sharing Contract;\n \n \n · \n Appointment of Paula Brancato and Dr Mark Enfield to the board as Non-Executive Directors.\n \n \n \n Post-reporting period events:\n \n \n · \n \n 14 January 2021:\n \n Placing of 384,615,384 shares to raise £1.25 million at 0.325p per share;\n \n \n · \n \n 27 January 2021:\n \n Issue of 20,000,000 shares to EPI Group in lieu of £65,000 of fees\n \n \n · \n \n 8 February 2021:\n \n Algoa Gamtoos Operator resource upgrade following reprocessing of subsurface data;\n \n \n · \n \n 4 March 2021:\n \n Extension of Pegasu...