Business
Preliminary Results to 31 December 2022
Preliminary Results to 31 December 2022.
About this update from Tower Resources Plc
[{"type":"text","content":"\n\n19 June 2023\n \n \nTower Resources plc\nPreliminary Results to 31 December 2022\n \nTower Resources plc (the \"Company\", the \"Group\" 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 2022.\n\nHighlights:\n· In Cameroon, the Group's exploration and evaluation expenditure on the Thali Production Sharing Contract (\"PSC\") amounted to $3.1 million (2021: $1.3 million). A formal request for extension of the First Exploration Period of the PSC to 11 May 2024 has been submitted to the Minister of Mines, Industry and Technological Development (\"MINMIDT\") and the Company has been informed that processing of this extension is underway. Other Cameroon highlights include:\n· Discussions continued with rig owners and operators with the aim to secure rig availability in the third and/or fourth quarter of 2023 to drill the NJOM-3 well.\n· Discussions continued for asset level financing with several parties, including a term loan of approximately $7 million with BGFI Bank Group.\n· Updated resource estimates and risk profiles were developed for the reservoirs connected to the NJOM-1 and the NJOM-2 discovery wells, substantially lowering risk attributed to PS9 Sup and PS3 HW reservoirs, and increasing total risked pMean prospective resources to 35.4 million bbls.\n· In South Africa, operator NewAge continued to work towards the acquisition of 3D seismic over the permit area.\n· In Namibia Tower has been conducting basin modelling to support technical evaluation of the leads identified to date as part of the work programme for the Initial Exploration Period for PEL 96. The Company is now moving forward with more detailed and focused geological and geophysical analysis aiming to high-grade areas for further seismic data acquisition. Once this work has been completed, Tower is planning to acquire new 3D seismic data over the most promising leads/prospects in line with its work programme.\n· Following the favourable VAT rulings from the Upper Tribunal in 2022 with respect to the Group's UK VAT position, of the three remaining appeals outstanding at the year-end, two have been settled with a further appeal remaining under discu...