AIM-listed Tower Resources, the Africa-focused energy company, has announced its interim results for the six months ended 30 June 2025.
Key Highlights
10 January 2025: Transformational Farm-out Agreements for Cameroon and Namibia Licenses
- 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.
- 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.
- Prime will also acquire a 25% non-operated interest in PEL96, offshore Namibia, for approximately US$2,500,000.
7 March 2025: Namibia and Cameroon Update
- 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.
- 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').
26 March 2025: Bridge Loan
- 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.
9 April 2025: Grant of Restricted Shares under Long Term Incentive Plan ('LTIP')
- 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.
10 June 2025: Letter of Award for Rig Contract in Cameroon
- 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.
30 June 2025: Key financial metrics
- Cash and cash equivalents on hand of $394,025 (2024: $337,489).
- Operating loss of $1,177,149 (2024: $447,757) reflecting increased staffing in preparation for drilling in Cameroon, and increase in UK pound/US dollar exchange rate.
Other Highlights and Post-Reporting Period Events
- 22 January 2025 - Exercise of 271,018,518 Broker Warrants at an exercise price of 0.027p per share with an exercise cost of £73,175.00.
- 1 July 2025 - An extension of the Bridge Loan with Prime Resources Limited by £250,000 to £750,000 under the original loan terms was agreed.
- 1 September 2025 - A further extension of the Bridge Loan with Prime Resources Limited by £250,000 to £1,000,000 under the original terms was agreed.
A copy of the Company's interim results will be made available shortly on the Company's website at https://www.towerresources.co.uk
Source: Tower Resources
