AIM-listed Tower Resources, the Africa-focused energy company, has announced its Interim Results for the six months ended 30 June 2026.
Key financial metrics
- Cash and cash equivalents on hand of $66,583 (2024: $394,025).
- Operating loss of $844,141 (2024: $1,177,149)
Key Highlights and Post-Reporting Period events
28 September 2026: Cameroon and Namibia license updates
- Namibian PEL96 farm-out deed of assignment now with Minister of Industries, Mines and Energy ('MIME') for signature
- Cameroon Presidential letter of authorisation and instruction now transmitted via Prime Minister’s office to the Minister of Mines, Industry and Technological Development ('MINMIDT') and the Societé Nationale des Hydrocarbures ('SNH')
24 August 2026 – Namibia and Cameroon Updates and Subscription to raise £325,000
- Namibia - All parties except the MIME have executed the PEL96 assignment deeds, which are currently being checked by the Upstream Petroleum Unit (UPU) before returning to MIME for signature and stamping.
- Cameroon - The Thali license extension and farm-out file, already understood to have Presidential approval while abroad, is now at the Office of the Presidency awaiting execution following the President’s return to Yaounde.
- A subscription for 2,363,636,363 new ordinary shares at 0.01375p per share to raise £325,000 for additional working capital.
29 June 2026: Grant of Restricted Shares under Long Term Incentive Plan
- Annual LTIP award - The Company granted 1,540,000,000 Restricted Shares to directors, employees and consultants under its LTIP, with all shares vesting on 26 June 2029.
25 June 2026: Namibia Update - Letter of Approval for PEL96 Farm-out
- Namibia farm-out update - MIME issued the formal approval letter for the PEL96 farm-out to Prime, satisfying the final condition precedent.
24 June 2026: License and Farmout Approval Update and Subscription to raise £400,000
- Namibia - MIME is in receipt of all requested documents and has committed to respond no later than 1 July 2026. This Ministerial letter is the final condition precedent, after which the Company will issue a completion notice and close the farm-out.
- Cameroon - Following the Prime Minister’s intervention, the Thali license extension and farm-out moved to the Office of the Presidency for required assent.
- A subscription for 2,500,000,000 new ordinary shares at 0.016p per share to raise £400,000 for additional working capital.
16 March 2026: Cameroon and Namibia Update and Subscription to raise £1,499,999
- Cameroon - SNH informed the Company of plans to recommend extending the Thali license for a year and approving the 42.5% farm-out to Prime, with the Prime Minister’s office coordinating a final meeting to conclude documentation.
- Namibia - Government units have agreed to expedite approval of the 25% PEL96 farm-out to Prime, with NAMCOR completing due diligence and awaiting final partner documentation.
- Subscription - A subscription for 6,315,785,262 new ordinary shares at 0.02375p per share to raise £1,499,999 to repay the £1m convertible Bridge Loan (plus interest), due 25 March 2026 unless converted at 0.056p per share.
28 January 2026: Equity subscription to raise £375,000
- A subscription for 1,704,545,454 new ordinary shares at 0.022p per share to raise £375,000 for working capital purposes.
A copy of the Company’s interim results will be made available shortly on the Company’s website at https://www.towerresources.co.uk
CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026
Dear Shareholder,
I’m pleased to share our interim results for the period to 30 June, 2026, and also to share an update regarding our farm-out approvals and our operating plans over the months ahead.
In summary, as previously announced, in Namibia we already received the letter from the Minister of Industries, Mines and Energy ('MIME') approving the farm-out of a 25% interest in PEL 96 to Prime Global Energies Limited ('Prime') at the end of June 2026, and although it took a while to get the wet signatures of all parties on the deed of assignment, this is now only awaiting the Minister’s signature which is expected any day.
In Cameroon, the President’s authorisation for the further extension of the initial exploration period of our Thali license, and for the farm-out to Prime, has been granted and has been making its way down through the usual channels from the Office of the President and the Prime Minister’s Office to the Minister of Mines, Industry and Technological Development (“MINMIDT”) and to the Societé Nationale des Hydrocarbures (“SNH”). We have now seen a copy of the letter from the President’s office to the Prime Minister’s office and to MINMIDT and SNH confirming the President’s authorisation and instructions. MINMIDT has advised us that they are now preparing the formal “arrêté” confirming the extension and the formal letter of approval for the farm-out to Prime, which we expect to receive shortly.
Cameroon
We have continued to maintain drilling readiness, and since the beginning of the year we took delivery of the mud-line suspension system which allows us to suspend the NJOM-3 well after testing so that we are able to re-enter it as a production well in due course. This equipment is now at our storage facility in Douala along with the other long lead items for the NJOM-3 well.
We also continue to monitor the rigs available for drilling the NJOM-3 well, and we currently expect to be spudding the well early in the second quarter of 2027. While it may still be possible to spud in the first quarter, we think it is best to set expectations for second quarter at this stage. We do not intend to discuss rig selection or timing any further until we have made a final rig selection that is contractually confirmed, in order to preserve the confidentiality of those commercial discussions.
Draft service agreements are already in place for all services, but we will review and finalise these (and will have time to do so) when the rig selection and timing are known.
We have also continued discussions on the financing of the next phase of work on the Njonji structure, conditional on the NJOM-3 well results, in order to minimise the elapsed time between the NJOM-3 well and the drilling of the subsequent production wells.
Namibia
In Namibia, we have already scheduled the next PEL96 Operating Committee meeting together with Prime as well as NAMCOR and our local partners for early October, to discuss the next stage of our work programme.
As shareholders may recall, we completed an extensive basin modelling exercise as part of our initial work programme on PEL96. We have subsequently reviewed all of our existing 2D seismic data over our acreage, which has led us to identify a number of interesting stratigraphic leads of similar architecture to the major discoveries which have made to the South in the Orange Basin. Significantly, these are located along the expected oil migration paths we have also identified. These stratigraphic leads are in addition to the four-way dip closures that we had already identified in the license area, and these are also consistent with the oil seep data that we have studied. Our next step is therefore to acquire additional seismic data in order to narrow down further the most interesting leads and the area within the license where we would like to acquire new 3D seismic data.
There is a possibility to acquire additional seismic data directly in the first half of 2027, when the weather window is suitable, but the economics of doing this will depend critically, among other things, on whether our neighbours are also ready to acquire data. However, we are also exploring other alternative sources of data in case this is not a viable option.
South Africa
In South Africa, as we disclosed in our annual report in June 2026, we made the decision to impair the carrying value of our 50% interest in the Algoa-Gamtoos license due to the continuing uncertainty in the legislative environment which is still limiting seismic data acquisition and other activity in the offshore basins. At the same time, the discussions that the Operator of the license had been conducting with a potential farm-in partner appear to have stalled. As we explained in June, we intend to continue working in South Africa, albeit at a modest pace, while we wait to see if things begin to move forward again.
Corporate
We have been forced to raise a significant amount of equity financing during the first eight months of this year, part of which was to repay loans taken in lieu of equity financing in 2025, and this has been an unfortunate consequence of the delay in receiving government approvals, which I discussed at length in our annual report a few months ago. However, we do believe that with our approvals in hand, we will not be needing further equity financing this year for existing commitments.
One can never say never: we are a public company precisely so that we can raise funds, not merely to meet immediate cash needs but also to finance further opportunities, and this is a good environment for opportunities. We are looking at a range of open licenses in West Africa and Southern Africa, and we are struck by the enthusiasm and realism governments are now showing in seeking to bring new independent oil company investment into both exploration and also the development of existing discoveries. But we are also very aware that shareholders have had to fund the delays of the last eighteen months, and I can only say that I believe this investment will be rewarded in the months and years ahead.
Jeremy Asher
Chairman and Chief Executive Officer
28 September 2026
Source: Tower Resources
