Tower Resources, the AIM-listed oil and gas company focused on Africa, has announced its preliminary results for the 12 months ended 31 December 2025.
Cameroon
- 7 March 2025 Tower Resources Cameroon S.A. submitted the TRCSA-Prime farm-out agreement documentation (see 'Corporate' section below) and the request for a year's further extension of the First Exploration Period of the Thali license to the Cameroon Minister of Mines, Industry and Technological Development for approvals.
- 10 June 2025 The Company issued a Letter of Award to Advanced Energy Systems S.A.E ('ADES') for the provision of a jack-up rig, proposed to be the Admarine 510, to drill the NJOM-3 well on Tower's Thali license in Cameroon.
Namibia
- 7 March 2025 Tower Resources (Namibia) Limited ('TRNL') agreed to purchase an additional 5% interest in the PEL96 license offshore Namibia from its local partner, ZM Fourteen Investment (Pty) Ltd, for a cash consideration on completion of US$375,000, subject to usual conditions and approvals.
- 17 June 2025 The Namibian Ministry of Industries, Mines and Energy ('MIME') wrote to the Company to confirm formally the previously advised entry into the First Renewal Period of the PEL96 license.
Corporate
- 10 January 2025 The Company, through its wholly-owned subsidiary, Tower Resources Cameroon S.A. ('TRCSA'), agreed to farm-out a 42.5% non-operated interest in the Thali license to Prime Global Energies. Terms of the transaction included a US$15,000,000 cash contribution towards the Thali work programme and drilling of the NJOM-3 well in 2025. Additionally, via TRNL, Prime also agreed to farm-in to PEL96, offshore Namibia, for a 25% non-operated interest.
Highlights
- Prime to acquire a 42.5% non-operated interest in the Thali license, and to make a US$15,000,000 contribution to the Thali work programme costs;
- Prime also to acquire a 25% non-operated interest in PEL96, offshore Namibia, with TRNL to be reimbursed back costs at completion;
- In recognition of existing production-based payment agreements in place with Pegasus Petroleum Limited ("Pegasus") on the Thali license, which Pegasus agreed to modify in Prime and Tower's favour, Prime committed to production-based payments of 10% of Prime's after-tax share of profit oil from Thali to Tower, which will, in turn, be passing the majority of those payments on to Pegasus and also retaining a portion itself, as previously disclosed; other aspects of the transaction include;
- A payment of US$1,875,000 was made to Tower upon the farm-out agreement execution; 50% paid on by Tower to Pegasus and 50% retained by Tower;
- A further payment of US$1,875,000 to Tower to be made on completion of the Thali farm-out; 50% to be paid to Pegasus and 50% to be retained by Tower;
- The issue of 5,650,483,681 Ordinary shares in Tower to Pegasus in consideration of the cash retentions by Tower and the modification of the production-based payments to Pegasus noted above;
- A further payment of US$2,500,000 to Tower on completion of the Namibia farm-out (of which US$1,875,000 will be held back pending completion of the Thali farm-out as well as the Namibia farm-out);
- In aggregate Tower to receive a total of US$4,375,000 in cash on completion of both the Thali and PEL96 farm-out agreements;
- Agreement in principle for Tower and Prime to work together on other projects in Cameroon, with Prime participating up to 42.5% depending on the project.
22 January 2025 A broker to the Company exercised rights over 271,018,518 Ordinary shares comprised of 271,018,518 Warrants at an exercise price of 0.027p per share and at an exercise cost of £73,175.
26 March 2025 The Company agreed 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 if not prepaid earlier. Prime Resources Limited is a Gibraltar-registered private investment company and is not related to the Company's prospective farm-in partner Prime Global Energies Limited.
9 April 2025 The Company made an annual award of 1,540,000,000 Restricted Shares to directors, employees and consultants under its Long Term Incentive Plan (LTIP).
1 July 2025 The Company expanded its Bridge Loan, announced on 26 March 2025, by £250,000, from £500,000 to £750,000. The other terms of the Bridge Loan remained unchanged.
1 September 2025 The Company expanded its Bridge Loan, announced on 26 March 2025 and 1 July 2025, by £250,000, from £750,000 to £1,000,000. The other terms of the Bridge Loan remained unchanged.
17 October 2025 Subscription to raise £550,000 through the issue of 1,964,285,714 new ordinary shares at a price of 0.028p per share. Axis Capital Markets Limited, the broker, awarded warrants over 49,107,143 new ordinary shares with a strike price of 0.056p per share, exercisable over three years.
17 November 2025 Subscription to raise £280,000 through the issue of 1,000,000,000 new ordinary shares at a price of 0.028p per share. Axis Capital Markets Limited, the broker, awarded warrants over 25,000,000 new ordinary shares with a strike price of 0.056p per share, exercisable over three years.
Post-Reporting Period Events
28 January 2026 Subscription to raise £375,000 through the issue of 1,704,545,454 new ordinary shares at a price of 0.022p per share. Axis Capital Markets Limited, the broker, awarded warrants over 42,613,363 new ordinary shares with a strike price of 0.044p per share, exercisable over three years.
16 March 2026 Subscription to raise £1,499,999 through the issue of 6,315,785,262 new ordinary shares at a price of 0.02375p per share, which was used inter alia to repay in full the Bridge Loan. Axis Capital Markets Limited, the broker, awarded warrants over 141,052,526 new ordinary shares with a strike price of 0.0475p per share, exercisable over three years.
Source: Tower Resources
