AIM-listed Tower Resources, the Africa-focused energy company, has announces its Interim Results for the six months ended 30 June 2024.
Key Highlights including Post-Reporting Period Events
30 September 2024: Cameroon - farm-out proposal received
- Receipt of a proposal to finance the NJOM-3 well via farm-out of a minority interest in the PSC to a substantial upstream company with existing production, which the Company is in the process of reviewing.
2 August 2024: Namibia - technical update in respect of the Company's PEL 96 license
- Extension of the Initial Exploration Period of PEL 96 to 31 October 2024 and invitation to apply to enter the First Renewal Period of PEL 96, for a period of 2-3 further years.
- Agreement to defer the Company's commitment to acquire 1,000 square kilometres ("km2") of new 3D seismic data to the First Renewal Period.
- Continuing work on the evaluation of large stratigraphic and structural leads and prospects.
- Plan to reprocess the previously acquired 2D seismic data over large areas of the license.
8 February 2024: Cameroon - Extension of the First Exploration Period of the Thali PSC to 4 February 2025
Other Highlights and Post-Reporting period Events
- 13 August 2024 - Issue of 71.4 million 5-year warrants at a strike price of 0.018p per share in lieu of Directors fees to Ms Stacey Kivel in respect of the period July-September 2024;
- 1 July 2024 - Issue of 357.1 million 5-year warrants at a strike price of 0.018p per share in lieu of £30,000 (in aggregate) of Directors fees in respect of the period July-September 2024;
- June 2024 - A subscription for 1,195,652,174 new ordinary shares at 0.0115p per share to raise £137,500 (gross) by the Company's Chairman and CEO, Jeremy Asher and another investor;
- May 2024 - Borr Drilling Limited ("Borr") advised it had extended the commitment of the Norve jack-up rig to BW Energy to October 2024. Tower advised it was continuing to work with Borr on timing;
- February 2024 - Annual award of 5-year share options over 1,182,000,000 new ordinary shares under the Long Term Incentive Plan ("LTIP"), at an exercise price of 0.018p per share, vesting in three equal tranches over 12, 24 and 36 months;
- February 2024 - The Company received notice that the third of its appeals to the First-Tier Tax Tribunal had been successful, resulting in a release of the remaining VAT provision and the receipt of remaining receivables;
- February 2024 - The Company reached an agreement for the repayment of the outstanding balance owed to EECP, in accordance with the terms of the Investment Deed announced on 16 January 2023 (the "Investment Deed"). In addition, the Company also announced a Subscription to raise £600,000 via the issue of 3,333,333,333 shares at a price of 0.018 pence per share;
- February 2024 - Share issuance in accordance with the terms of the Investment Deed with EECP, of 396,825,397 shares at a price of 0.021p per share for a settlement amount of US$105,000 which had been prepaid by EECP;
- January 2024 - Issue of 350.9 million 5-year warrants at a strike price of 0.03p per share in lieu of £60,000 (in aggregate) of Directors fees in respect of the period January-June 2024, to conserve the Company's working capital;
- January 2024 - Share issuance in accordance with the terms of the Investment Deed with EECP of 440,567,445 shares at a price of 0.0225p per share for a settlement amount of US$125,000 which had been prepaid by EECP.
A copy of the Company's interim results is available shortly on the Company's website.
Source: Tower Resources
