REG - Tower Resources PLC - Interim Results to 30 June 2024
30/09/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240930:nRSd1627Ga&default-theme=true
RNS Number : 1627G Tower Resources PLC 30 September 2024
30 September 2024
Tower Resources plc
("Tower" or the "Company")
Interim Results to 30 June 2024
Tower Resources plc (AIM: TRP), the Africa-focused energy company, 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 ("km(2)") 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 will be made available shortly on the
Company's website.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
Contacts
Tower Resources plc +44 20 7157 9625
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance LLP +44 20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill
Caroline Rowe
Novum Securities Ltd +44 20 7399 9400
Joint Broker
Jon Bellis
Colin Rowbury
Axis Capital Markets Limited +44 0203 026 2689
Joint Broker
Ben Tadd
BlytheRay +44 20 7138 3204
Financial PR
Tim Blythe
Megan Ray
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT FOR THE SIX MONTHS ENDED 30
JUNE 2024
Dear Shareholder,
The first half of 2024 has seen positive developments across all of our
licenses, and we believe we are now close to finalising the financing for the
NJOM-3 well in Cameroon.
Cameroon
In February we announced the Government's decision to extend the initial
exploration period of our Thali license to February 2025 - which was to allow
for the uncertainty over the timing of availability of the Borr rig we had
contracted. In fact, that rig was delayed for operational reasons, but there
are now more rig alternatives available to us. We are now targeting to spud
the well early in 2025, and our focus has been concluding asset-level
financing for the well.
We have now received a proposal for financing of NJOM-3 via a farm-out of a
minority position, from a substantial upstream company with existing
production. We are in discussions with this party about the details of their
proposal, however we can say that, provided discussions conclude positively,
this proposal should provide sufficient funds to drill the NJOM-3 well - we
had received a draft proposal from another party last year, but only for a
portion of the funds required. While there are multiple other parties who have
expressed interest in partnering with us, there are two other parties in
particular who have undertaken substantial due diligence on the project over
the past few months, and we are also expecting a proposal from at least one of
these companies. Our intention is to conclude a transaction as soon as
possible.
We also have two parallel sets of bank discussions underway with multiple
banks, one for longer term development financing of the next three wells we
have planned for the Njonji structure; and one for short term development,
which would supplement a farm-out to finance putting NJOM-3 into production
earlier, while still working on the next three wells. We are keeping an open
mind on these options, and discussing them in detail with both our banks and
prospective farm-out partners. We expect to reach a conclusion on this
short-term production option and bank financing in the coming months, before
drilling the well.
We will update investors as soon as we have concluded definitive agreements,
but until then we will not be discussing the details of the proposals that we
have received, or may receive, as these are confidential to the parties. While
we are now very confident of achieving a positive funding result, there can be
no guarantees until we have signed definitive agreements.
Namibia
In Namibia, we spent the first six months of 2024 analysing more than 20,000
kms of 2D seismic data that we hold over the PEL96 license area, to identify
the most promising structures along the likely oil migration paths identified
by our basin modelling and the oil seep analysis. We reviewed both the simple
anticlines which had been the focus of much previous work, and also the types
of stratigraphic traps which have been so rewarding in the Orange Basin. As we
explained to our partners and the Ministry of Mines and Energy, we identified
a number of very promising and very large potential structures which we would
like to investigate further. However, there are interesting structures in
several areas of what is a very large license area, covering nearly 24,000 kms
at present, and therefore we cannot acquire new 3D seismic data over all of
them. We therefore agreed with our partners and the Ministry that we should
reprocess some of the existing 2D data in order to support our decision over
which structures to focus on going forward. We expect the reprocessing work to
be completed probably in the middle of 2025, with interpretation to follow,
which could allow 3D seismic data acquisition in 2026. This fits well with
what we understand other parties are considering to do in the area, and
therefore seems consistent with the possibility of acquiring this data on a
multi-client basis to reduce its cost.
The MME supports this approach, and as a result we were able to announce on 2
August 2024 the Ministry's agreement to defer the 3D seismic acquisition to
the First Renewal Period of the PEL96 license, which is due to begin at the
end of October 2024 and will last for 2-3 years. By the end of October 2024,
we will also provide to the Ministry the details of the acreage (covering 50%
of the current license area) which we propose to relinquish as we move into
the First Renewal Period. We have identified this area and are awaiting our
partners' formal approval before submitting this. We have also received
initial indications of the cost and timetable for the reprocessing, which are
within the budgets we have discussed with both our partners and the Ministry.
We are not formally seeking to farm out our license interest in Namibia, as we
consider it somewhat premature given the current stage of work. However, we
have received unsolicited interest in the license and are sharing data with
parties who wish to discuss it with us even at this early stage.
South Africa
In South Africa, as we noted in our Annual Report dated 31 May 2024, the
Company and the operator, New Age Energy Algoa (Pty) Ltd ("NewAge"), have been
in discussions for some time now with a potential partner for our Algoa
Gamtoos license. The farm-out process, which has been underway for some time,
has been seeking financing at least for the current phase of 3D seismic data
acquisition over our 1.4 billion barrel deep-water slope and floor fan leads,
and some repayment of back costs. This has now reached the stage where draft
documents are being prepared. When, as in this case, a large part of the
proposals being discussed relate to the funding of forward commitments that
are still some way in the future - in this case, probably in 2026 - the
details became central to the agreement. For this reason, the drafting of
documents is a critical step forward in the process, as it allows these
details to be addressed by all parties, but for the same reason there is also
no certainty yet that a final agreement will be reached.
Corporate
In addition to our operational progress, we were also very pleased to see the
final resolution of the outstanding VAT appeals in our favour, which has
removed an uncertainty from our accounts and also removed a significant drain
on management time. We also made the decision to prepay the balance of the
EECP facility, which has simplified our balance sheet. We have continued to
keep costs under tight control, as our interim accounts show.
We are also delighted to welcome Ms Stacey Kivel to the board of directors,
and to see Mr Mark Enfield increase his time commitment to the Company, as an
executive director, as announced on 2 August 2024.
In summary, we believe that we are now close to completing the financing for
the NJOM-3 well in Cameroon, and remain on track to spud the well in early
2025. We are also excited by the work we are undertaking on PEL96 in Namibia,
and gratified by the external interest in this license despite its early
stage. Additionally, we are also hoping that the discussions we and the
operator NewAge are having regarding the Algoa-Gamtoos license in South Africa
will enable us to move forward in acquiring 3D seismic data over our Outeniqua
basin leads in 2026.
Jeremy
Asher
Chairman and Chief Executive
29 September 2024
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Six months ended
30 June 2024
30 June 2023
(unaudited)
(unaudited)
Note $ $
Revenue - -
Cost of sales - -
Gross profit - -
Administrative expenses (447,757) (330,787)
Group operating loss 4 (447,757) (330,787)
Finance income 41,812 3,432
Finance expense 5 (1,344) (203,425)
Loss for the period before taxation (407,289) (530,780)
Taxation - -
Loss for the period after taxation (407,289) (530,780)
Other comprehensive income - -
Total comprehensive expense for the period (407,289) (530,780)
Basic loss per share (USc) 3 (0.00c) (0.01c)
Diluted loss per share (USc) 3 (0.00c) (0.01c)
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 2024 31 December 2023
(unaudited)
(audited)
Note $
Non-current assets
Exploration and evaluation assets 6 35,792,753 34,770,924
35,792,753 34,770,924
Current assets
Trade and other receivables 7 55,647 1,420,325
Cash and cash equivalents 337,489 20,633
393,136 1,440,958
Total assets 36,185,889 36,211,882
Current liabilities
Trade and other payables 8 1,869,079 2,832,127
Provision for liabilities and charges
Borrowings 9 12,761 12,867
1,881,840 2,844,994
Non-current liabilities
Borrowings 9 11,630 18,098
11,630 18,098
Total liabilities 1,893,470 2,863,092
Net assets 34,292,419 33,348,790
Equity
Share capital 10 18,462,361 18,394,680
Share premium 10 157,174,296 156,166,470
Retained losses (141,344,238) (141,212,360)
Total shareholders' equity 34,292,419 33,348,790
Signed on behalf of the Board of Directors
Jeremy Asher
Chairman and Chief Executive
29 September 2024
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share (1) Share-based Retained Total
capital
premium
payments
losses
reserve
$ $ $ $ $
At 1 January 2023 18,283,317 152,336,303 2,508,230 (143,764,531) 29,363,319
Shares issued for cash 59,491 3,137,600 - - 3,197,091
Shares issued on settlement of third-party fees 1,279 196,917 - - 198,196
Share issue costs - (612,838) - - (612,838)
Total comprehensive income for the period - - 310,850 (530,780) (219,930)
At 30 June 2023 18,344,087 155,057,982 2,819,080 (144,295,311) 31,925,838
Shares issued for cash 37,969 721,430 - - 759,399
Shares issued on settlement of third-party fees 12,624 101,676 - - 114,300
Share issue costs - 285,382 - - 285,382
Total comprehensive expense for the period - - 187,287 76,584 263,871
At 31 December 2023 18,394,680 156,166,470 3,006,367 (144,218,727) 33,348,790
Shares issued for cash 57,085 871,198 - - 928,284
Shares issued on settlement of third-party fees 10,596 220,311 - - 230,907
Shares issue costs - (83,683) - - (83,683)
Total comprehensive income for the period - - 275,409 (407,289) (131,880)
At 30 June 2024 18,462,361 157,174,296 3,281,776 (144,626,016) 34,292,419
(1) The share-based payment reserve has been included within the retained loss
reserve and is a non-distributable reserve.
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended Six months ended
30 June 2024
30 June 2023
(unaudited)
(unaudited)
Note $ $
Cash outflow from operating activities
Group operating loss for the period (447,755) (520,416)
Share-based payments 11 275,409 238,374
Finance costs 40,468 (1,201)
Operating cash flow before changes in working capital (131,878) (283,243)
Increase in receivables and prepayments 1,364,678 (2,727)
Decrease in trade and other payables (963,048) (706,585)
Decrease in provisions - -
Cash used in operating activities 269,752 (992,555)
Investing activities
Exploration and evaluation costs 6 (1,021,829) (786,143)
Net cash used in investing activities (1,021,829) (786,143)
Financing activities
Cash proceeds from issue of ordinary share capital net of issue costs 10 1,075,507 1,876,430
Repayment of borrowing facilities (6,317) (6,431)
Repayment of interest on borrowing facilities (87) (676)
Effects of foreign currency movements on borrowing facilities (171) (5,769)
Net cash from financing activities 1,068,933 1,863,553
Increase in cash and cash equivalents 316,856 84,855
Cash and cash equivalents at beginning of period 20,633 10,227
Cash and cash equivalents at end of period 337,489 95,082
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. Accounting policies
a) Basis of preparation
This interim financial report, which includes a condensed set of financial
statements of the Company and its subsidiary undertakings ("the Group"), has
been prepared using the historical cost convention and based on International
Financial Reporting Standards ("IFRS") including IAS 34 'Interim Financial
Reporting' and IFRS 6 'Exploration for and Evaluation of Mineral Reserves', as
adopted by the United Kingdom ("UK").
The condensed set of financial statements for the six months ended 30 June
2024 is unaudited and does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. They have been prepared using
accounting bases and policies consistent with those used in the preparation of
the audited financial statements of the Company and the Group for the year
ended 31 December 2023 and those to be used for the year ending 31 December
2024. The comparative figures for the half year ended 30 June 2023 are
unaudited. The comparative figures for the year ended 31 December 2023 are not
the Company's full statutory accounts but have been extracted from the
financial statements for the year ended 31 December 2023 which have been
delivered to the Registrar of Companies and the auditors' report thereon was
unqualified and did not contain a statement under sections 498(2) and 498(3)
of the Companies Act 2006.
This half-yearly financial report was approved by the Board of Directors on 29
September 2024.
b) Going concern
The Group will need to complete a farm-out and/or another asset-level
transaction within the coming months, or otherwise raise further funds, in
order to meet its liabilities as they fall due, particularly with respect to
the forthcoming drilling programme in Cameroon. The Directors believe that
there are a number of options available to them through either, or a
combination of, capital markets, farm-outs or asset disposals with respect to
raising these funds. There can, however, be no guarantee that the required
funds may be raised, or transactions completed within the necessary
timeframes, which raises uncertainty as to the application of going concern in
these accounts. Having assessed the risks attached to these uncertainties on a
probabilistic basis, the Directors are confident that they can raise
sufficient finance in a timely manner and therefore believe that the
application of going concern is both appropriate and correct.
2. Operating segments
The Group has two reportable operating segments: Africa and Head Office.
Non-current assets and operating liabilities are located in Africa, whilst the
majority of current assets are carried at Head Office. The Group has not yet
commenced production and therefore has no revenue. Each reportable segment
adopts the same accounting policies. In compliance with IAS 34 'Interim
Financial Reporting' the following table reconciles the operational loss and
the assets and liabilities of each reportable segment with the consolidated
figures presented in these Financial Statements, together with comparative
figures for the period-ended 30 June 2023.
Africa Head Office Total
Six months Six months Six months Six months Six months Six months
ended
ended
ended
ended
ended
ended
30 June 2024
30 June 2023
30 June 2024
30 June 2023
30 June 2024
30 June 2023
$ $ $ $ $ $
Profit / (loss) by reportable segment 542,095 11,767 (134,806) 519,013 407,289 530,780
Total assets by reportable segment (1) 35,253,064 33,068,508 932,825 880,969 36,185,889 33,949,477
Total liabilities by reportable segment (2) (1,753,871) (244,749) (139,599) (1,778,890) (1,893,470) (2,023,639)
(1) Carrying amounts of segment assets exclude investments in subsidiaries.
(2) Carrying amounts of segment liabilities exclude intra-group financing.
3. Loss per ordinary share
Basic & Diluted
30 June 2024 30 June 2023 31 December 2023
(unaudited)
(unaudited)
(audited)
$ $ $
Loss for the period (407,289) (530,780) (454,196)
Weighted average number of ordinary shares in issue during the period 15,856,465,652 4,542,559,293 6,405,097,403
Dilutive effect of share options outstanding - - -
Fully diluted average number of ordinary shares during the period 15,856,465,652 4,542,559,293 6,405,097,403
(Loss) / profit per share (USc) 0.00c (0.01c) (0.01c)
4. Group operating loss
Loss from operations is stated after charging:
30 June 2024 30 June 2023
(unaudited)
(unaudited)
$ $
Share-based payment charges (212,306) (294,125)
5. Finance costs
30 June 2024 30 June 2023
(unaudited)
(unaudited)
$ $
Finance costs (1,344) (203,425)
Finance costs include $nil (2023: $201k) with respect to fees incurred on the
Energy Exploration Capital Partners LLC prepaid placement facility (see note
8).
6. Intangible Exploration and Evaluation (E&E) assets
Exploration and evaluation assets Goodwill Total
Period-ended 30 June 2024 $ $ $
Cost
At 1 January 2023 106,779,386 8,023,292 114,802,678
Additions during the period 1,021,829 - 1,021,829
At 30 June 2024 107,801,215 8,023,292 115,824,507
Amortisation and impairment
At 1 January 2023 (72,008,462) (8,023,292) (80,031,754)
At 1 January and 30 June 2024 (72,008,462) (8,023,292) (80,031,754)
Net book value
At 30 June 2024 35,792,753 - 35,792,753
At 31 December 2023 34,770,924 - 34,770,924
In accordance with the Group's accounting policies and IFRS 6 the Directors'
have reviewed each of the exploration license areas for indications of
impairment, and have concluded that no further impairment provisions are
required at this time.
The additions to E&E assets during the period comprise $743k in Cameroon
(2023: $955), $63k in South Africa (2023: $69k) and $215k in Namibia (2023:
$80k). The focus of the Group's activities during this period has been on
preparing for and acquiring and maintaining inventory and services with
respect to the anticipated drilling of the Njonji-3 appraisal well, alongside
ongoing subsurface evaluation in Namibia. The Directors anticipate a
significant step-up in E&E asset additions during the second half of 2024.
7. Trade and other receivables
30 June 2024 31 December 2023
(unaudited)
(audited)
$ 2
Trade and other receivables 55,647 1,420,325
Trade and other receivables comprise prepaid expenditures.
8. Trade and other payables
30 June 2024 31 December 2023
(unaudited)
(audited)
$ $
Trade and other payables 227,524 1,049,366
Work programme-related accruals 1,553,132 1,499,529
Other accruals 88,423 283,232
1,869,079 2,832,127
The future ability of the Group to recover UK VAT had been confirmed by the
Upper Tier Tribunal in its judgement in favour of the Company on 20 May 2021
and is no longer the subject of a dispute with HMRC.
Trade and other payables include $nil million (2023: $1.0) payable to Energy
Exploration Capital Partners LLC ("EECP") with respect to amounts received
against future share placements.
On 15 February 2024, the Company reached an agreement for the repayment of the
outstanding balance owed to Energy EECP, in accordance with the terms of the
investment deed announced to the market on 16 January 2023. At the date of
repayment, $485k was owed to EECP (including charges of $35k), all of which
was settled in cash.
9. Borrowings
Group
30 June 2024 31 December 2023
(unaudited)
(audited)
$ $
Principal balance at beginning of period 30,728 41,088
Amounts drawn down during the period - -
Amounts repaid during the period (6,317) (12,465)
Currency revaluations at year end (169) 2,105
Principal balance at end of period 24,242 30,728
Financing costs at beginning of year 237 442
Changes to financing costs during the year - -
Interest expense 262 696
Interest paid (349) (921)
Currency revaluations at year end (1) 20
Financing costs at the end of the year 150 237
Carrying amount at end of period 24,390 30,965
Current 12,761 12,867
Non-current 11,630 18,098
Repayment dates Group
30 June 2024 31 December 2023
(unaudited)
(audited)
$ $
Due within 1 year 12,761 12,867
Due within years 2-5 11,630 18,098
Due in more than 5 years - -
24,390 30,965
Borrowings represent a £50k Barclays Bounceback Loan drawn in May 2020 and
repayable in installments over a 5-year period. During the period, the Group
and Company entered into no new facilities (2023: $nil).
10. Share capital
30 June 2024 31 December 2023
(unaudited)
(audited)
$ $
Authorised, called up, allotted and fully paid
17,833,837,424 (2023: 8,443,981,022) ordinary shares of 0.001p 18,462,361 18,394,680
The share capital issues during the period are summarised below:
Number of shares Share capital at nominal value Share premium
Ordinary shares $ $
At 1 January 2024 12,467,459,075 18,394,680 156,166,470
Shares issued for cash 4,528,985,507 57,085 871,198
Shares issued on settlement of third party fees 837,392,842 10,596 220,311
Shares issued on settlement of staff remuneration - - -
Share issue costs - - (83,683)
At 30 June 2024 17,833,837,424 18,462,361 157,174,296
11. Share-based payments
Options
Details of share options outstanding at 30 June 2024 are as follows:
Number in issue
At 1 January 2024 688,000,000
Awarded during the period 1,182,000,000
Lapsed during the period (70,000,000)
At 30 June 2024 1,800,000,000
Date of grant Number in issue Option price (p) Latest exercise date
18 Dec 20 86,000,000 0.450 18 Dec 25
01 Apr 21 88,000,000 0.450 01 Apr 26
16 Aug 22 148,000,000 0.300 16 Aug 27
16 May 23 296,000,000 0.100 15 May 28
15 Feb 24 1,182,000,000 0.018 14 Feb 29
1,800,000,000
These options vest in the beneficiaries in equal tranches on the first, second
and third anniversaries of grant.
Warrants
Details of warrants outstanding at 30 June 2024 are as follows:
Number in issue
At 1 January 2022 983,333,174
Awarded during the period 935,739,345
Lapsed during the period (177,589,566)
At 30 June 2022 1,741,482,953
Date of grant Number in issue Warrant price (p) Latest exercise date
30 Jul 19 3,000,000 1.000 28 Jul 24
15 Oct 19 10,990,933 0.500 13 Oct 24
31 Mar 20 49,816,850 0.200 30 Mar 25
29 Jun 20 19,719,338 0.350 28 Jun 25
01 Oct 20 10,960,907 0.390 30 Sep 25
01 Dec 20 4,930,083 0.375 30 Nov 25
31 Dec 20 12,116,316 0.450 30 Dec 25
01 Apr 21 16,998,267 0.450 31 Mar 26
01 Jul 21 24,736,149 0.250 30 Jun 26
01 Oct 21 16,233,765 0.425 30 Sep 26
01 Jan 22 17,329,020 0.425 01 Jan 27
01 Apr 22 19,851,774 0.263 01 Apr 27
01 Jul 22 16,831,240 0.295 01 Jul 27
03 Oct 22 26,114,205 0.250 03 Oct 27
01 Aug 22 10,588,228 0.425 31 Jul 24
15 Feb 23 29,114,906 0.175 15 Feb 28
02 May 23 43,053,960 0.143 01 May 28
16 May 23 112,500,000 0.100 16 May 26
03 Jul 23 128,571,426 0.050 02 Jul 28
18 Dec 23 65,000,000 0.040 18 Dec 26
02 Oct 23 167,286,241 0.050 01 Oct 28
04 Jan 24 438,596,490 0.030 03 Jan 27
15 Feb 24 140,000,000 0.018 15 Feb 27
01 Jul 24 357,142,855 0.018 01 Jul 27
1,741,482,953
12. Subsequent events
July 2024:
Issue of 357.1 million warrants in lieu of £30,000 (in aggregate) of
Directors fees in respect of the period July-September 2024, to conserve the
Company's working capital. The warrants are exercisable at a strike price of
0.018 pence per share. The warrants are exercisable for a period of five years
from the date of issue.
August 2024:
Namibia technical update in respect of the Company's PEL 96 license, offshore
Nambia:
· Tower has been notified by the Namibian Ministry of Mines and
Energy ("MME") of its agreement to the extension of the Initial Exploration
Period of PEL 96 to October 31, 2024 and has invited the Company to apply to
enter the First Renewal Period of PEL 96, for a period of 2-3 further years.
· The remaining work commitment for the Initial Exploration Period
is already substantially complete, and the MME has also agreed to defer the
Company's commitment to acquire 1,000 square kilometres of new 3D seismic data
to the First Renewal Period.
· The Company is continuing to work on the evaluation of large
stratigraphic and structural leads and prospects and plans to reprocess the
previously acquired 2D seismic data over large areas of the license both in
the remainder of the Initial Exploration Period and in the First Renewal
Period.
13 August 2024:
Issue of 71.4 million warrants in lieu of Directors fees to Ms Stacey Kivel in
respect of the period July-September 2024, to conserve the Company's working
capital. The warrants are exercisable at a strike price of 0.018 pence per
share. The warrants are exercisable for a period of five years from the date
of issue.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR QKCBQDBKBCCBRecent news on Tower Resources
See all newsREG - Tower Resources PLC - Grant of Restricted Shares under LTIP
AnnouncementREG - Tower Resources PLC - Bridge Loan
AnnouncementREG - Tower Resources PLC - Namibia and Cameroon Update
AnnouncementREG - Tower Resources PLC - Total Voting Rights
AnnouncementREG - AIM - AIM Notice - 28/01/2025
Announcement