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Tower Resources Plc raises £1.5mln to support working capital

“While waiting for the farmout to complete we must continue to prepare for drilling operations and to maintain the current equipment inventory in a drill-ready state,” Jeremy Asher said

Tower Resources PLC (AIM:TRP) raised £1.5mln in a share placing to boost working capital as the company continues to advance its portfolio across Cameroon, Namibia and South Africa.

The independent oil and gas group issued 576.9mln new shares at a price of 0.26p, a statement said.

Chairman and chief executive Jeremy Asher bought 9.6mln shares, representing a £25,000 investment.

“We are working to finalise the Cameroon farm-out, which both parties wish to see completed, and we are also encouraged by recent news reports of drilling operations underway at Graff-1 and Venus-1X, operated by Shell and TotalEnergies, respectively,” Asher said.

“However, while waiting for the farmout to complete we must continue to prepare for drilling operations and to maintain the current equipment inventory in a drill-ready state.

“We also want to keep moving forward in Namibia and South Africa, so that we can capitalise on both the improving economics of our acreage positions and also further positive news around us.”

Asher told investors the company seeks to keep share issues to a minimum.

Read More: Tower Resources Plc raises £1.5mln to support working capital

2022-01-14 01:47:00

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