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  5. Tower Resources Allowed Appeal In VAT Dispute With HMRC

Pin to quick picksTower Resources Share News (TRP)

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Share Price Information for Tower Resources (TRP)

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Share Price: 0.012
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Change: 0.00 (0.00%)
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Tower Resources Allowed Appeal In VAT Dispute With HMRC

Tue, 09th Jul 2019 11:27

(Alliance News) - Tower Resources PLC has been granted permission to appeal a 2016 value-added tax assessment by Her Majesty's Revenue & Customs, the oil exploration company said Tuesday.

The company was allowed by a First-Tier Tribunal to appeal against with the tax department 2016 decision to deny credit for input VAT. HMRC has 56 days to decide whether it would like to dispute the tribunal's decision.

The case is in regards to the company disputing a HMRC assessment over GBP843,000 in VAT payments. Tower Resources insisted that it complied with the UK's VAT laws.

In its 2018 results, released in June, the company recorded provisions for the tax assessment. Tower Resources said this was because of uncertainty regarding the appeal decision.

Shares in the company rose 8.9% at 0.98 pence each in London on Tuesday morning.

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13 Jun 2014 11:29

UK MIDDAY BRIEFING: Property Companies Get Indigestion

LONDON (Alliance News) - UK residential and commercial property companies are among the biggest fallers in a declining market Friday, after Bank of England Governor Mark Carney said the interest rates in the UK could rise sooner than investors expect and Chancellor of the Exchequer George Osbo

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13 Jun 2014 10:35

UK WINNERS & LOSERS: Oil And Gas Stocks Rise Alongside Iraq Tensions

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Friday.
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FTSE 100 - WINNERS
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Tullow Oil, up 1.9%, Royal Dutch Shell, up 0.5% BG Gr

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13 Jun 2014 09:23

Friday broker round-up UPDATE

African Minerals: Deutsche Bank reduces target price from 316p to 249p maintaining a buy recommendation. Atkins: Numis ups target price from 1650p to 1700p and keeps a buy recommendation. JP Morgan reduces target price from 1619p to 1548p and reiterates its overweight rating. Ferrexpo: Deutsche Ba

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13 Jun 2014 08:18

Tower Resources Fails To Find Hydrocarbons At Welwitschia-1A, Namibia

LONDON (Alliance News) - Tower Resources PLC's shares slumped on Friday after saying it has failed to find hydrocarbons in early targets at the Welwitschia-1A well on the PEL0010 licence, offshore Namibia, and has had to stop drilling deeper at the well due to spiralling costs. Tower Resour

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4 Jun 2014 11:05

Tower Resources Subsidiary Notified That Drilling Of Welwitschia-1A Has Re-Commenced

LONDON (Alliance News) - Tower Resources PLC said Wednesday that its wholly-owned subsidiary, Neptune Petroleum Ltd, has been notified that drilling of the Welwitschia-1A well re-commenced Wednesday morning. The AIM-listed Africa-focused oil and gas exploration company said Neptune Petroleu

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27 May 2014 15:09

Tower Resources To Recommence Drilling Of Welwitschia-1A Well In June

LONDON (Alliance News) - Tower Resources PLC Tuesday said it now expects to recommence drilling of the Welwitschia-1A well in Namibia during the first week of June, and for it to be completed within budget. Last week, the AIM-listed Africa-focused oil and gas exploration company said there

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21 May 2014 12:14

UK MIDDAY BRIEFING: Burberry Profit Up Again On Asian Demand

LONDON (Alliance News) - Burberry Group Wednesday said that demand for its luxury outerwear, leather goods and menswear continued unabated in Asia, driving another increase in its annual profit.

The company said it will increase investments by GBP200 million, pumpin

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21 May 2014 11:37

UK WINNERS & LOSERS: Telecom Plus, Britvic, DCC Lead FTSE 350 Risers

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Wednesday.
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FTSE 100 - WINNERS
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Petrofac, up 1.8%, and AstraZeneca, up 1.6%. The companies

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21 May 2014 11:34

Tower Resources jumps despite drilling delays

Shares in Africa-focused oil and gas explorer Tower Resources bounced despite announcing a delay to the drilling of its Welwitschia-1 well offshore Namibia due to technical issues with the drilling equipment. The AIM-listed company said the financial impact on itself would "not be material", with

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21 May 2014 10:20

Tower Resources Says Namibia Well Hit By Drilling Delays

LONDON (Alliance News) - Tower Resources PLC Wednesday said there has been a delay to its drilling schedule in Namibia, and while it will not have a material financial consequence for the company, it doesn't expect drilling operations to recommence until the end of May. The AIM-listed Afri

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21 May 2014 07:31

UK MORNING BRIEFING: Shares Open Lower Amid Executive Changes

LONDON (Alliance News) - UK shares have opened lower Wednesday, following a negative lead from Wall Street and Asia and ahead of the release of central bank meeting minutes in the UK and US.

A few interesting executive changes have been announced before the London open Wednesday. Read more

24 Apr 2014 12:14

Tower Resources Notes Start Of Drilling At Welwitschia-1 Well

LONDON (Alliance News) - Tower Resources PLC Thursday announced that it has received notification that its drillship has started drilling the Welwitschia-1 well in Namibia. The independent oil and gas exploration company focused on Africa said it received formal notification from Repsol Exp

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24 Apr 2014 09:19

Thursday broker round-up UPDATE

AMEC: UBS ups target price from 1145p to 1200p maintaining a neutral rating. ARM Holdings: HSBC raises target price from 1080p to 1120p and keeps an overweight rating. Associated British Foods: HSBC increases target price from 280p to 310p and upgrades from neutral to overweight. Deutsche Bank rai

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22 Apr 2014 14:17

Tower Resources notes slight delay to drilling offshore Namibia

Africa-focused oil and gas group Tower Resources said that drilling at its part-owned Welwitschia-1 well offshore Namibia is to start later than anticipated. The company said that its wholly-owned subsidiary Neptune Petroleum, which owns a 30% working interest in Welstischia, expects operator Repso

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22 Apr 2014 12:02

Tower Resources Says Namibia Drilling Soon To Start

LONDON (Alliance News) - Tower Resources PLC Tuesday said it expects formal notification from Repsol Exploration Ltd that the Rowan Renaissance Drillship will start drilling operations in the Walvis Bay, Namibia by April 25. The independent oil and gas exploration company focused on Africa

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