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Market Cap: £8.26m

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Tower Resources Narrows 2017 Loss As Drilling Program Continues

Tue, 08th May 2018 12:14

LONDON (Alliance News) - Tower Resources PLC said Tuesday that the company loss for 2017 narrowed significantly compared to 2016 as impairment charges were not repeated as focuses on drilling program.

The Africa-focused gas and oil company reported a pretax loss of USD1.6 million compared to USD23.3 million in 2016.

The significant difference in loss was after exploration and evaluation asset impairment were not recorded in 2017, while they amounted to USD19.9 million the previous year.

The company recorded no revenue in either years.

"Our objectives for the year ahead include getting our drilling program underway in Thali, planning further work in Cameroon including the pathway to production, agreeing plans to move forward in South Africa and Zambia, and potentially in Namibia, and generally continuing to strengthen our financial position," the company said in a statement.

Shares in Tower Resources were trading at 1.40 pence down by 1.7%.