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0.019 0.00 (0.00%)

Bid:

0.018

Ask:

0.02

Spread: 0.002 (11.111%)

Market Cap: £7.89m

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Tower Resources Negotiates Potential Collaboration In Namibia

Thu, 03rd Oct 2019 10:02

(Alliance News) - Tower Resources PLC on Thursday said it is in talks with a potential partner to collaborate on the development of its 1910A, 1911 and 1912B blocks in Namibia.

The AIM-listed oil & gas company said it has shared technical and commercial information of its Namibian blocks with an undisclosed oil company, in order to explore the co-operation potential.

This follows preliminary discussions initiated by that company and held earlier this summer, Tower explained.

"This process is at a very early stage, and may not lead to any agreement," cautioned Tower Chair & Chief Executive Jeremy Asher.

Tower's Namibian blocks, in which it has an 80% interest as operator, include two four-way dip closures in the west and four structures in the Dolphin Graben.

The stock was trading 13% higher on Thursday in London at 0.42 pence a share.

By Evelina Grecenko; evelinagrecenko@alliancenews.com