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Tower Resources Information
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Share Price:
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0.02
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Don't have an account? Click here to register.Tower Resources offloads interests in disputed Western Sahara
Tue, 24th Jan 2017 11:47
(ShareCast News) - Africa-focused oil and gas exploration company Tower Resources announced the completion of the sale of its wholly owned subsidiary, Comet Petroleum, to privately held oil and gas exploration company Red Rio Petroleum on Tuesday.The AIM-traded firm said Red Rio is purchasing Comet for a cash consideration of £1, future contingent payments and an overriding royalty interest of 10% over future production revenue from Comet's assets in the Saharawi Arab Democratic Republic.Tower said it has also completed an amendment agreement to eliminate the previously-announced contingent payments due to the original vendors of Comet, who will now share part of the above consideration leaving an overriding royalty interest of between 5% and 10% net to Tower depending on the asset.The SADR is the functional government of the territory known as Western Sahara, but the sovereignty of the territory remains in dispute with Morocco.As a result, Tower said it believes that disposing of these assets, whilst retaining an interest in their future development through royalties, is in the best interest of shareholders.The carrying value of the assets within the company's latest audited accounts for the year ended 31 December 2015 was $0.48m, predominantly reflecting accrued annual licence fees.Tower announced the acquisition of Comet, which holds a 50% non-operated interest the Guelta and Bojador blocks in the SADR, on 13 June 2008 from the company's then Directors, Peter Blakey and Peter Taylor.The company later acquired an interest in the Imlilli block in 2011, increasing its interests to three blocks in the SADR.Taylor continues to be a director of Tower, while Blakey resigned as a director at the company's AGM in April 2016.The consideration for the 2008 acquisition included terms that upon the entering into of a production sharing agreement or the sale or disposal of the assets, the vendors would be entitled to a consideration of up to £3m for the Bojador and Guelta licences.Tower said it does not consider that the long-term prospect of cash generation from the assets justifies such immediate cash expenditure, and therefore prior to the disposal to Red Rio, it agreed with the vendors to amend the 2008 sale and purchase agreement.The consideration has been replaced with deferred consideration payments to the Vendors of 50% of any future consideration and royalty income that the company receives from the Bojador and/or Guleta Licences, reducing the overriding royalty interest attributable to Tower from those two licenses to 5% net."The successful sale of Comet with its exploration acreage in the SADR represents the completion of the first stage of a portfolio review by Tower," said chairman and chief executive Jeremy Asher."This transaction reduces further our financial commitments and provides flexibility to implement our strategy and to reposition the company for the future."
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Read more4 Oct 2023 15:32
IN BRIEF: Tower Resources to issue 317.6 million shares to placee
Tower Resources PLC - Africa-focused oil and gas company - Says that Energy Exploration Capital Partners LLC requests the issue of 317.6 million Tower Resources shares, in accordance with the investment deed announced in mid-January. Says the purchase price of 0.04p per share, which was previously prepaid by Energy Exploration Capital Partners. This is set by mutual agreement, given that the market price remains below the floor price set out in the deed. Admission of the placing shares is expected to take place on or around Monday next week.
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Read more10 Jul 2023 15:46
UK shareholder meetings calendar - next 7 days
| Tuesday 11 July | |
| Active Energy Group PLC | AGM |
| British Land Co PLC | AGM |
| Octopus Apollo VCT PLC | AGM |
| Windar Photonics PLC | AGM |
| Wednesday 12 July | |
| Bytes Technology Group PLC | AGM |
| Burberry Group PLC | AGM |
| Capital Metals PLC | GM re change of registered office |
| LondonMetric Property PLC | AGM |
| Safestore Holdings PLC | AGM |
| Steppe Cement Ltd | AGM |
| ProVen Growth & Income VCT | AGM |
| Wincanton PLC | AGM |
| Thursday 13 July | |
| Aminex PLC | AGM |
| BATM Advanced Communications Ltd | AGM |
| BT Group PLC | AGM |
| C&C Group PLC | AGM |
| CT Automotive Group PLC | AGM |
| Clontarf Energy PLC | AGM |
| DCC PLC | AGM |
| Donegal Investment Group PLC | AGM |
| Dr Martens PLC | AGM |
| Helical PLC | AGM |
| Personal Assets Trust PLC | AGM |
| Renewi PLC | AGM |
| RS Group PLC | AGM |
| Friday 14 July | |
| Templeton Emerging Markets Investment Trust PLC | AGM |
| Monday 17 July | |
| All ThingsConsidered Group PLC | AGM |
| Tower Resources PLC | AGM |
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7 Jul 2023 10:44
IN BRIEF: Pendragon Chief Operating Officer Martin Casha to resign
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IN BRIEF: Tower Resources swings to a loss with numerous headwinds
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Read more16 Jun 2023 10:36
Tower Resources reports solid progress at offshore Namibia licence
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Read more16 Jun 2023 10:18
Tower Resources hails basin modelling results in Namibia
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Read more31 May 2023 11:58
UPDATE: Tower Resources CEO stake in company falls amid placing
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Read more30 May 2023 19:48
IN BRIEF: Tower Resources CEO and chair reduces stake to 7.2% from 16%
Tower Resources PLC - Africa-focused oil and gas company - Chair and Chief Executive Jeremy Asher lowers stake to 7.2% from 16%. No further details were provided.
Read more16 May 2023 14:14
IN BRIEF: Tower Resources shares plunge after discounted placing
Tower Resources PLC - Africa-focused oil and gas company - Raises GBP2.3 million in a conditional placing of 4.6 million shares at a price of 0.05p each, a 56% discount to Monday's closing price in London of 0.11p. Says it will use the funds for preparation of drilling of the Njom-3 well, including associated services payments, and as working capital. "A portion of the funds raised will also be used to advance the company's other 2023 work programs in Namibia and South Africa, including the ongoing basin modelling work currently underway on the company's Namibian license PEL 96," Tower says.
Read more16 May 2023 11:03
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