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Pin to quick picksTower Resources Share News (TRP)

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TRADING UPDATES: Seeing Machines revenue grows; Baron Oil strikes deal

Thu, 08th Feb 2024 20:13

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Alien Metals Ltd - exploration and development in Australia - Announces the results of the Development Study of its 90% owned Hancock Iron Ore Project in Western Australia. This confirmed that the project has excellent project economics and prospectivity with extensive untested mineralisation trends. The study was based on an updated mineral resource estimate containing a JORC mineral resource of 8.4 million tonnes at 60% iron. Assuming a lower 8Mt, Alien forecast an average annualised earnings before interest, tax, depreciation and amortisation of AUD39 million and an all in sustaining cost of USD85 per tonne.

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Baron Oil PLC - London-based oil and gas exploration and appraisal company - Confirms that the farm-up agreement between Baron's wholly owned subsidiary SundaGas Banda Unipessoal Lda and TIMOR GAP Chuditch Unipessoal Lda in relation to the TL-SO-19-16 production sharing contract offshore Democratic Republic of Timor-Leste, has completed. As part of the arrangements, TIMOR GAP will make a cash payment to SundaGas of USD1 million to cover back costs within 30 days. SundaGas retains operatorship of the Chuditch PSC and holds a 60% working interest. TIMOR GAP has a 40% interest.

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Seeing Machines Ltd - Canberra, Australia-based artificial intelligence driver monitoring specialist - Trading update for six months ending December. Reports underlying revenue growth of 28% to USD25.6 million excluding one-off Magna exclusivity payments. Annualised recurring revenue increased by 22% year on year to USD14.5 million. Cash at December 31 totalled USD22.2 million. Chief Executive Paul McGlone says: "We are seeing consistent 100% plus year-on-year growth in the number of vehicles with our technology installed - now at over 1.5 million cars. I am confident that automotive production volumes, and our high margin royalty revenue stream, will continue to grow significantly on an annual basis".

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Tower Resources PLC - Africa-focused oil and gas company - Receives formal notification from the Minister of Mines, Industry and Technological Development in Cameroon of the extension of the first exploration period of the Thali production-sharing contract February 4, 2025. Explains the company's principal obligation during the period is the drilling of a single well which the company intends to fulfil through the drilling of the NJOM-3 well. Continuing discussions with several parties regarding asset-level financing for the NJOM-3 well, for which it has contracted the Norve jack-up rig with Borr Drilling.

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Future Metals NL - Australian-based metal exploration company - Announces the result of its underwritten, non-renounceable entitlement issue which closed on February 1, raising gross proceeds of AUD3.3 million. The net proceeds received will be utilised for drilling and other exploration activities on the company's recently acquired Eileen Bore Cu-Ni-PGM project and to progress value enhancing activities on its Panton Project.

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Strategic Minerals PLC - miner with projects in New Mexico, South Australia and the UK - Provides update on Cobre clients and corporate cash management. Adds additional new client with expected volume of circa 5,000 to 7,000 tons per annum. Says existing major client's payments commenced in line with tonnage collected. Expects 2024 revenue, incorporating the new and major client, to exceed USD3.5 million. Considering future sales volumes, enters short-term funding facility worth AUD100,000.

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EPE Special Opportunities Ltd - Bermuda-based investment company - Says net asset value at January 31 was 324 pence, down 1% from 328p a year ago. Notes the share price January 31 was 165p, down 3% from 170p last year. Adds cash balances were GBP15.3 million January 31. 2024. Continues to focus on maintaining satisfactory liquidity during the ongoing period of market uncertainty.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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15 Jan 2020 10:30

Tower Resources Gets Thali Permit Extension As NJOM-3 Drilling Nears

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Tower Resources gets extension on exploration at Thali

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Tower Resources To Conduct Site Survey At Thali License In Cameroon

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Tower Resources signs deal to conduct Thali site survey

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15 Oct 2019 11:45

Tower Resources Raises GBP1.5 Million; Restructures Loan Facility

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3 Oct 2019 10:42

Tower Resources in talks with oil major over Namibia blocks

(Sharecast News) - Africa-focussed oil and gas company Tower Resources updated the market on the latest activity on blocks 1910A, 1911 and 1912B in Namibia on Thursday.

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3 Oct 2019 10:02

Tower Resources Negotiates Potential Collaboration In Namibia

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1 Oct 2019 15:11

Tower Resources seeking to extend bridging loan facility

(Sharecast News) - Africa-focussed oil and gas company Tower Resources updated the market on its bridging loan facility of $0.75m on Tuesday, which it had first announced on 16 April.

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11 Sep 2019 12:01

Tower Resources Requires More Funding After Continued Cameroon Delays

(Alliance News) - Tower Resources PLC on Wednesday said it is "quite frustrated" with continued delays to work beginning at a well in Cameroon, which mean it will require new were 24% on

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28 Aug 2019 14:19

Tower Resources Signs Letter Of Intent To Change NJOM-3 Well Rig

(Alliance News) - Tower Resources PLC on Wednesday said it has signed a letter of intent to use the COSL Seeker rig to drill the NJOM-3 well at Thali.Shares in Tower Resources were up 5.5%

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30 Jul 2019 11:48

Tower Resources Agrees Extension To USD750,000 Bridging Loan Facility

(Alliance News) - Oil & gas firm Tower Resources PLC said Tuesday it has been granted an extension to its USD750,000 bridging loan facility to the end of August.The facility is being by

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9 Jul 2019 11:27

Tower Resources Allowed Appeal In VAT Dispute With HMRC

(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 company a

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21 Jun 2019 10:21

Tower Resources Continues Thali Well Funding Talks, Raises GBP150,000

(Alliance News) - Tower Resources PLC said Friday it is currently in discussions with several parties for the financing and drilling of the NJOM-3 well on its Thali license, offshore addition, the

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21 Jun 2019 09:35

Tower Resources looking at financing options for Thali drilling

(Sharecast News) - Africa-focussed oil and gas company Tower Resources updated the market on the financing of its Cameroon operation, and announced its intention to raise gross proceeds of around £0.15m through a subscription of approximately 15 million new ordinary shares at a price of 1p each on Friday.

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4 Jun 2019 10:10

Tower Resources Shares Fall As Annual Loss More Than Doubles

LONDON (Alliance News) - Tower Resources PLC on Tuesday reported a significant increase to its annual loss on almost USD3 million in impairment charges.Tower shares were trading down 14% at

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