Tower Resources PLC - Africa-focused oil and gas company - Swings to an annual pretax loss of USD1.0 million from a profit of USD196,547 the prior year. The company posts no revenue for the year nor does it declare a dividend, both unchanged from the prior year. Tower Resources says that the war in Ukraine has deteriorated the general economic and market conditions, with the company warning that this could reach a point where it becomes impossible to raise equity finance in UK equities markets to fund exploration projects, nor debt to develop projects.
"Over the past few years, keeping costs low and flexible without losing access to our people and their skill has also been critical to survival, and we believe will continue to be critical to success in the future" says Chair and Chief Executive Jeremy Asher.
Current share price: down 3.5% at 0.042 pence in London on Monday morning
12-month change: down 85%
By Will Neill, Alliance News reporter
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Tower Resources (TRP)