Progress slow at Tower Resources

Tower Resources gave its investors little reason to celebrate after achieving only a narrower pre-tax loss for the half year ended June. After failing to generate any revenue, the company reduced its administration expenses to cut losses from $0.86m to $0.79m on a like-for-like basis. The firm's cash rose from $3.4m to $4.7m. The company said: "Progress over the course of 2011 has brought closer the drilling of a third and final commitment well in Uganda and the first well in Namibia, with additional 2D seismic in Uganda having identified new, better prospects and 3D seismic in Namibia having resulted in an improvement in the potential recoverable resources."The board believes that the quality of your company's drilling prospects remains exceptional and definite progress is being made towards drilling in both Namibia and Uganda. "The current state of turbulence in the financial markets is affecting the availability of funds and the speed of decision-making from financial and industry investors but the board is working hard to avoid significant delays." The share price fell 10.86% to 3.9p by 13:13.NR Tower Resources