Tower funded until 2012

AIM-quoted oil and gas explorer Tower Resources has raised £4.25m at 4.75p a share and that should provide enough working capital for the business until the middle of 2012. The cash will be used to increase exploration spending onshore in Uganda and to acquire more exploration licences. House broker Northland reckons that around $1.2m a year will be spent in Uganda with additional payments for seismic data. Tower has 15% of an offshore Namibian concession but it has a free-carry at the moment so this will not drain its funds. Drilling of the Delta prospect should happen before the end of 2011. Operator Arcadia, which owns 85%, will pay for the first well - up to a cost of $40m-$50m. Tower Resources