(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 Cameroon.
In addition, the oil & gas firm has raised GBP150,000 through a subscription of 15 million shares at 1.00 pence each, for working capital requirements.
Shares in Tower Resources were up 7.8% at 0.92 pence on Thursday.
The company said that it is also exploring longer-term options for debt, equity or pre-financing for the remainder of the first phase development of the Njonji structure, also in Cameroon.
Although Tower Resources would prefer to raise funds through an agreement with an industry partner, the company said it may be necessary to raise part of the additional funds by an equity raise, depending on the terms of the asset-level deal.
Following the subscription, Tower Resources now has 580.7 million shares issued overall.
Tower Resources (TRP)