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My guess is the placing shares are still not clear. I estimate around 60 -70m left to clear so will need churn of around 200-250m. Another week or so.

My orders are in now too at this price.

I agree sherwood. Best let it settle for a few hours before buying.

The way I see it they needed cash to pay the loan and needed some funds until the end of the year at least. If he had done this at 0.60 it would have still been 250m shares. In the big scheme of things it’s ok. Wait until the end of the year and this will do well from 0.425p/

Placing with novum for 381m shares at 0.425p. Knew something like this was coming. The loan needed repaid by the end of this week. I’ll take 20m shares at 0.425p as I believe this is the start of good things for tower at last…

From 14th January rns. Looks like this is were monecur (etx capital) have their remaining shares from.

Appointment of Joint Broker

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, is pleased to provide the following update on its fundraising activity in respect of its assets in Cameroon and South Africa, and to announce that it has raised GBP1.25 million at the topco level via a placing of 384,615,384 new ordinary shares of 0.001p each (the "Placing Shares") at a price of 0.325 pence per Placing Share, with each placee receiving 1 warrant exercisable for two years at 0.65 pence per share for every 3 shares subscribed (the "Placing")

Monecor (London) Ltd, trading as ETX Capital ("ETX Capital"), has acted as sole broker of this placing and will serve as Joint Broker to the Company going forward.

Aren’t monecur the joint broker for tower resources?

Waiting for either the huge trade to go through if its a seller clearing or an RNS about a placing etc.... should be something this week imo.

Possibly… what I should say is when it’s clear they are funded for the next 6 months I will add….

Started to buy now at 0.50 Will keep adding as drops. Once clear,who the seller is I’ll increase heavily here.

Jeremy Asher, Tower’s Chairman and CEO, added:

“We are delighted to have the opportunity to work with Warebibo Soroh and his colleagues at Beluga, and to fulfil our shared ambition to move this project forward to oil production in Cameroon. Short-cycle oil and gas development projects such as this have excellent economics, which reflect their importance to Africa’s overall energy balance. The Njonji structure on which we are drilling the NJOM-3 well is one of several attractive structures on the Thali block, and we are looking forward to a great future developing these resources together.”

This is undoubtedly great news for patient Tower shareholders which include Tower boss Jeremy Asher who has more than once put his hand into his pocket to keep the Thali project on the go. The market share of C. £11m would seriously undervalue the company if Jeremy’s vision is in any way realistic, and I think it is.

Tower Resources
Tower has announced that it has executed a binding Heads of Agreement in respect of a farm-out to Beluga Energy Limited (“Beluga”) of a 49% non-operating working interest in its Thali Production Sharing Contract in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon S.A.

This is excellent news for Tower shareholders and they point out the key economic elements as follows. The farm-out covers US$15 million towards the cost of the NJOM-3 well that Tower is planning to drill on the Thali block; Beluga will receive a 49% working interest in the PSC, subject to an overriding royalty of 10% for Tower’s subsidiary TRCSA on the contractor share of production accruing to Beluga under the PSC;

The well cost is currently expected to be approximately US$16.8 million, of which approximately US$3 million has already been spent and each party will recover costs actually funded and recoverable under the PSC, pari-passu; Tower will effectively contribute its non-recoverable costs in consideration of the 10% overriding royalty on the contractor share of production referred to above;

Costs in excess of U$15 million, and future costs, will be funded pro-rata with respect to Tower’s and Beluga’s working interests.

The HoA are binding subject only to final documentation, a financing contingency requiring Beluga’s shareholders’ approval, and approval of the Minister of Mines, Industry and Technological Development (“MINMIDT”). The draft Joint Operating Agreement (“JOA”) between Tower and Beluga has already been prepared, and together with the draft farm-out agreement will shortly be submitted to MINMIDT for approval, which is expected to occur within 60 days of submission of the file according to the Petroleum Code. Tower and Beluga intend to complete the transaction by 30th September 2021, subject to any delays in completing the conditions precedent.

Warebibo Soroh, the CEO of Beluga, commented:

“We are pleased to be associated with Tower’s management team in the development of the Thali block in Cameroon. This investment fits perfectly with our strategy to invest in de-risked upstream assets, and supports the integration of our services from downstream to upstream. Our technical team has extensive experience in developing assets in the Gulf of Guinea and will collaborate with Tower in bringing the Thali block to first oil.”

Jeremy Asher, Tower’s Chairman and CEO, added:

“We are delighted to have the opportunity to work with Warebibo Soroh and his colleagues at Beluga, and to fulfil our shared ambition to move this project forward to oil production in Cameroon. Short-cycle oil and gas development projects such as this have excellent economics, which reflect their importance to Africa’s overall energy balance. The Njonji structure on which we are drilling the NJOM-3 well is one of several attractive structures on the Thali block, and we are looking forward to a great future developing these resources

I would suggest Jeremy will do interview podcast today let’s see what he says. Well done to him though. Only niggle is cash for next few months…. ??

Good news but don’t tower need some cash?? Where’s the placing?

Last time tower drilled in Namibia the market cap was £200million. This was without an oil find too. The potential is huge if Namibia comes into play at some point down the line…

Monecor held 84 m shares on the 29th July. This was a week ago today. The volume since then should be maybe see about 60m of these gone? So maybe 24 m left to clear yet ?

The 5 million was dated yesterday. Probably a sell which caused the drop down late afteelrnoon.

80%

Possibly good times coming for tower at last. Depending on the farm out details this could be worth significantly higher than current prices. £5 million Mcap seems low for a company drilling with a Farmout partner end of 2021. I will await details but if positive could definitely see a good re rate here which would be good for shareholders after the past 18 months.

It’s about time they actually announced something with substance. If not now then heads need to roll….