RE: Dekker23 Mar 2017 11:48
Red Rio...who now own Comet Petroleum Limited and its in SADR..... Western Sahara
RNS Number : 8958U
Tower Resources PLC
24 January 2017
24 January 2017
Tower Resources plc
Sale of Comet Petroleum Limited
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, is pleased to announce the completion of the sale of its wholly owned subsidiary, Comet Petroleum Limited ("Comet"), to Red Rio Petroleum Ltd ("Red Rio"), the privately held oil and gas exploration company. Red Rio is purchasing Comet for a cash consideration of £1, future contingent payments and an over-riding royalty interest ("ORRI") of ten per cent over future production revenue from Comet's assets in the Saharawi Arab Democratic Republic ("SADR") as set out below. Tower has also completed an amendment agreement to eliminate the previously announced contingent payments due to the original vendors of Comet, who will now share part of the above consideration as further detailed below, leaving an ORRI of between five and ten per cent net to Tower depending on the asset.