Gulf Oil and Gas accountACCOUNT

Tower Resources Applies for Suspension of Trading on AIM

Source: 5/12/2017, Location: Africa

Share |
Tower Resources plc (Tower) has applied for suspension of trading in the Company’s ordinary shares on AIM with effect from 7:30 a.m. today pending clarification of its financial circumstances. A further update on the Company’s farm-out discussions in relation to the Thali asset and its financial position is set out below.

The Board confirms that it has been in advanced discussions with a potential partner in relation to the Company’s Thali asset. Unfortunately, despite significant time and effort on the part of Tower and the other party, a final deadline for signature of a Heads of Agreement that would have triggered a non-refundable deposit to Tower, which was set for 11 May 2017, has been missed.

The Company noted in its announcement of 8 September 2016 that the proceeds of the placing and open offer undertaken at that time would provide cash reserves through the first quarter of 2017. As this above-referenced transaction has not been concluded, the financial condition and prospects of the Company have deteriorated leading to significant uncertainty and in order to minimise forward outgoings current employees have been provided with notice of termination of their employment.

Consequently the Board is now considering alternatives for the Company, one of which may include the appointment of administrators, and a further update will be made as soon as practicable.

Jeremy Asher, Tower’s Chairman and Chief Executive Officer, commented: “We are enormously disappointed by this development. We have twice found ourselves in agreement with technically qualified partners for the Thali license, who have been unable to resolve their own financing contingencies and left us unable to move forward. The executive team have handled these negotiations appropriately, and shareholders and our counterparts at the Societe Nationale des Hydrocarbures in Cameroon have been patient and supportive; but the Board does not believe that the Company can move forward with the work programme at Thali without a partner.”

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Cameroon >>

Egypt >>  8/14/2018 - Eni announces that a new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediter...
Namibia >>  8/14/2018 - Azinam Limited, the Seacrest Capital Group-backed Namibian explorer, is pleased to announce that ExxonMobil Namibia (PEL44) Limited, an affiliate of E...

United Kingdom >>  8/14/2018 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...
Egypt >>  8/13/2018 - Eni announces that Egyptian Authorities have authorized a new Nile Delta Concession Agreement allowing a ten-year extension of the Abu Madi West Devel...

Senegal >>  8/13/2018 - PETRONAS through its subsidiary PC Senegal Ltd, recently signed a Farm-in Agreement with TOTAL E&P Senegal SAS, a subsidiary of TOTAL, to acquire a 30...
United Kingdom >>  8/13/2018 - Neptune Energy Group (“Neptune”) has entered into a Sale and Purchase Agreement to acquire certain development and exploration assets in the UK Centra...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Cameroon Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Cameroon >>

More News


Oil & Gas Companies in Cameroon >>

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.