Tower Resources raises new cash as confidence grows in African licences
21 April 2009
Oil and gas group Tower Resources has raised £1.285 million in a share placing to fund its working capital commitments over the next 12 months. The move comes ahead of imminent drilling at the company’s EA5 licence in Uganda.
Elsewhere today, Tower announced its full year results which showed pre-tax losses slightly up on last year at £1.2 million.
Executive chairman Peter Kingston said that since early 2008 that company had become more confident about the prospectivity of its licences in Uganda and Namibia.
“The positive oil seep survey results in Uganda EA5 together with the outstanding well results in the adjacent licence have highlighted the potential for large discoveries The imminent Ugandan well could have huge implications for the future of the company,” he said.
“Progress towards drilling a first well in Namibia may be later but the scale of reserve potential confirmed by evaluation work during 2008 has further increased the high expectations of the Tower board.”
The latest fundraising saw Tower place 42,833,334 new ordinary shares of 0.1p each in the company at a price of 3 pence per share.
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