Tower Resources plc

Equities

TRP

GB00BZ6D6J81

Oil & Gas Exploration and Production

Market Closed - London S.E. Other stock markets 11:35:04 2024-04-26 am EDT			5-day change	1st Jan Change
0.0195 ^GBX	0.00%		-2.50%	-11.36%

Feb. 15	Diversified Energy offers dividend alternative	AN
Feb. 15	Tower Resources Plans Fundraising to Repay Energy Exploration Capital Partners Facility	MT

Tower Resources shares plunge after discounted placing

May 16, 2023 at 09:16 am EDT

Tower Resources PLC - Africa-focused oil and gas company - Raises GBP2.3 million in a conditional placing of 4.6 million shares at a price of 0.05p each, a 56% discount to Monday's closing price in London of 0.11p. Says it will use the funds for preparation of drilling of the Njom-3 well, including associated services payments, and as working capital. "A portion of the funds raised will also be used to advance the company's other 2023 work programs in Namibia and South Africa, including the ongoing basin modelling work currently underway on the company's Namibian license PEL 96," Tower says.

Chief Executive Officer says: "This placing moves us a step further towards our work programme commitments in both Cameroon and Namibia, and we are glad that our progress continues to be supported by new and existing shareholders."

Current stock price: 0.053 pence each, down 54% on Tuesday afternoon in London

12-month change: down 83%

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
DOW JONES SOUTH AFRICA(ZAR)	1,962 PTS	+1.81%	+2.47%	-
DOW JONES AFRICA TITANS 50 INDEX	462 PTS	+1.81%	+1.69%	-
S&P AFRICA 40 INDEX	157.6 PTS	+3.21%	+3.26%	-
BRENT CRUDE OIL SPOT	88.07 USD	+0.10%	+1.75%	-
WTI	83.53 USD	0.00%	+1.68%	-
TOWER RESOURCES PLC	0.0195 GBX	0.00%	-2.50%	3.94M

Latest news about Tower Resources plc

Diversified Energy offers dividend alternative	Feb. 15	AN
Tower Resources Plans Fundraising to Repay Energy Exploration Capital Partners Facility	Feb. 15	MT
Seeing Machines revenue grows; Baron Oil strikes deal	Feb. 08	AN
Tower Resources Receives Extension for Cameroon License	Feb. 08	MT
Tower Resources Issues Shares to Energy Exploration Capital	Jan. 04	MT
Tower Resources to Raise Funds for Oil Exploration Programs; Shares Drop	Dec. 18	MT
Tower Resources Inks Rig Contract With Borr Drilling	Dec. 18	MT
Tower Resources to Issue New Shares to Energy Exploration Capital Partners	Dec. 07	MT
Tower Resources to issue 317.6 million shares to placee	23-10-04	AN
Tower Resources to Issue Shares on Investment Deed with Energy Exploration Capital Partners	23-10-04	MT
EARNINGS: Beacon Energy and Kefi Gold & Copper losses widen	23-09-29	AN
Tower Resources plc Reports Earnings Results for the Half Year Ended June 30, 2023	23-09-29	CI
Pendragon Chief Operating Officer Martin Casha to resign	23-07-07	AN
Tower Resources Plans Flow-Through Financing; Down 7.7%	23-06-29	MT
Tower Resources plc Auditor Raises 'Going Concern' Doubt	23-06-23	CI
Jangada Mines notes Blencowe's completion of test work	23-06-19	AN
Tower Resources swings to a loss with numerous headwinds	23-06-19	AN
Tower Resources plc Reports Earnings Results for the Full Year Ended December 31, 2022	23-06-19	CI
Tower Resources hails basin modelling results in Namibia	23-06-16	AN
Tower Resources CEO stake in company falls amid placing	23-05-31	AN
Tower Resources CEO and chair reduces stake to 7.2% from 16%	23-05-30	AN
FTSE 100 Closes Down Dragged by Oil Stocks; Vodafone Slips	23-05-16	DJ
Tower Resources shares plunge after discounted placing	23-05-16	AN
AIM WINNERS & LOSERS: Rurelec jumps on Argentinian assets sale	23-05-16	AN
Tower Resources Highlights Results From Hole at Lightning Zone; Plans Summer Drilling Program	23-05-10	MT

Chart Tower Resources plc

Duration

Period

More charts

Company Profile

Tower Resources plc is a United Kingdom-based independent oil and gas company. The Company operates oil and gas licenses with a focus on projects in Africa. The Company has projects in Cameroon, Namibia, South Africa, and Western Sahara. The Company, through its wholly owned subsidiary, holds 100% interest in the shallow-water Thali Production Sharing Contract (PSC) in the Rio del Rey basin, offshore Cameroon. The Thali PSC covers an area of approximately 119.2 square kilometers (km2), with water depths ranging from eight to 48 meters, and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. Through its wholly owned subsidiary, Tower Resources (Namibia) Limited, it has a 80% interest in Blocks 1910A, 1911 and 1912B. The blocks cover 23,297 km2 of the northern Walvis Basin and Dolphin Graben (offshore Namibia). The Company also holds a 50% interest in the Algoa-Gamtoos license offshore South Africa. The Algoa-Gamtoos license covers approximately 9,369 km2.

Sector

Oil & Gas Exploration and Production

Calendar

2024-06-03 - Q4 2023 Earnings Release (Projected)

More about the company

Income Statement Evolution

More financial data

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.00019 GBP

Average target price

0.0012 GBP

Spread / Average Target

+531.58%

Consensus

Annual profits - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
TOWER RESOURCES PLC	-11.36%	3.94M
CHEVRON CORPORATION	+11.22%	306B
CONOCOPHILLIPS	+12.21%	153B
CNOOC LIMITED	+51.38%	124B
CANADIAN NATURAL RESOURCES LIMITED	+22.70%	83.43B
EOG RESOURCES, INC.	+12.20%	78.06B
PIONEER NATURAL RESOURCES COMPANY	+19.56%	62.81B
OCCIDENTAL PETROLEUM CORPORATION	+13.52%	60.08B
HESS CORPORATION	+12.74%	49.91B
DIAMONDBACK ENERGY, INC.	+33.97%	37.05B

Other Oil & Gas Exploration and Production