Petroleum Africa
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Wednesday, October 2, 2013
Tower Resources has completed the acquisition of Wilton Petroleum. The consideration for Wilton is comprised of a combination of $1.75 million cash and 120 million ordinary shares in Tower, locked in for 12 months, which values Wilton at $4.3 million.
The deal is contingent to the consideration shares admission on the AIM market. Tower said that the application for admission of the 120 million consideration shares will be made to the AIM market and it is expected that admission of the shares will occur and dealings will commence on October 4, 2013.
Graeme Thomson, Tower’s CEO, commented: “Under the terms of the Settlement Agreement, announced on 25 September 2013, Wilton has received $6 million in cash. After estimated taxes the acquisition is, therefore, equivalent to Tower issuing 4.6% of its enlarged issued share capital at a premium of approximately 35% to closing price of 1.35p per share. On completion Tower’s current cash position will increase by $4.25 million (before any taxes) to approximately $18 million.”
Jeremy Asher, Tower’s chairman added “The additional cash on our balance sheet strengthens our position with respect to our multi-billion barrel upside exploration well, Welwitschia-1, operated by Repsol offshore Namibia, where preparations continue on track for spud in February 2014. We also remain firmly committed to new ventures with near term drilling or early stage interests where we can keep initial cash outlays to reasonable levels, including in Madagascar and also in Cameroon where, following the recent licensing round, we have been invited to negotiate a new PSC.”
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