Petroleum Africa
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Thursday, July 16, 2015
Tower Resources raised £5.2 million in a share placing. M&G Investments was one of the larger participants in the placing, subscribing for £2.3 million of new shares and acquiring 18% of the group’s enlarged share capital. Tower also saw its directors and staff subscribe for shares in the placing.
The placing sees a total of 2.9 billion new shares issued at a price of 0.19p, which was July 14’s closing price on AIM. The new equity will subsequently represent around 56% of the company.
The proceeds from the placing will be used to fund Tower’s potential new project offshore Cameroon, the Thali Block. The company is set to sign a PSC with the government of Cameroon for a 100% interest in the Thali Block, giving it acreage in a known producing region offshore West Africa. The block includes existing oil and gas discoveries and a number of identified exploration targets. Under the PSC Tower will have a three year work program to carry out new 3D seismic and drill a well, this is expected to happen in 2016 and 2017/2018 respectively.
The funding will also aid it in its ventures in Namibia where it says it is negotiating for additional acreage. Some cash from the placing will also be used for projects in Zambia, where the company says early field work has shown excellent mature source rocks for gas and potential for oil. More field work is planned later this year, ahead of a possible airborne surveying, and 3D seismic shoot by 2017. A farm-out program is underway to partner up in the Zambia project.
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