Tower Announces Preliminary Results to 31 December 2020

Source: www.gulfoilandgas.com 6/7/2021, Location: Africa

Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces its preliminary results for the 12 months ended 31 December 2020.

Highlights:
· Thali PSC $2.2 million (2019: $3.9 million ) exploration and evaluation expenditure;
· Algoa-Gamtoos TCP $440k (2019: $537k ). Second renewal phase approved by PASA effective 17 November 2020;
· Administrative costs net of impairments and share-based payment charges reduced significantly to $237k (2019: $987k );
· Cash balance at year-end of $10k (2019: $39k );
· Award of extension to the Initial Exploration Period of the Thali PSC to 15 September 2020;
· Completion of NJOM-3 appraisal well site survey by the Geoquip Marine survey vessel MV investigator;
· Cameroon Reserves Report update reconfirming gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks, with an NPV10 of the Best Estimate Contingent Resources of $119 million using the March 10th 2020 Brent Forward Curve, and an EMV10 of $91 million ;
· Completion of placing and subscription to raise £500k at placing and subscription price of 0.375 pence per share;
· Notification to the Government of Cameroon of an event of Force Majeure in respect of the Covid-19 pandemic, affecting the timing for completion of the Group's work programme in the Initial Exploration Period of the Group's Thali Production Sharing Contract;
· Appointment of Paula Brancato and Dr Mark Enfield to the board as Non-Executive Directors.


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