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'Christmas comes early' for Tower Resources as reserves report beats expectations

Jeremy Asher, chairman of Tower Resources PLC (LON:TRP), caught up with Proactive Investors to discuss a reserves report for their Thali licence, offshore Cameroon.

The report's identified gross mean contingent resources of 18mln barrels (MMbbl) of oil across the proven Njonji-1 and Njonji-2 fault blocks with low/best/high estimates of 5/15/34 MMbbls respectively and a development contingency probability of 80% on the first phase and 70% on the second phase.

Asher says they've received a financing offer from an industry partner for the Thali licence and it's being considered alongside other funding options.

Quick facts: Tower Resources PLC

Price: 0.375 GBX

AIM:TRP
Market: AIM
Market Cap: £4.97 m
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Tower Resources CEO updates on Cameroon farm-out and £500k fundraise

Tower Resources PLC's (LON:TRP) Jeremy Asher speaks to Proactive London's Andrew Scott soon after announcing they've raised £500,000 to provide working capital while waiting for a farm-out agreement for its Thali block in Cameroon to complete. Asher also talks to the recent coronavirus...

on 9/3/20

2 min read