TIDMTRP

RNS Number : 4528X

Tower Resources PLC

30 August 2022

30 August 2022

Tower Resources plc

Issue of share in lieu of fees to Bedrock Drilling Ltd

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces that it has issued 11,200,000 Ordinary shares in the Company (the "Fee Shares") to Bedrock Drilling Ltd ("Bedrock Drilling"), in lieu of fees to the value of GBP 25,200 .

The Company has issued shares in lieu of fees on previous occasions to Bedrock Drilling, which provides well project management, well engineering services and drilling consultancy services to Tower's operations on the Thali block, offshore Cameroon, both to reduce cash costs and above all to align long term incentives with our well management team.

It is expected that admission of the shares will become effective at 8.00 a.m. on or around 2 September 2022.

Following admission of the shares, the Company's enlarged issued share capital will comprise 3,554,437,955 Ordinary shares of 0.001 pence each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Contacts

 
 Tower Resources plc             +44 20 7157 9625 
 Jeremy Asher 
  Chairman and CEO 
 
   Andrew Matharu 
   VP - Corporate Affairs 
 
 SP Angel Corporate Finance 
  LLP 
  Nominated Adviser and Joint 
  Broker 
  Stuart Gledhill                + 44 20 3470 
  Caroline Rowe                   0470 
 Novum Securities Ltd 
  Joint Broker 
  Jon Bellis                     + 44 20 7399 
  Colin Rowbury                   9400 
 
 Panmure Gordon (UK) Limited 
  Joint Broker 
  John Prior                     + 44 20 7886 
  Hugh Rich                       2500

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END

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(END) Dow Jones Newswires

August 30, 2022 02:01 ET (06:01 GMT)

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