Tower Resources PLC Financing Update (4281R)
30 Giugno 2020 - 08:00AM
UK Regulatory
TIDMTRP
RNS Number : 4281R
Tower Resources PLC
30 June 2020
30 June 2020
Tower Resources plc
Financing Update
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM-listed oil and gas company with its focus on Africa, is
pleased to provide an update regarding the farm-out process in
respect of its Thali production-sharing contract (the "PSC") in
Cameroon conducted through its wholly-owned subsidiary Tower
Resources Cameroon SA.
The binding Heads of Terms with OilLR Pty Ltd (the "HoT"), which
was signed on 28 February 2020 and amended on 29 March 2020, is
progressing towards completion. The first payment into escrow is
now expected in late July or first half of August. While this is
later than originally planned due to factors arising from the
pandemic, both parties remain committed to completing the
transaction. The backstop date for completion has been amended to
15(th) September 2020, and both parties hope to have all funds in
escrow well before that date.
The Company is continuing discussions with other potential
farm-in partners to the Thali PSC, on similar terms to those agreed
with OilLR. As previously announced, the HoT has been structured to
accommodate such additional investors.
The Company also notes that it is in discussions regarding a
further extension to its Loan Facility originally announced on 19
April 2019 and extended to 30 June 2020, and expects to conclude
this extension before the expiry of the current term. This Facility
is held by Pegasus Petroleum Ltd, a company beneficially owned by
the Company's Chairman and CEO, Jeremy Asher.
Jeremy Asher, Tower's Chairman and CEO, commented:
"We are pleased that this transaction is still on track, and we
look forward to having funds in hand in good time for the
resumption of normal oil and gas operations. While the timing of
the removal of travel and other restrictions remains uncertain, we
are using this time to get as fully prepared as we can for drilling
and testing the NJOM-3 well."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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 + 44 20 3470 0470
Stuart Gledhill
Caroline Rowe
Turner Pope Investments
(TPI) Limited
Joint Broker
Andy Thacker
Zoe Alexander + 44 20 3657 0050
Whitman Howard Limited
Joint Broker
Nick Lovering + 44 20 7659 1234
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDEKLFLBQLXBBV
(END) Dow Jones Newswires
June 30, 2020 02:00 ET (06:00 GMT)
Grafico Azioni Tower Resources (LSE:TRP)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Tower Resources (LSE:TRP)
Storico
Da Mar 2023 a Mar 2024