Tower Resources PLC Update on Bridging Loan Facility (2430O)
01 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMTRP
RNS Number : 2430O
Tower Resources PLC
01 October 2019
1 October 2019
Tower Resources plc
Update on Bridging Loan Facility
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN),
the AIM-listed oil and gas company with a focus on Africa, is
pleased to provide an update in respect of its Bridging Loan
Facility ("Facility") of $750,000 details of which were first
announced on 16 April 2019.
The Company has agreed with the majority of the Facility lenders
to extend further the repayment of the Facility (the "Extension"),
but was unable to reach a couple of the lenders yesterday to
confirm their agreement. The Company has no reason to believe they
would not agree with the position of the other Facility lenders,
and will confirm the terms of the extension when they are agreed
with all the Facility lenders. The purpose of the extension is to
complete other financing discussions, which are currently in
progress. The Company continues to manage its limited cash
resources carefully as these discussions are progressed.
The Bridging Loan will in the meantime continue to have a
preferential right of repayment from any future financing in excess
of $750,000, and will remain secured by the Company with interest
due of 1% per month (accrued and paid on repayment) along with a
fixed and floating charge over the Company's assets.
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 info@towerresources.co.uk
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance
LLP
Nominated Adviser +44 20 3470 0470
Stuart Gledhill
Caroline Rowe
Whitman Howard Limited
Joint Broker
Nick Lovering
Hugh Rich +44 20 7659 1234
Turner Pope Investments
(TPI) Limited
Joint Broker
Zoe Alexander
Andy Thacker +44 20 3657 0050
Yellow Jersey PR Limited
Sarah Hollins +44 7764 947 137
Henry Wilkinson +44 7951 402 336
Notes:
Tower Resources Cameroon S.A, a wholly owned subsidiary of Tower
Resources plc, holds a 100% interest in the shallow water Thali
(formerly known as "Dissoni") Production Sharing Contract (PSC), in
the Rio del Rey basin, offshore Cameroon. Tower was awarded the PSC
on 15 September 2015 for an Initial Exploration Period of 3 years,
which has been extended for a further year ending 15 September 2019
and a further extension is now pending.
The Thali PSC covers an area of 119.2 km(2), with water depths
ranging from 8 to 48 metres, and lies in the prolific Rio del Rey
basin, in the eastern part of the Niger Delta. The Rio del Rey
basin has, to date, produced over one billion barrels of oil and
has estimated remaining reserves of 1.2 billion barrels of oil
equivalent ("boe"), primarily within depths of less than 2,000
metres. The Rio del Rey is a sub-basin of the Niger Delta, an area
in which over 34.5 billion barrels of oil has been discovered, with
2.5 billion boe attributed to the Cameroonian section.
An independent Reserve Report conducted by Oilfield
International Limited (OIL) has highlighted the contingent and
potential resources on the Thali licence and the associated
Expected Monetary Value (EMV) as follows:
-- Gross mean contingent resources of 18 MMbbls of oil across
the proven Njonji-1 and Njonji-2 fault blocks;
-- Gross mean prospective resources of 20 MMbbls of oil across
the Njonji South and Njonji South-West fault blocks;
-- Gross mean prospective resources of 111 MMbbls of oil across
four identified prospects located in the Dissoni South and Idenao
areas in the northern part of the Thali licence;
-- Calculated EMV10s of US$118 million for the contingent
resources, and US$82 million for the prospective resources,
respectively.
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr Mark Enfield, BSc, PhD, FGS, Advisor to
the Board of Tower Resources plc, who has over 30 years' experience
in the oil & gas industry, is the qualified person that has
reviewed and approved the technical content of this
announcement.
This information is provided by RNS, the news service of the
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END
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