Press

Tower Resources: Interim Results to 30 June 2018


Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, announces its Interim Results for the six months ended 30 June 2018.

HIGHLIGHTS

  • Completion of 3D seismic data reprocessing over the Thali license in the Republic of Cameroon and commencement of interpretation and analysis of that data;
  • Commencement of Thali Competent Persons Report and further detailed prospectivity evaluation for the Thali license. The report will not only further evaluate the existing Njonji discovery and crystalise greater confidence in the volumetric estimates, but will also identify new leads and prospects;
  • Completion and submission of an Environmental and Social Impact Assessment (”ESIA”) to the Cameroon Government for approval prior to drilling;
  • Further ongoing administrative overhead reductions, which have reduced costs by $208k to $494k in the six months to 30 June 2018, from $702k in the six months to 30 June 2017.

POST REPORTING PERIOD EVENTS

  • Approval of ESIA by the Republic of Cameroon and grant of Environmental Certificate fo Conformity, permitting drilling on the Thali license area;
  • Extension of the Initial Exploration Period of the Thali license until 15 September 2019;
  • Ongoing well planning and preparatory work for the intended 2019 drilling programme in Cameroon;
  • Commencement of farm-out process to fund further 3D seismic acquisition on the Algoa-Gamtoos license offshore South Africa, operated by 50% partner New Age;
  • Release of Operator's estimates of 510 Million boe of mean unrisked recoverable resource potential in the Algoa-Gamtoos license.



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