||EPS - Basic
||Market Cap (m)
|Oil & Gas Producers
Tower Resources Share Discussion Threads
Showing 49351 to 49373 of 49375 messages
|This gives some info.----------[...]. oh well in full -----------[...]has raised £1.03mln of new capital, through a share placing, and has told investors it hopes to bring farm-out talks to a conclusion.
It has agreed to sell 45.9mln new shares, priced at 2.25p, to what it referred to as ‘certain investors including some of our shareholders and directors’ through a non-brokered placing. The new shares represent some 60% of the group’s equity, after the placing, and the price is a 59% discount to Wednesday’s closing price in London.
The AIM quoted explorer is also launching an open offer to allow other qualifying shareholders to limited dilution through the purchase of new shares, and that would raise up to £560,000 of additional new capital for the company.
Tower is selling the new equity on hopes that the company can deliver a farm-out deal to bring in a partner for its Thali licence offshore Cameroon.
“Market conditions for exploration companies continue to be difficult, however Tower is fortunate in having generally low forward licence commitments and we are focusing the major part of our activity on our 100% owned Thali licence in Cameroon,” said Jeremy Asher, Tower Resources chairman.
“This licence offers genuinely low risk and near-term appraisal and development opportunities.
Asher also revealed that that the farm-out process is advancing as planned, with several parties showing interest.
“We are hoping to bring those discussions to a conclusion quickly,” he said.
“Our objective is naturally to achieve the best value, and we believe that this is likely to come from obtaining the maximum possible level of forward funding for the licence, including for the seismic programme planned to be acquired in early-mid 2017, with the best strategic partner.”
According to Asher the cash raised through the share placing will see Tower through to the first quarter of 2017.|
|Anybody know what the plan is here, all seems very quiet. I take it another raising will be required before any drill bits turn?|
|big Q is will Oil prices go up once the new US govt get to biz ?|
|Read that RNS with a raised eyebrow yesterday, Rayrac, i bought some last week for the first time as late large buy trades coming through on the sly!|
|Someone likes his 'troughing'? 10% into safe hands perhaps!
I'll stick with it....It's a good thing I'm an old timer when it comes to share dealing, I would have panicked out of TRP months if not years ago by now.|
|I am thinking of dipping my tow into TRW. Can. Someone quickly summarise couple of bullet points what the potential benefits are of this country company. Any feedback appreciated.|
|2017 may be the year for change of fortune,we hope!-----Tower are currently negotiating new acreage positions offshore Namibia, with the aim of providing economies of scale and lower risk in future exploration, full details of which will be announced in due course:
Namibia remains, in the Company’s view, a highly prospective area with only 15 exploration wells along a 1,600km section of the Atlantic Margin, with proven source, reservoir and seal
HRT’s Wingat #1 well, drilled in 2013, was the first Namibian well to recover oil to surface and has demonstrated the presence of a working petroleum system
Interest in the area remains high with wells planned by Shell and OMV/Murphy in 2016/17, and with Chariot and Tullow also likely to drill within a similar timeframe.|
|Seeing as they plugged abandoned back in early 2014, they've had plenty of time to assess further. How long do they retain the right to drill in the Namibian block?Hope they do hit in Cameroon as I have several of these! Bought in the 'Glowing in the dark' mania. But have a feeling this is in a slow death spiral.Gla|
|Apparently they didn't go deep enough at the time-----"The estimated cost of continuing the current well to test the deeper targets, including the Albian, now appears to be as much as a further $40 million gross. Despite our interest in the deeper targets, with their large potential resources, this raises the question whether it may be better to wait for the full analysis of the current well before deciding whether and where to drill a second well and test the deeper targets with the benefit of that further information. As a result, the Partners have agreed not to drill further at this time and to evaluate the information and its implications for the Block. The well is being plugged and abandoned."|
|lol what was the comment in the past about there drills pre dusters. Something about glowing if I remember rightly.
Don't know how emptiness can glow.|
|ok cheers soulsauce
I doubt they can survive anymore dusters, but maybe they will finally hit the black stuff. It's a shame oil price is so low at the moment.|
|Nick although I am a bit rusty on trp I believe they are looking to farm down their Cameroon licence with a view to drilling sometime next year. Wouldn't expect anything before Q2.|
|Not followed TRP since a string of dusters.
Can anyone (bulls preferably if there are any) give a brief overview here?
How many wells to drill and when?
Are they looking to farm out anything or have done already etc?|
|Good luck to them this time.
They never did me any financial harm|
|No problem Acamas, now they are going for it again in Cameroon as a last throw of the dice :-/|
Thanks for the reply|
|Just looked in on my travels across the BB's. Have Tower found any oil yet that they can produce in the future? I have been out of them for years started to go cold on them following Uganda dry wells situation seems like a decade ago now|
|In rns 8 Sep. In addition, in order to provide shareholders the opportunity to subscribe for Ordinary Shares at the Placing Price, the Company intends to make an Open Offer to all qualifying UK shareholders shortly following Admission to raise up to £0.56 million (US$0.73 million) (the "Open Offer") at the Placing Price. The Placing is not conditional upon the Open Offer. The Open Offer will be subject to shareholder approval. A circular concerning the Open Offer and Notice of EGM will shortly be sent to Shareholders and will also be made available on the Company's website www.towerresources.co.uk.|
|When is the open offer for us P.I,s ?
Thnx Edlog,didn't want to post anew.|
|How's adgo doing loo|
|Adgo are a loss making company and had a torrid time|
|Fyi please check ADGO will be the next fast mover
will multibag once news on Albert 2 spreads around...|