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Tower Resources (TRP)

Business description

Tower Resources is an AIM-listed, London-based, independent oil and gas exploration company with a regional focus on sub-Saharan Africa.

Uganda well go ahead

Flash note | Oil & Gas | 09/01/2012

Tower has arranged a $15.5m SEDA agreement with a fund managed by Yorkville Advisors, that will enable the Mvule-1 well in Uganda to be drilled on schedule in February. The new financing will also underpin corporate overheads for the foreseeable future. Mvule-1 will target an 80mm barrel recoverable prospect in the Albertine Basin to the north of the large Tullow finds and follows a great deal of preparatory exploration work and two earlier dry wells. Tower believes that Mvule-1 is its most de-risked well in Uganda to date.

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Stock data

Market cap.£4.4m
Last close16.250p
High / Low (52 weeks)63.8p / 16.2p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *(18.3)(38.7)(54.2)

* % Relative to local index

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