Tower Resources Ltd. (TWRFF)
Tower Resources secures Namibian approval for PEL96 farm-out
Tower Resources PLC (AIM:TRP, FRA:ULF1), the oil and gas company focused on Africa, has received formal approval from Namibia's Ministry of Industries, Mines and Energy for the farm-out of its PEL96 licence offshore Namibia to Prime Global Energies. The approval clears the only outstanding condition precedent under the farm-out contract, which was first announced in January 2025.
Tower Resources raises £400,000 as it eyes Namibia farm-out approval
Tower Resources PLC (AIM:TRP, FRA:ULF1), the oil and gas company focused on Africa, said it had raised £400,000 to bolster working capital while it waits on government approvals for two farm-out deals. The subscription was priced at 0.016p a share, a discount of about 6% to the closing bid price on 23 June,.
Tower Resources says it remains confident that it will "reap the benefits of patience"
Tower Resources PLC (AIM:TRP, FRA:ULF1) said it remains confident that the company and its investors "will reap the benefits of patience", as the small-cap continues to await approvals on farm-outs designed to fund work in Cameroon and Namibia. At the same time, Tower noted that 2026 had begun with a positive period for oil prices, and it has undertaken a considerable amount of work to ensure that once approvals have been issued, it will be operationally ready.
Tower Resources tops up working capital amid investor demand
Tower Resources PLC (AIM:TRP, FRA:ULF1) has announced a share subscription to raise £375,000, with proceeds earmarked to support working capital as its projects continue to move forward. The company, in an RNS, noted that it will new shares at a price of 0.022p each, which represents a discount of about 8% (to yesterday's closing bid price).
