Tower Resources' Jeremy Asher on the tantalising opportunities in Cameroon
Jeremy Asher, chairman and chief executive of Tower Resources PLC (LON:TRP), speaks to Proactive's Andrew Scott as the Africa-focused oil explorer resumed trading on AIM after raising £2.1mln through a placing backed by directors and financier Lansdowne.
Thanks, PR. Some good, some not so good. SOU, ECHO, showing a nice profit with more to come, breaking even on AFC (hopefully more to come there) . Have you had a look at HDD ? Lots of upside when they start getting the aero orders in.
In a similar position to you with regard to TRP. Their acreage looks promising but with no funds to develop it theyre going to have to sell their Grannies to make it work.
No point selling for just a few bob. Hang on in there and hope.
But if I but £30s worth Ill more than double my holding..and reduce my average substantially. Hmmm???
Back on show today after further funding (at 1p)
Directors takingfees in warrants
Other fees paid in additional shares.
Lets see what happens now.
Further funding will be needed to drill in Niger Delta but it is a highly prolific area.
Could be interesting.
This is a tricky call.
Do I want to buy two more shares for every 13 I hold, to avoid my holdings being diluted?
My holdings were consolidated to one share for every 250 that I held a year ago. Consequently my original 400,000 shares is now a mere 1600 shares.
This Open Offer will entitle me to purchase 246 new shares for 1p each = £2.46.
So I could soon be the proud owner of 246 new untradable shares!
I guess I'm just going to have to pass. I am not prepared to invest another penny in this pos.
offer to buy shares in a suspended company that will remain suspended......at about 40% of the value at suspension - 1p.
key statement is the last paragraph....not one for widows, orphans, or anyone else......
"The Directors applied for suspension of trading in the Company's shares on AIM on 12 May 2017 pending clarification of its financial circumstances and have undertaken a number of cost reductions across the Group. As at 28 June 2017 the Group had £55k of cash reserves and completed a private placing raising £180k on 30 June 2017 prior to issuing an open offer to the shareholders to raise additional finance. The Group will need to raise further funds in addition to these two share issues prior to 30 September 2017, or to agree a farm out or other transaction involving one or more of the Group's licences, in order to meet its liabilities as they fall due. The Directors believe that they will need to raise funds of approximately £2.0m in total over the coming twelve months (mainly to fund obligations in respect of the Thali license) and consider that there are a number of options available to them either through capital markets, farm-outs or asset disposals and are confident that these will be concluded satisfactorily within the necessary timeframes. The Directors do not therefore intend to cease trading nor do they believe that there is no realistic alternative to doing so. The annual financial statements which were announced to the market on 30 June 2017 were therefore prepared on a going concern basis.
However, there can be no guarantee that the required funds may be raised or transactions completed within the necessary timeframes. Consequently, a material uncertainty exists that may cast significant doubt on the Group's ability to continue to operate and to meet its commitments and discharge its liabilities in the normal course of business for a period of not less than twelve months from 30 June 2017, being the date of the Company's annual results. The financial statements do not include the adjustments that would result if the Group were unable to continue in operation such as the impairment of the exploration assets."
Well, well, still alive but certainly not kicking. Not sure the remaining assets have value. Clearly the directors have a positive view, to put £50k+ of their personal fortunes in.
You never know, if the PoO suddenly shoots up to $60 a barrel we may get renewed farm In Interest. Till then go back to sleep.
At last this dog will soon be gone from my account as it makes the account look bad with the size of loss here. Defo up there with the worst investments I have made. Always held that small smidgen of hope but alas wasted with this one.
well i guess that confirms the expectations. soon it will disappear from my trading account portfolio, whose value will also falsely appear much better and Tower will loose its only value as a cautionary tale.
I am holding this because it is not worth selling - only when I have big enough success/gains elsewhere will its value as a loss become relevant for cgt purposes. Then I will happily sell to realise my 99% loss and have a valuable tax saving.
Thats all on the basis of not making similar mistakes as I did here with other holdings.
Looks like the market for farm-out is improving.."recent months have been based on a long-term oil price of about $60 a barrel to $65 a barrel"..maybe Mr. Asher will be able to pull out a rabbit out our Cameroon hat soon?
Is there any possibility that this play could be a fractured basement reservoir. At the outset of the the process the company were quite sure there was something substantial in the form of HC's in the area as the result of some fancy survey type equipment they used. Maybe they did not drill deep enough.
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