5th Feb 2016 09:47
LONDON (Alliance News) - Tower Resources PLC on Friday said Peter Blakey, the founder of the company and currently a non-executive director, will leave the business later this year.
Blakey has decided not to seek re-election at the company's annual general meeting to be held in April, leaving the company he founded back in 2005.
Chairman Jeremy Asher said Blakey was key in securing the new shallow offshore licence in Cameroon back in September. Tower plans to explore and appraise several shallow water drill targets at the Thali block starting in either 2017 or 2018.
The company also is working to advance its exploration applications in Namibia and has made progress on the Algoa-Gamtoos project in South Africa. Tower's other assets lie in Namibia, Zambia and in the self-governing territory of Western Sahara, which lies to the south of Morocco.
Tower's last financial update, released in September when that new licence was acquired, showed the company had narrowed its pretax loss in the first half of 2015 to USD5.4 million from a staggering USD49.1 million a year earlier, as the company continues to work towards generating its maiden revenue.
Tower shares were trading up 2.5% to 0.0769 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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