28th Sep 2018 13:59
LONDON (Alliance News) - Tower Resources PLC on Friday reported a significantly wider interim loss on increased impairments during the half.
In the six months ended June, the oil and gas explorer's pretax loss increased to USD3.4 million from USD730,129.
Tower Resources booked a USD2.8 million impairment of its of exploration and evaluation assets, from just USD9,637 the year before.
The company did not record any revenue in the half, same the year before, as it has no producing assets.
Chairman & Chief Executive Jeremy Asher said: "Overall, we have been very active in the first nine months of 2018, and we are very pleased with the outcomes so far. Next year we will drill an extremely important well on the Thali license, in Cameroon, and all the work we have done to date has reinforced our confidence in that license."
Shares in Tower Resources were untraded Friday but last closed at 1.55 pence each.
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