27th Mar 2015 09:55
LONDON (Alliance News) - Tower Resources PLC on Friday said it does know of any reason behind the recent rise in its share price and the increased volume of trading in its shares.
The company said it provided a trading update earlier this month and knows of no other reason for the share price movement.
In the March 19 update, Tower Resources had said it is taking steps to mitigate the challenges posed by current oil and gas market conditions.
Tower had said its strategy is to maintain and even expand its licence portfolio, though at the same time minimising forward commitments and costs. It added it will continue to work to cut the costs associated with its portfolio and said it will farm-out some of the costs on commitments that cannot be deferred where appropriate.
Shares in Tower were up 27% to 0.35 pence on Friday and have nearly tripled in value this week.
By Sam Unsted; [email protected]; @SamUAtAlliance
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