19th Mar 2015 10:27
LONDON (Alliance News) - Tower Resources PLC on Thursday said it is taking steps to mitigate the challenges posed by current oil and gas market conditions.
Tower 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.
Tower said its portfolio now has limited financial exposure, with no drilling commitments, and said its discretionary work programmes have been cut and refocused on work related to farming-out commitments.
Shares in Tower were up 1.6% to 0.127 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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