30th Sep 2015 13:19
LONDON (Alliance News) - Oil and gas firm Tower Resources PLC on Wednesday said its pretax loss narrowed significantly in the first half due to writedowns it made last year not repeating, as it expressed confidence in its entry into the Cameroon market.
The company said its pretax loss in the first half to the end of June was USD5.4 million, significantly narrower than the USD49.1 million loss it registered a year earlier, when it booked USD45.4 million in impairment charges. The company does not generate any revenue.
In September, the company signed the production sharing contract for the Thali block in Cameroon. The deal marked the company's entry into the region, where it will explore and appraise several shallow drill targets starting in 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.
"Our September entry into the Cameroon shallow waters marks a shift in our risk profile from frontier towards proven producing basins and introduces an asset with existing discoveries and significant upside to the Tower portfolio," said Chief Executive Graeme Thomson.
Shares in Tower were up 6.2% to 0.154 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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