24th Jan 2014 09:28
LONDON (Alliance News) - Tower Resources PLC Friday said considerable progress has been made regarding its sale of a 10% interest in the PEL0010 site in Namibia.
The independent oil and gas exploration company focused on Africa, said a number of interested parties have conducted a full review of the site's data and are making follow-up enquiries.
The company said it expects well design and budget to be agreed soon with its partners at the site and anticipates that this should allow the farm-out process to be concluded.
Before any deal Tower, through its wholly-owned subsidiary, Neptune Petroleum Ltd, holds 30% of the site, while Spain's Repsol SA has a 44% interest and Arcadia Expro Ltd holds the remaining 26% interest.
Tower added that its Rowan Renaissance drillship has now left South Korea and is scheduled to start operations in Namibia around April 11. In November, Tower announced that the rig was going to be delayed, setting an initial new arrival date of March 23.
Tower also announced that it has raised gross GBP820,000 at an average issue price of 4.2 pence per share through a draw-down on its equity financing facility with Darwin Strategic Ltd. The funding will result in the issue of 19.3 million net shares and raised GBP780,000 net to the company.
Tower Resources shares were down 0.7% to 4.12 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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