Tower Resources PLC Kenya Block-2B Update and Expiry of Warrants (5346O)
May 28 2015 - 9:15AM
UK Regulatory
TIDMTRP
RNS Number : 5346O
Tower Resources PLC
28 May 2015
Tower Resources plc
Kenya Block-2B Update and Expiry of Warrants
28 May 2015
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM-listed Africa-focussed oil and gas exploration company,
provides an update on the status of Block-2B, onshore Kenya.
Tower has received formal notification from Lion Petroleum Inc.
("Lion"), the wholly-owned Kenya-based subsidiary of Taipan
Resources Inc. ("Taipan")(TSX-V:TPN), and Operator of Block-2B,
that Premier Oil plc ("Premier") have exercised their right to exit
the joint venture with effect from 30 April 2015. Accordingly, Lion
and Tower's working interests in the Block will be adjusted on a
pro-rata basis (Lion 66.66%, Tower 33.34%) for the remaining
approximately six months of the current licence phase (unless
otherwise agreed).
The Ministry of Energy has agreed to a six month extension to
the First Additional Exploration Period to 30 November 2015. This
is in order to complete the assessment of the remaining
prospectivity of Block-2B, and as a result of the ongoing legal
action relating to the temporary injunction served upon Lion,
Premier, and other named parties highlighted in our announcement
dated 12 December 2014 (Badada-1 Well Site Preparation and Rig
Contract), which has prevented operations over the majority of the
block. This will give the joint venture partners time to complete
their remaining technical assessments and review their strategy
with respect to Block-2B. During this extension period no
additional financial commitments will be incurred.
Graeme Thomson, CEO, commented "Tower has increased its interest
in Block 2B at nil cost and the six month extension to the First
Additional Exploration Period will provide joint venture partners
the time necessary to finish a thorough assessment of the
prospectivity on this large (5,458km(2) ) block."
In addition, 5,433,962 warrants with an exercise price of 1.325p
per share and held by Directors and a previous Director will expire
today. The number of warrants currently held by Directors now
totals 30,637,325 (0.9% of the fully diluted share capital) and are
detailed below.
Previous warrants Warrants expiring New warrants
holding holding
---------------- ------------------ ------------------ -------------
Jeremy Asher 10,817,890 905,660 9,912,230
---------------- ------------------ ------------------ -------------
Graeme Thomson 5,998,351 - 5,998,351
---------------- ------------------ ------------------ -------------
Peter Blakey 7,873,081 1,509,434 6,363,647
---------------- ------------------ ------------------ -------------
Peter Taylor 7,873,081 1,509,434 6,363,647
---------------- ------------------ ------------------ -------------
Philip Swatman 1,999,450 - 1,999,450
---------------- ------------------ ------------------ -------------
Contacts
Tower Resources
Graeme Thomson (CEO)
Nigel Quinton (Head of Exploration)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Ross Allister
+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Emily Morris
+44 20 7647 2800
Vigo Communications
Chris McMahon/ Peter Reilly
+44 20 7016 9572
This information is provided by RNS
The company news service from the London Stock Exchange
END
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