30
September 2024
Tower Resources
plc
("Tower"
or the "Company")
Interim Results to 30 June
2024
Tower Resources plc (AIM: TRP), the
Africa-focused energy company, announces
its Interim Results for the six months ended 30 June
2024.
Key
Highlights including Post-Reporting Period Events
30
September 2024: Cameroon - farm-out
proposal received
§ Receipt of
a proposal to finance the NJOM-3 well via farm-out of a minority
interest in the PSC to a substantial upstream company with existing
production, which the Company is in the process of
reviewing.
2
August 2024: Namibia - technical
update in respect of the Company's PEL 96 license
§ Extension
of the Initial Exploration Period of PEL 96 to 31 October 2024 and
invitation to apply to enter the First Renewal Period of PEL 96,
for a period of 2-3 further years.
§ Agreement
to defer the Company's commitment to acquire 1,000 square
kilometres ("km2") of new 3D seismic data to the First
Renewal Period.
§ Continuing
work on the evaluation of large stratigraphic and structural leads
and prospects.
§ Plan to
reprocess the previously acquired 2D seismic data over large areas
of the license.
8
February 2024: Cameroon - Extension
of the First Exploration Period of the Thali PSC to 4 February
2025
Other Highlights and Post-Reporting period
Events
§ 13 August
2024 - Issue of 71.4 million 5-year warrants at a strike price of
0.018p per share in lieu of Directors fees to Ms Stacey Kivel in
respect of the period July-September 2024;
§ 1 July
2024 - Issue of 357.1 million 5-year warrants at a strike price of
0.018p per share in lieu of £30,000 (in aggregate) of Directors
fees in respect of the period July-September 2024;
§ June 2024
- A subscription for 1,195,652,174
new ordinary shares at 0.0115p per share to raise
£137,500 (gross) by the Company's Chairman
and CEO, Jeremy Asher and another investor;
§ May 2024 -
Borr Drilling Limited ("Borr") advised it had extended the
commitment of the Norve jack-up rig to BW Energy to October 2024.
Tower advised it was continuing to work with Borr on
timing;
§ February
2024 - Annual award of 5-year share options over 1,182,000,000 new
ordinary shares under the Long Term Incentive Plan ("LTIP"), at an
exercise price of 0.018p per share, vesting in three equal tranches
over 12, 24 and 36 months;
§ February
2024 - The Company received notice that the third of its appeals to
the First-Tier Tax Tribunal had been successful, resulting in a
release of the remaining VAT provision and the receipt of remaining
receivables;
§ February
2024 - The Company reached an agreement for the repayment of the
outstanding balance owed to EECP, in accordance with the terms of
the Investment Deed announced on 16 January 2023 (the "Investment
Deed"). In addition, the Company also announced a Subscription to
raise £600,000 via the issue of 3,333,333,333 shares at a price of
0.018 pence per share;
§ February
2024 - Share issuance in accordance with the terms of the
Investment Deed with EECP, of 396,825,397 shares at a price of
0.021p per share for a settlement amount of US$105,000 which had
been prepaid by EECP;
§ January
2024 - Issue of 350.9 million 5-year warrants at a strike price of
0.03p per share in lieu of £60,000 (in aggregate) of Directors fees
in respect of the period January-June 2024, to conserve the
Company's working capital;
§ January
2024 - Share issuance in accordance with the terms of the
Investment Deed with EECP of 440,567,445 shares at a price of
0.0225p per share for a settlement amount of US$125,000 which had
been prepaid by EECP.
A copy of the Company's interim
results will be made available shortly on the Company's
website.
Market Abuse Regulation (MAR) Disclosure
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication
of this announcement via Regulatory Information Service ('RIS'),
this inside information is now considered to be in the public
domain.
Contacts
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Tower Resources plc
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+44
20 7157 9625
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|
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Jeremy Asher
Chairman and
CEO
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|
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Andrew Matharu
VP - Corporate
Affairs
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|
|
|
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SP
Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Stuart Gledhill
Caroline Rowe
|
+44 20 3470 0470
|
|
|
Novum Securities Ltd
Joint Broker
Jon Bellis
Colin Rowbury
|
+44 20 7399 9400
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|
|
Axis Capital Markets Limited
Joint Broker
Ben Tadd
|
+44
0203 026 2689
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|
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BlytheRay
Financial PR
Tim Blythe
Megan Ray
|
+44
20 7138 3204
|
CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT FOR THE SIX
MONTHS ENDED 30 JUNE 2024
Dear Shareholder,
The first half of 2024 has seen
positive developments across all of our licenses, and we believe we
are now close to finalising the financing for the NJOM-3 well in
Cameroon.
Cameroon
In February we announced the
Government's decision to extend the initial exploration period of
our Thali license to February 2025 - which was to allow for the
uncertainty over the timing of availability of the Borr rig we had
contracted. In fact, that rig was delayed for operational reasons,
but there are now more rig alternatives available to us. We are now
targeting to spud the well early in 2025, and our focus has been
concluding asset-level financing for the well.
We have now received a proposal for
financing of NJOM-3 via a farm-out of a minority position, from a
substantial upstream company with existing production. We are in
discussions with this party about the details of their proposal,
however we can say that, provided discussions conclude positively,
this proposal should provide sufficient funds to drill the NJOM-3
well - we had received a draft proposal from another party last
year, but only for a portion of the funds required. While there are
multiple other parties who have expressed interest in partnering
with us, there are two other parties in particular who have
undertaken substantial due diligence on the project over the past
few months, and we are also expecting a proposal from at least one
of these companies. Our intention is to conclude a transaction as
soon as possible.
We also have two parallel sets of
bank discussions underway with multiple banks, one for longer term
development financing of the next three wells we have planned for
the Njonji structure; and one for short term development, which
would supplement a farm-out to finance putting NJOM-3 into
production earlier, while still working on the next three wells. We
are keeping an open mind on these options, and discussing them in
detail with both our banks and prospective farm-out partners. We
expect to reach a conclusion on this short-term production option
and bank financing in the coming months, before drilling the
well.
We will update investors as soon as
we have concluded definitive agreements, but until then we will not
be discussing the details of the proposals that we have received,
or may receive, as these are confidential to the parties. While we
are now very confident of achieving a positive funding result,
there can be no guarantees until we have signed definitive
agreements.
Namibia
In Namibia, we spent the first six
months of 2024 analysing more than 20,000 kms of 2D seismic data
that we hold over the PEL96 license area, to identify the most
promising structures along the likely oil migration paths
identified by our basin modelling and the oil seep analysis. We
reviewed both the simple anticlines which had been the focus of
much previous work, and also the types of stratigraphic traps which
have been so rewarding in the Orange Basin. As we explained to our
partners and the Ministry of Mines and Energy, we identified a
number of very promising and very large potential structures which
we would like to investigate further. However, there are
interesting structures in several areas of what is a very large
license area, covering nearly 24,000 kms at present, and therefore
we cannot acquire new 3D seismic data over all of them. We
therefore agreed with our partners and the Ministry that we should
reprocess some of the existing 2D data in order to support our
decision over which structures to focus on going forward. We expect
the reprocessing work to be completed probably in the middle of
2025, with interpretation to follow, which could allow 3D seismic
data acquisition in 2026. This fits well with what we understand
other parties are considering to do in the area, and therefore
seems consistent with the possibility of acquiring this data on a
multi-client basis to reduce its cost.
The MME supports this approach, and
as a result we were able to announce on 2 August 2024 the
Ministry's agreement to defer the 3D seismic acquisition to the
First Renewal Period of the PEL96 license, which is due to begin at
the end of October 2024 and will last for 2-3 years. By the end of
October 2024, we will also provide to the Ministry the details of
the acreage (covering 50% of the current license area) which we
propose to relinquish as we move into the First Renewal Period. We
have identified this area and are awaiting our partners' formal
approval before submitting this. We have also received initial
indications of the cost and timetable for the reprocessing, which
are within the budgets we have discussed with both our partners and
the Ministry.
We are not formally seeking to farm
out our license interest in Namibia, as we consider it somewhat
premature given the current stage of work. However, we have
received unsolicited interest in the license and are sharing data
with parties who wish to discuss it with us even at this early
stage.
South Africa
In South Africa, as we noted in our
Annual Report dated 31 May 2024, the Company and the operator, New
Age Energy Algoa (Pty) Ltd ("NewAge"), have been in discussions for
some time now with a potential partner for our Algoa Gamtoos
license. The farm-out process, which has been underway for some
time, has been seeking financing at least for the current phase of
3D seismic data acquisition over our 1.4 billion barrel deep-water
slope and floor fan leads, and some repayment of back costs. This
has now reached the stage where draft documents are being prepared.
When, as in this case, a large part of the proposals being
discussed relate to the funding of forward commitments that are
still some way in the future - in this case, probably in 2026 - the
details became central to the agreement. For this reason, the
drafting of documents is a critical step forward in the process, as
it allows these details to be addressed by all parties, but for the
same reason there is also no certainty yet that a final agreement
will be reached.
Corporate
In addition to our operational
progress, we were also very pleased to see the final resolution of
the outstanding VAT appeals in our favour, which has removed an
uncertainty from our accounts and also removed a significant drain
on management time. We also made the decision to prepay the balance
of the EECP facility, which has simplified our balance sheet. We
have continued to keep costs under tight control, as our interim
accounts show.
We are also delighted to welcome Ms
Stacey Kivel to the board of directors, and to see Mr Mark Enfield
increase his time commitment to the Company, as an executive
director, as announced on 2 August 2024.
In summary, we believe that we are
now close to completing the financing for the NJOM-3 well in
Cameroon, and remain on track to spud the well in early 2025. We
are also excited by the work we are undertaking on PEL96 in
Namibia, and gratified by the external interest in this license
despite its early stage. Additionally, we are also hoping that the
discussions we and the operator NewAge are having regarding the
Algoa-Gamtoos license in South Africa will enable us to move
forward in acquiring 3D seismic data over our Outeniqua basin leads
in 2026.
Jeremy
Asher
Chairman and Chief Executive
29 September
2024
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
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|
|
Six months ended
30 June 2024
(unaudited)
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|
Six months
ended
30 June 2023
(unaudited)
|
|
|
Note
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$
|
|
$
|
|
Revenue
|
|
-
|
|
-
|
|
Cost of sales
|
|
-
|
|
-
|
|
Gross profit
|
|
-
|
|
-
|
|
Administrative expenses
|
|
(447,757)
|
|
(330,787)
|
|
Group operating loss
|
4
|
(447,757)
|
|
(330,787)
|
|
Finance income
|
|
41,812
|
|
3,432
|
|
Finance expense
|
5
|
(1,344)
|
|
(203,425)
|
|
Loss
for the period before taxation
|
|
(407,289)
|
|
(530,780)
|
|
Taxation
|
|
-
|
|
-
|
|
Loss for the period after
taxation
|
|
(407,289)
|
|
(530,780)
|
|
Other comprehensive income
|
|
-
|
|
-
|
|
Total comprehensive expense for the
period
|
|
(407,289)
|
|
(530,780)
|
|
|
|
|
|
|
|
Basic loss per share (USc)
|
3
|
(0.00c)
|
|
(0.01c)
|
|
Diluted loss per share (USc)
|
3
|
(0.00c)
|
|
(0.01c)
|
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
|
|
30 June 2024
(unaudited)
|
31
December 2023
(audited)
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|
|
Note
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|
$
|
|
Non-current assets
|
|
|
|
|
Exploration and evaluation
assets
|
6
|
35,792,753
|
34,770,924
|
|
|
|
35,792,753
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34,770,924
|
|
Current assets
|
|
|
|
|
Trade and other
receivables
|
7
|
55,647
|
1,420,325
|
|
Cash and cash equivalents
|
|
337,489
|
20,633
|
|
|
|
393,136
|
1,440,958
|
|
Total assets
|
|
36,185,889
|
36,211,882
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|
Current liabilities
|
|
|
|
|
Trade and other payables
|
8
|
1,869,079
|
2,832,127
|
|
Provision for liabilities and
charges
|
|
|
|
|
Borrowings
|
9
|
12,761
|
12,867
|
|
|
|
1,881,840
|
2,844,994
|
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
9
|
11,630
|
18,098
|
|
|
|
11,630
|
18,098
|
|
Total liabilities
|
|
1,893,470
|
2,863,092
|
|
Net
assets
|
|
34,292,419
|
33,348,790
|
|
Equity
|
|
|
|
|
Share capital
|
10
|
18,462,361
|
18,394,680
|
|
Share premium
|
10
|
157,174,296
|
156,166,470
|
|
Retained losses
|
|
(141,344,238)
|
(141,212,360)
|
|
Total shareholders' equity
|
|
34,292,419
|
33,348,790
|
Signed on behalf of the Board of
Directors
Jeremy Asher
Chairman and Chief Executive
29 September 2024
NOTES TO THE INTERIM FINANCIAL INFORMATION
1. Accounting policies
a) Basis of
preparation
This interim financial report, which
includes a condensed set of financial statements of the Company and
its subsidiary undertakings ("the Group"), has been prepared using
the historical cost convention and based on International Financial
Reporting Standards ("IFRS") including IAS 34 'Interim Financial
Reporting' and IFRS 6 'Exploration for and Evaluation of Mineral
Reserves', as adopted by the United Kingdom ("UK").
The condensed set of financial
statements for the six months ended 30 June 2024 is unaudited and
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. They have been prepared using accounting
bases and policies consistent with those used in the preparation of
the audited financial statements of the Company and the Group for
the year ended 31 December 2023 and those to be used for the year
ending 31 December 2024. The comparative figures for the half year
ended 30 June 2023 are unaudited. The comparative figures for the
year ended 31 December 2023 are not the Company's full statutory
accounts but have been extracted from the financial statements for
the year ended 31 December 2023 which have been delivered to the
Registrar of Companies and the auditors' report thereon was
unqualified and did not contain a statement under sections 498(2)
and 498(3) of the Companies Act 2006.
This half-yearly financial report
was approved by the Board of Directors on 29 September
2024.
b) Going
concern
The Group will need to complete a
farm-out and/or another asset-level transaction within the coming
months, or otherwise raise further funds, in order to meet its
liabilities as they fall due, particularly with respect to the
forthcoming drilling programme in Cameroon. The Directors believe
that there are a number of options available to them through
either, or a combination of, capital markets, farm-outs or asset
disposals with respect to raising these funds. There can, however,
be no guarantee that the required funds may be raised, or
transactions completed within the necessary timeframes, which
raises uncertainty as to the application of going concern in these
accounts. Having assessed the risks attached to these uncertainties
on a probabilistic basis, the Directors are confident that they can
raise sufficient finance in a timely manner and therefore believe
that the application of going concern is both appropriate and
correct.
2. Operating segments
The Group has two reportable
operating segments: Africa and Head Office. Non-current assets and
operating liabilities are located in Africa, whilst the majority of
current assets are carried at Head Office. The Group has not yet
commenced production and therefore has no revenue. Each reportable
segment adopts the same accounting policies. In compliance with IAS
34 'Interim Financial Reporting' the following table reconciles the
operational loss and the assets and liabilities of each reportable
segment with the consolidated figures presented in these Financial
Statements, together with comparative figures for the period-ended
30 June 2023.
|
|
Africa
|
Head Office
|
Total
|
|
|
Six months
ended
30 June 2024
|
Six
months
ended
30 June 2023
|
Six months
ended
30 June 2024
|
Six
months
ended
30 June 2023
|
Six months
ended
30 June 2024
|
Six
months
ended
30 June 2023
|
|
|
$
|
$
|
$
|
$
|
$
|
$
|
|
Profit / (loss) by reportable segment
|
542,095
|
11,767
|
(134,806)
|
519,013
|
407,289
|
530,780
|
|
Total assets by reportable segment
1
|
35,253,064
|
33,068,508
|
932,825
|
880,969
|
36,185,889
|
33,949,477
|
|
Total liabilities by reportable segment
2
|
(1,753,871)
|
(244,749)
|
(139,599)
|
(1,778,890)
|
(1,893,470)
|
(2,023,639)
|
|
|
|
|
|
|
|
|
|
1 Carrying amounts of segment assets exclude investments in
subsidiaries.
|
|
|
|
|
|
|
2 Carrying amounts of segment liabilities exclude intra-group
financing.
|
|
|
|
|
|
|
3. Loss per ordinary share
|
|
|
Basic &
Diluted
|
|
|
|
30 June 2024
(unaudited)
|
30 June 2023
(unaudited)
|
31 December 2023
(audited)
|
|
|
|
$
|
$
|
$
|
|
Loss for the period
|
|
(407,289)
|
(530,780)
|
(454,196)
|
|
Weighted average number of ordinary
shares in issue during the period
|
|
15,856,465,652
|
4,542,559,293
|
6,405,097,403
|
|
Dilutive effect of share options
outstanding
|
|
-
|
-
|
-
|
|
Fully diluted average number of
ordinary shares during the period
|
|
15,856,465,652
|
4,542,559,293
|
6,405,097,403
|
|
(Loss) / profit per share
(USc)
|
|
0.00c
|
(0.01c)
|
(0.01c)
|
4. Group operating loss
|
Loss from operations is stated after
charging:
|
|
|
|
|
|
|
|
|
30 June 2024
(unaudited)
|
30 June 2023
(unaudited)
|
|
|
|
|
$
|
$
|
|
Share-based payment
charges
|
|
|
(212,306)
|
(294,125)
|
5. Finance costs
|
|
30 June 2024
(unaudited)
|
30 June 2023
(unaudited)
|
|
|
$
|
$
|
|
Finance costs
|
(1,344)
|
(203,425)
|
Finance costs include $nil (2023:
$201k) with respect to fees incurred on the Energy Exploration Capital Partners LLC prepaid placement
facility (see note 8).
6. Intangible Exploration and Evaluation (E&E)
assets
|
|
Exploration and evaluation
assets
|
Goodwill
|
Total
|
|
Period-ended 30 June 2024
|
$
|
$
|
$
|
|
Cost
|
|
|
|
|
At 1 January 2023
|
106,779,386
|
8,023,292
|
114,802,678
|
|
Additions during the
period
|
1,021,829
|
-
|
1,021,829
|
|
At
30 June 2024
|
107,801,215
|
8,023,292
|
115,824,507
|
|
Amortisation and impairment
|
|
|
|
|
At 1 January 2023
|
(72,008,462)
|
(8,023,292)
|
(80,031,754)
|
|
At 1
January and 30 June 2024
|
(72,008,462)
|
(8,023,292)
|
(80,031,754)
|
|
Net
book value
|
|
|
|
|
At
30 June 2024
|
35,792,753
|
-
|
35,792,753
|
|
At 31 December 2023
|
34,770,924
|
-
|
34,770,924
|
In accordance with the Group's
accounting policies and IFRS 6 the Directors' have reviewed each of
the exploration license areas for indications of impairment, and
have concluded that no further impairment provisions are required
at this time.
The additions to E&E assets
during the period comprise $743k in Cameroon (2023: $955), $63k in
South Africa (2023: $69k) and $215k in Namibia (2023: $80k). The
focus of the Group's activities during this period has been on
preparing for and acquiring and maintaining inventory and services
with respect to the anticipated drilling of the Njonji-3 appraisal
well, alongside ongoing subsurface evaluation in Namibia. The
Directors anticipate a significant step-up in E&E asset
additions during the second half of 2024.
7. Trade and other receivables
|
|
30 June 2024
(unaudited)
|
31 December 2023
(audited)
|
|
|
$
|
2
|
|
Trade and other
receivables
|
55,647
|
1,420,325
|
Trade and other receivables comprise
prepaid expenditures.
8. Trade and other payables
|
|
30 June 2024
(unaudited)
|
31 December 2023
(audited)
|
|
|
$
|
$
|
|
Trade and other payables
|
227,524
|
1,049,366
|
|
Work programme-related
accruals
|
1,553,132
|
1,499,529
|
|
Other accruals
|
88,423
|
283,232
|
|
|
1,869,079
|
2,832,127
|
The future ability of the Group to
recover UK VAT had been confirmed by the Upper Tier Tribunal in its
judgement in favour of the Company on 20 May 2021 and is no longer
the subject of a dispute with HMRC.
Trade and other payables include
$nil million (2023: $1.0) payable to Energy Exploration Capital
Partners LLC ("EECP") with respect to amounts received against
future share placements.
On 15 February 2024, the Company
reached an agreement for the repayment of the outstanding balance
owed to Energy EECP, in accordance with the terms of the investment
deed announced to the market on 16 January 2023. At the date of
repayment, $485k was owed to EECP (including charges of $35k), all
of which was settled in cash.
9. Borrowings
|
|
Group
|
|
|
30 June 2024
(unaudited)
|
31 December 2023
(audited)
|
|
|
$
|
$
|
|
Principal balance at beginning of period
|
30,728
|
41,088
|
|
Amounts drawn down during the
period
|
-
|
-
|
|
Amounts repaid during the
period
|
(6,317)
|
(12,465)
|
|
Currency revaluations at year
end
|
(169)
|
2,105
|
|
Principal balance at end of period
|
24,242
|
30,728
|
|
|
|
|
|
Financing costs at beginning of year
|
237
|
442
|
|
Changes to financing costs during the
year
|
-
|
-
|
|
Interest expense
|
262
|
696
|
|
Interest paid
|
(349)
|
(921)
|
|
Currency revaluations at year
end
|
(1)
|
20
|
|
Financing costs at the end of the year
|
150
|
237
|
|
|
|
|
|
Carrying amount at end of period
|
24,390
|
30,965
|
|
Current
|
12,761
|
12,867
|
|
Non-current
|
11,630
|
18,098
|
|
|
|
|
|
Repayment dates
|
Group
|
|
|
30 June 2024
(unaudited)
|
31 December 2023
(audited)
|
|
|
$
|
$
|
|
Due within 1 year
|
12,761
|
12,867
|
|
Due within years 2-5
|
11,630
|
18,098
|
|
Due in more than 5 years
|
-
|
-
|
|
|
24,390
|
30,965
|
Borrowings represent a £50k Barclays
Bounceback Loan drawn in May 2020 and repayable in installments
over a 5-year period. During the period, the Group and Company
entered into no new facilities (2023: $nil).
10. Share capital
|
|
|
30 June 2024
(unaudited)
|
31 December 2023
(audited)
|
|
|
|
$
|
$
|
|
Authorised, called up, allotted and fully
paid
|
|
|
|
|
17,833,837,424 (2023: 8,443,981,022)
ordinary shares of 0.001p
|
|
18,462,361
|
18,394,680
|
The share capital issues during the
period are summarised below:
|
|
Number of
shares
|
Share
capital at nominal value
|
Share
premium
|
|
Ordinary shares
|
|
$
|
$
|
|
At 1 January 2024
|
12,467,459,075
|
18,394,680
|
156,166,470
|
|
Shares issued for
cash
|
4,528,985,507
|
57,085
|
871,198
|
|
Shares issued on settlement of
third party fees
|
837,392,842
|
10,596
|
220,311
|
|
Shares issued on settlement of
staff remuneration
|
-
|
-
|
-
|
|
Share issue costs
|
-
|
-
|
(83,683)
|
|
At 30 June 2024
|
17,833,837,424
|
18,462,361
|
157,174,296
|
11. Share-based payments
Options
Details of share options outstanding
at 30 June 2024 are as follows:
|
|
|
|
Number in
issue
|
|
At 1 January 2024
|
|
|
688,000,000
|
|
Awarded during the period
|
|
|
1,182,000,000
|
|
Lapsed during the period
|
|
|
(70,000,000)
|
|
At
30 June 2024
|
|
|
1,800,000,000
|
|
Date
of grant
|
Number in
issue
|
Option price
(p)
|
Latest exercise
date
|
|
18 Dec 20
|
86,000,000
|
0.450
|
18 Dec
25
|
|
01 Apr 21
|
88,000,000
|
0.450
|
01 Apr
26
|
|
16 Aug 22
|
148,000,000
|
0.300
|
16 Aug
27
|
|
16 May 23
|
296,000,000
|
0.100
|
15 May
28
|
|
15 Feb 24
|
1,182,000,000
|
0.018
|
14 Feb
29
|
|
|
1,800,000,000
|
|
|
These options vest in the
beneficiaries in equal tranches on the first, second and third
anniversaries of grant.
Warrants
Details of warrants outstanding at
30 June 2024 are as follows:
|
|
|
|
Number in
issue
|
|
At 1 January 2022
|
|
|
983,333,174
|
|
Awarded during the period
|
|
|
935,739,345
|
|
Lapsed during the period
|
|
|
(177,589,566)
|
|
At
30 June 2022
|
|
|
1,741,482,953
|
|
Date
of grant
|
Number in
issue
|
Warrant price
(p)
|
Latest
exercise date
|
|
30 Jul 19
|
3,000,000
|
1.000
|
28 Jul
24
|
|
15 Oct 19
|
10,990,933
|
0.500
|
13 Oct
24
|
|
31 Mar 20
|
49,816,850
|
0.200
|
30 Mar
25
|
|
29 Jun 20
|
19,719,338
|
0.350
|
28 Jun
25
|
|
01 Oct 20
|
10,960,907
|
0.390
|
30 Sep
25
|
|
01 Dec 20
|
4,930,083
|
0.375
|
30 Nov
25
|
|
31 Dec 20
|
12,116,316
|
0.450
|
30 Dec
25
|
|
01 Apr 21
|
16,998,267
|
0.450
|
31 Mar
26
|
|
01 Jul 21
|
24,736,149
|
0.250
|
30 Jun
26
|
|
01 Oct 21
|
16,233,765
|
0.425
|
30 Sep
26
|
|
01 Jan 22
|
17,329,020
|
0.425
|
01 Jan
27
|
|
01 Apr 22
|
19,851,774
|
0.263
|
01 Apr
27
|
|
01 Jul 22
|
16,831,240
|
0.295
|
01 Jul
27
|
|
03 Oct 22
|
26,114,205
|
0.250
|
03 Oct
27
|
|
01 Aug 22
|
10,588,228
|
0.425
|
31 Jul
24
|
|
15 Feb 23
|
29,114,906
|
0.175
|
15 Feb
28
|
|
02 May 23
|
43,053,960
|
0.143
|
01 May
28
|
|
16 May 23
|
112,500,000
|
0.100
|
16 May
26
|
|
03 Jul 23
|
128,571,426
|
0.050
|
02 Jul
28
|
|
18 Dec 23
|
65,000,000
|
0.040
|
18 Dec
26
|
|
02 Oct 23
|
167,286,241
|
0.050
|
01 Oct
28
|
|
04 Jan 24
|
438,596,490
|
0.030
|
03 Jan
27
|
|
15 Feb 24
|
140,000,000
|
0.018
|
15 Feb
27
|
|
01 Jul 24
|
357,142,855
|
0.018
|
01 Jul
27
|
|
|
1,741,482,953
|
|
|
12. Subsequent events
July 2024:
Issue of 357.1 million warrants in
lieu of £30,000 (in aggregate) of Directors fees in respect of the
period July-September 2024, to conserve the Company's working
capital. The warrants are exercisable at a strike price of 0.018
pence per share. The warrants are exercisable for a period of five
years from the date of issue.
August 2024:
Namibia technical update in respect
of the Company's PEL 96 license, offshore Nambia:
· Tower
has been notified by the Namibian Ministry of Mines and Energy
("MME") of its agreement to the extension of the Initial
Exploration Period of PEL 96 to October 31, 2024 and has invited
the Company to apply to enter the First Renewal Period of PEL 96,
for a period of 2-3 further years.
· The
remaining work commitment for the Initial Exploration Period is
already substantially complete, and the MME has also agreed to
defer the Company's commitment to acquire 1,000 square kilometres
of new 3D seismic data to the First Renewal Period.
· The
Company is continuing to work on the evaluation of large
stratigraphic and structural leads and prospects and plans to
reprocess the previously acquired 2D seismic data over large areas
of the license both in the remainder of the Initial Exploration
Period and in the First Renewal Period.
13
August 2024:
Issue of 71.4 million warrants in
lieu of Directors fees to Ms Stacey Kivel in respect of the period
July-September 2024, to conserve the Company's working capital. The
warrants are exercisable at a strike price of 0.018 pence per
share. The warrants are exercisable for a period of five years from
the date of issue.
