Tower Resources losses widen

18th May 2011 15:18

Oil and gas exploration group Tower Resources saw losses widen in the year to 31 December as it ramped up its activities.Pre-tax losses grew to $1.31m from $1.05m the previous year. The company is not yet accruing revenues."A well early in 2012 will finally test one of the world-class, multi-billion barrel resource potential prospects in the Company's Namibian Licence," chairman Peter Kingston. "While Namibia can transform Tower as a company, I am pleased that Uganda may still deliver substantial shareholder value from a well in the second half of this year."---RG