Progress slow at Tower Resources
30th Sep 2011 12:51
Tower Resources gave its investors little reason to celebrate after achieving only a narrower pre-tax loss for the half year ended June. After failing to generate any revenue, the company reduced its administration expenses to cut losses from $0.86m to $0.79m on a like-for-like basis. The firm's
Read moreTower Resources trying to stay on schedule
23rd Aug 2011 10:51
Tower Resources, the Africa-focused oil exploration company, says it is one month away from deciding on a suitable well location for its Uganda concession. This follows a 2D seismic survey which finished on the 4th of August. Proposals from rig contractors and other service providers are being fina
Read moreTower 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-bil
Read moreTower funded until 2012
11th Feb 2011 17:50
AIM-quoted oil and gas explorer Tower Resources has raised £4.25m at 4.75p a share and that should provide enough working capital for the business until the middle of 2012. The cash will be used to increase exploration spending onshore in Uganda and to acquire more exploration licences. House brok
Read moreSmall cap round-up: International Ferro, Norseman Gold, Atlantic Coal...
27th Sep 2010 18:32
International Ferro Metals increased its sales of ferrochrome by 87% to 190,432 tonnes in the year to June 2010. Revenues grew from Rand782,000 to Rand1.43m. IFM returned to profit in the second half but lost Rand157,000 in the year to June 2010, down from a Rand456,000 loss the year before. A ne
Read moreUK's FSA Fines Father, Son For Dealing On Inside Information
19th Jul 2010 11:00
LONDON (Dow Jones)--The U.K. Financial Services Authority Monday said it fined a father and son for trading on inside information about small cap oil explorer Tower Resources PLC (TRP.LN). Jeremy Burley was fined GBP144,200 and his father Jeffery was fined GBP35,000 for engaging in market abuse,
Read moreLondon close: Footsie powers forward
8th Jul 2010 16:59
Footsie's strong recovery continued for a third day with the blue chip index closing above 5,100 driven by buoyant financial services companies. The index is up by more than 300 points this week and to its highest in nine days. Growing optimism about the European bank stress tests and yesterday's
Read moreLondon afternoon: Footsie on fire
8th Jul 2010 14:13
Bullish banks and rising commodity prices have sparked a fresh rally, taking this week's recovery near to 300 points and the leading index to its highest in nine days. Growing optimism about the European bank stress tests and yesterday's forecast upgrade by American peer State Street had buyers all
Read moreLondon midday: Banks buoyed by IMF report
8th Jul 2010 12:03
Leading shares resumed their upward trek late in the morning session, with banks leading the advance ahead of the announcement of the Bank of England's rate decision announcement. The Bank kept interest rates unchanged at 0.5%, as expected Buyers have been chasing bank prices higher after the Inter
Read moreTower Resources climbs on resource estimate
8th Jul 2010 09:00
There was good news for shareholders of sub-Saharan Africa focused oil and gas explorer Tower Resources in the form of a resource estimate for its Namibia Licence 0010. Independent consultancy Oilfield International has estimated that the net risked prospective resources attributable to Tower's 15%
Read moreTower Resources Namibia 3-D Seismic Produces First Recordings
8th Jul 2010 07:26
LONDON (Dow Jones)--Tower Resources PLC (TRP.LN), an oil and gas exploration company with interests in sub-Saharan Africa, said Thursday that the 3-D seismic survey being undertaken by the "Geowave Master" at the 0010 License, Namibia, produced its first seismic recordings on July 2 in fair weather
Read moreUganda Minister Outlines Oil Production Deals To Parliament
30th Jun 2010 09:34
KAMPALA, Uganda (Dow Jones)--Uganda's energy and minerals development minister has outlined the country's oil production-sharing agreements with private oil exploration companies to parliament Tuesday, yielding to persistent demands for details of the agreements by lawmakers. The agreements stip
Read moreTower Resources Uganda Survey Collects 66% Of Programmed Data
29th Jun 2010 07:27
LONDON (Dow Jones)--Tower Resources PLC (TRP.LN), an oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, said Tuesday that in Uganda, the aero gravity gradiometry survey, after collecting first data on June 14, has, at the end of operations on Ju
Read moreGlobal Petroleum strikes deal with Tower Resources
25th Jun 2010 13:45
Oil company Global Petroleum has signed an agreement with Tower Resources whereby Global will have a continuing option to participate in the Uganda project while having no current obligation to contribute to ongoing expenditure. Global has been granted the right to convert its investment in the pr
Read moreGlobal Petroleum Reaches Pact With Tower Resources For Uganda Project
25th Jun 2010 09:26
LONDON (Dow Jones)--Global Petroleum Ltd (GBP.AU), an Australian based oil and gas company, said Friday it has reached agreement with Neptune Petroleum (Uganda) Ltd, a subsidiary of Tower Resources PLC (TRP.LN), whereby Global will have a continuing option to participate in the Uganda project whilst
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