Tower Resources Secures £500,000 Bridge Loan for NJOM-3 Well Preparations

An update from Tower Resources ( (GB:TRP) ) is now available.

Tower Resources has secured a £500,000 unsecured fixed-price convertible bridge loan from Prime Resources Limited to provide working capital flexibility for the drilling of the NJOM-3 well on the Thali license. This move is in anticipation of potential delays in the completion of farm-out agreements in Cameroon and Namibia. The loan, which has a term of up to 12 months, allows the company to prepare for drilling by procuring equipment and staffing, minimizing the time between agreement completion and drilling. The loan terms include a 5% cash implementation fee and 15% annual interest, with conversion rights if not repaid.

More about Tower Resources

Tower Resources plc is an AIM-listed energy company focused on building a balanced portfolio of energy opportunities in Africa, particularly in the oil and gas sector. The company is advancing operations in Cameroon to generate cash flow through short-cycle development and rapid production, while also de-risking exploration licenses in Namibia and South Africa through 3D seismic data acquisition.

YTD Price Performance: -22.50%

Average Trading Volume: 635,320,697

Technical Sentiment Signal: Hold

Current Market Cap: £9.23M

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