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
Tower Resources plc | +44 20 7157 9625 |
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Jeremy Asher |
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Andrew Matharu |
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SP Angel Corporate Finance LLP Stuart Gledhill Caroline Rowe
| +44 20 3470 0470 |
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Novum Securities Ltd Jon Bellis Colin Rowbury | +44 20 7399 9400 |
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Axis Capital Markets Limited Ben Tadd
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+44 0203 026 2689 |
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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
| | Six months ended |
| Six months ended |
| Note | $ |
| $ |
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 | 31 December 2023 |
| Note |
| $ |
Non-current assets |
| | |
Exploration and evaluation assets | 6 | 35,792,753 | 34,770,924 |
| | 35,792,753 | 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 |
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
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Share | Share | 1 Share-based | Retained | Total |
| $ | $ | $ | $ | $ |
At 1 January 2023 | 18,283,317 | 152,336,303 | 2,508,230 | (143,764,531) | 29,363,319 |
Shares issued for cash | 59,491 | 3,137,600 | - | - | 3,197,091 |
Shares issued on settlement of third-party fees | 1,279 | 196,917 | - | - | 198,196 |
Share issue costs | - | (612,838) | - | - | (612,838) |
Total comprehensive income for the period | - | - | 310,850 | (530,780) | (219,930) |
At 30 June 2023 | 18,344,087 | 155,057,982 | 2,819,080 | (144,295,311) | 31,925,838 |
Shares issued for cash | 37,969 | 721,430 | - | - | 759,399 |
Shares issued on settlement of third-party fees | 12,624 | 101,676 | - | - | 114,300 |
Share issue costs | - | 285,382 | - | - | 285,382 |
Total comprehensive expense for the period | - | - | 187,287 | 76,584 | 263,871 |
At 31 December 2023 | 18,394,680 | 156,166,470 | 3,006,367 | (144,218,727) | 33,348,790 |
Shares issued for cash | 57,085 | 871,198 | - | - | 928,284 |
Shares issued on settlement of third-party fees | 10,596 | 220,311 | - | - | 230,907 |
Shares issue costs | - | (83,683) | - | - | (83,683) |
Total comprehensive income for the period | - | - | 275,409 | (407,289) | (131,880) |
At 30 June 2024 | 18,462,361 | 157,174,296 | 3,281,776 | (144,626,016) | 34,292,419 |
1 The share-based payment reserve has been included within the retained loss reserve and is a non-distributable reserve.
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
| | Six months ended | Six months ended |
| Note | $ | $ |
Cash outflow from operating activities |
| | |
Group operating loss for the period | | (447,755) | (520,416) |
Share-based payments | 11 | 275,409 | 238,374 |
Finance costs | | 40,468 | (1,201) |
Operating cash flow before changes in working capital |
| (131,878) | (283,243) |
Increase in receivables and prepayments | | 1,364,678 | (2,727) |
Decrease in trade and other payables | | (963,048) | (706,585) |
Decrease in provisions | | - | - |
Cash used in operating activities |
| 269,752 | (992,555) |
Investing activities |
| | |
Exploration and evaluation costs | 6 | (1,021,829) | (786,143) |
Net cash used in investing activities |
| (1,021,829) | (786,143) |
Financing activities |
| | |
Cash proceeds from issue of ordinary share capital net of issue costs | 10 | 1,075,507 | 1,876,430 |
Repayment of borrowing facilities | | (6,317) | (6,431) |
Repayment of interest on borrowing facilities | | (87) | (676) |
Effects of foreign currency movements on borrowing facilities | | (171) | (5,769) |
Net cash from financing activities |
| 1,068,933 | 1,863,553 |
Increase in cash and cash equivalents | | 316,856 | 84,855 |
Cash and cash equivalents at beginning of period | | 20,633 | 10,227 |
Cash and cash equivalents at end of period |
| 337,489 | 95,082 |
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 | Six months | Six months | Six months | Six months | Six months |
| $ | $ | $ | $ | $ | $ |
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 | 30 June 2023 | 31 December 2023 |
| | $ | $ | $ |
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 | 30 June 2023 |
| | | $ | $ |
Share-based payment charges | | | (212,306) | (294,125) |
5. Finance costs
| 30 June 2024 | 30 June 2023 |
| $ | $ |
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 | 31 December 2023 |
| $ | 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 | 31 December 2023 |
| $ | $ |
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 | 31 December 2023 |
| $ | $ |
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 | 31 December 2023 |
| $ | $ |
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 | 31 December 2023 |
| | $ | $ |
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.
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