- Tower Resources, the AIM-listed Africa-focussed oil and gas exploration company, showed a loss for the six months to June 30 2014 of $49.1m (H1 2013 loss $2.5m).

The Board believes that the Group has prudently made a full provision and accrual for all of the operator's estimated costs of the Welwitschia well, all related licence costs and all historical costs including goodwill, totalling $45.5m.

This estimate will be reviewed at year-end in the light of factors including the completion of the evaluation of the licence and remaining prospectivity, the status of the licence and a costs dispute..

Total cash funding during the period was $33.3m including an institutional placing to raise $32m at a price of 3.5 pence per share.

Graeme Thomson, CEO, commented: "This has already been an extremely busy year for the company.

"The first-half of 2014 saw us participate in the drilling of the Welwitschia well and our new business drive came to fruition with the acquisition of Rift Petroleum and our farm-in to Block 2B in Kenya.

"Whilst the potential upside of Welwitschia was clear, we were conscious of the high-risk nature of all frontier exploration, and instigated a programme of portfolio diversification which maintained Tower's focus on game-changing exploration opportunities while at the same time mitigating the reliance on Namibia.

"Despite the Namibia drilling programme being a disappointment for us, our near term drilling in Kenya is evidence of the prudent early steps which were taken to turn Tower into a pan-African explorer with a broadening portfolio of high-impact exploration opportunities."

At 9:49am: [LON:TRP] Tower Resources PLC share price was +0.01p at 0.78p

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