StockMarketWire.com - Tower Resources has narrowed its FY pretax loss to USD9.8m, from an impairment-driven loss of USD56.6m. In the comparative period it impaired exploration and evaluation assets by USD50.6m, versus USD4.1m in the just-finished 12-month period.

HIGHLIGHTS:

· Portfolio refocus towards proven and emerging basins

· Award of a 100% interest in the Thali PSC located in the prolific Rio Del Rey basin, Cameroon

· Institutional placing to raise net US$8 million: Directors subscribed over $1million

· Board strengthened with the appointments of Philip Frank and Nigel Quinton

· Costs reduced and low near-term commitments

· Cash balance at year-end of US$3.5 million (2014: US$7.9 million)

· Look to strengthen asset base in this period of low acquisition and entry costs




At 9:34am: [LON:TRP] Tower Resources PLC share price was 0p at 0.08p



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