StockMarketWire.com - Tower Resources has booked a FY pretax loss of $56.6m, from a prior year loss of $3.3m. Revenue was nil. The results included a $50.6m impairment of exploration and evaluation assets.

CEO Graeme Thomson said 2014 was a very active year for Tower with a focus on de-risking and further diversifying the company's African portfolio into South Africa, Zambia and Kenya.

"We were all extremely disappointed with the result of the Welwitschia well offshore Namibia and, post-period, the onshore Badada-1 in Kenya. Both wells, however, had enormous potential for Tower, had been validated by first class partners, and have provided valuable information about the blocks which remain prospective.

"We currently have limited commitments, and are exploring several opportunities to develop our portfolio further including our anticipated entry into the Dissoni Block, offshore Cameroon. Tower will also continue to seek potential partners to share its exploration costs where desirable or necessary to move our most exciting prospects along faster."

Highlights:

· Placing raised gross £19.3 million (US$32.0 million)

· Portfolio diversified into Kenya, South Africa and Zambia

· Drilling of the Welwitschia-1/1A well, offshore Namibia, completed with remaining Albian Carbonate potential untested

· Cash balance at year-end of US$7.9 million (2013: US$17.5 million)






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