StockMarketWire.com - Tower Resources subsidiary Rift Petroleum Ltd and its partner New African Global Energy SA (Pty) Ltd have agreed not to proceed with an application to convert the SW Orange Basin Technical Co-operation Permit into an exploration right.

Accordingly, New Age will reimburse Rift the sum of USD500,000, which was paid by Rift as part of its original farm-in agreement in 2013, and which has now been terminated.

Tower's exit from this high cost ultra deep-water frontier basin is consistent with its move towards a more balanced portfolio of proven and emerging basins.

This decision will enable the company to focus its efforts in South Africa on the Algoa-Gamtoos ER, which offers greater near-term potential.




At 9:23am: [LON:TRP] Tower Resources PLC share price was +0.01p at 0.09p



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