- Tower Resources confirms the completion of the sale of wholly-owned subsidiary Comet Petroleum Ltd to Red Rio Petroleum Ltd, the privately-held oil and gas exploration company.

Red Rio is purchasing Comet for a cash consideration of £1, future contingent payments and an over-riding royalty interest (ORRI) of 10% over future production revenue from Comet's assets in the Saharawi Arab Democratic Republic (SADR).

Tower has also completed an amendment agreement to eliminate the previously announced contingent payments due to the original vendors of Comet, who would now share part of the above consideration, leaving an ORRI of 5%-10% net to Tower depending on the asset.

Story provided by