- Tower Resources said its partner in South Africa had appointed an adviser to conduct a sale process for a material share in their Algoa-Gamtoos licence joint venture.

Proceeds would be used to fund a further 3D seismic survey over a portion of the Licence area.

'We look forward to seeing further 3D data which should enable us to identify, with our partners, the best locations for drilling,' chief executive Jeremy Asher said.

'We believe that each of the three plays on the Algoa-Gamtoos license is interesting and any one, or all three of them, can justify further exploration.'

At 9:44am: [LON:TRP] Tower Resources PLC share price was 0p at 1.6p

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