- Tower Resources said it would raise capital through a share issue and was also considering other financing options to fund a key well offshore Cameroon.

The company said it would raise £150k trough a placement at a price of 1p per share.

Tower said its near-term focus remained on financing and drilling the NJOM-3 well on its Thali license, which was planned to start in the third quarter of 2019.

'The company is in negotiations with several parties to finance some or all of the NJOM-3 well, which it hopes will be concluded soon,' Tower said.

'The company is also continuing to explore longer-term options for debt, equity or pre-financing of the remainder of the first phase development of the Njonji structure, which might or might not be linked to the financing of the current well.'

'The company's preferred route of financing is to conclude a transaction with an industry partner on terms that are favourable to shareholders, and that may obviate or minimise the need for further equity financing.'

'However, depending on the terms of the asset-level deal achieved, it may also be necessary or in shareholders' interests to raise a portion of the additional finance via the issue of further corporate equity.' Story provided by