- Africa-focused oil and gas company Tower Resources posted a full-year loss as it continued to develop its Thali prospect offshore Cameroon.

Pre-tax losses for the year through December amounted to $2.7m, compared to losses of $3.8m on-year.

After some delays, Tower Resources had been hoping to drill the NJOM-3 well at Thali this year, but was then hit by the Covid-19 crisis.

The company said it was not yet in a position to conclude a rig contract or other service contracts for drilling the well.

It had notified authorities in Cameroon of a state of force majeure.

'No-one can be certain of the progression of the pandemic, the associated restrictions, or a potential second wave,' Tower Resources said.

'However, with the goodwill and support of all involved, we expect that we will restart the drilling preparations as soon as possible.'

At 9:09am: [LON:TRP] Tower Resources PLC share price was -0.04p at 0.38p

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