- Africa-focused oil company Tower Resources sad it had agreed a six-month loan facility of $0.5m with Shard Merchant Capital and would also raise $0.2m from a share issue.

In addition, Tower Resources said it had agreed a further six-month extension to its existing $0.75m loan facility with Pegasus Petroleum.

For the $0.2m raising, new shares in the company would be offered at 0.393p each.

Tower Resources said the funds would cover working capital while it finalised funding arrangements for the drilling of the NJOM3 well on the Thali licence offshore Cameroon.

Story provided by