- Oil company Tower Resources booked a full-year loss as it continued to develop prospects in Africa.

Pre-tax losses for the year through December amounted to $1.36 million, compared with year-on-year losses of $2.66 million.

'2020 has been an extremely challenging year, however we have made significant progress since our 2019 annual report was issued, and we are expecting to achieve much more tangible results over the year ahead,' chairman and chief executive Jeremy Asher said.

Asher said the company hoped a farm-out process for its Thali prospect offshore Cameroon would be completed soon, now that a licence extension had been granted.

'We are working on the NJOM-3 well preparation, although we remain cautious about the timetable for both this and the farm-out process given the continuing uncertainties over the COVID-19 pandemic and the spread of new variants,' he said.

'We are however confident that if the environment remains as it is currently, then a combination of good planning and wider vaccination will allow us to proceed with this crucial well in 2021.'

At 8:50am: [LON:TRP] Tower Resources PLC share price was 0p at 0.38p

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