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Pin to quick picksTower Resources Share News (TRP)

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EARNINGS SUMMARY: Echo Energy, Enwell Energy, Sivota revenue rises

Fri, 30th Sep 2022 22:02

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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Sivota PLC - investment vehicle focused on later-stage, Israeli technology firms - Pretax loss widens to GBP1.8 million in the first half of 2022 from GBP62,000 a year before, as administrative expenses jump to GBP1.1 million from GBP65,000. Records revenue of GBP1.1 million, up from nothing. Attributes revenue to the acquisition of Apester.

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Ariana Resources PLC - exploration firm with interests in Turkey, Cyprus and Kosovo - For the first half of 2022, pretax profit falls to GBP2.9 million from GBP7.1 million. Attributes this to a profit on restructuring in the prior period of GBP6.4 million. "We look forward to providing further updates from our exciting pipeline of projects and investments, representing a full spectrum of opportunities across commodities and jurisdictions, yet maintaining a continued focus on advanced projects in gold and copper, particularly in south-eastern Europe," Managing Director Kerim Sener comments.

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Tower Resources PLC - Africa-focused oil and gas company - Pretax loss for the first half of 2022 widens to USD522,127 from USD39,458 a year before. Records no revenue, unchanged from a year before. Total administrative expenses swing to a loss of USD520,416 from a profit of USD90,449. "We are continuing to make progress in Cameroon and Namibia; and despite the legal issues Shell has faced in South Africa we are confident that we can still move forward there, albeit with caution. We want to drill as soon as we can in Cameroon in particular, and this continues to be our immediate priority," Chair and Chief Executive Jeremy Asher states.

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Crystal Amber Fund Ltd - Guernsey-registered fund - Net asset value per share stands at 145.03 pence at 30 June, up versus 143.19 pence as at December 31, 2021. Records a total NAV return of 8%. Explains that it continued to optimise outcomes for its portfolio companies.

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Enwell Energy PLC - London-based oil and gas company - Pretax profit in the half-year to June 30 soars to USD48.9 million from USD18.1 million Revenue jumps to USD77.2 million versus USD41.1 million. Credits this to "significantly" higher gas prices offset by lower production volumes. Cautions about the impact of the conflict in Ukraine on its business.

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Echo Energy PLC - London-based energy company focused on Latin America - Pretax loss in the first half widens to USD2.0 million from USD1.3 million. Cost of sales rises to USD7.3 million from USD5.5 million. Exploration expenses grow to USD143,545 from USD45,807. Revenue increases 6% to USD6.2 million from USD5.9 million, as production over the period has continued to remain strong. Secures new gas contracts for 2022-2023 significantly above the 2021 annual pricing.

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By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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18 Dec 2023 13:56

Tower Resources signs rig contract, announces fundraising

(Sharecast News) - Africa-focussed oil and gas company Tower Resources announced a contract with Borr Drilling on Monday to secure the Norve jack-up rig for drilling operations on the Thali licence in Cameroon.

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4 Oct 2023 15:32

IN BRIEF: Tower Resources to issue 317.6 million shares to placee

Tower Resources PLC - Africa-focused oil and gas company - Says that Energy Exploration Capital Partners LLC requests the issue of 317.6 million Tower Resources shares, in accordance with the investment deed announced in mid-January. Says the purchase price of 0.04p per share, which was previously prepaid by Energy Exploration Capital Partners. This is set by mutual agreement, given that the market price remains below the floor price set out in the deed. Admission of the placing shares is expected to take place on or around Monday next week.

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29 Sep 2023 14:29

EARNINGS: Beacon Energy and Kefi Gold & Copper losses widen

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:

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10 Jul 2023 15:46

UK shareholder meetings calendar - next 7 days

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CT Automotive Group PLCAGM
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Donegal Investment Group PLCAGM
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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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7 Jul 2023 10:44

IN BRIEF: Pendragon Chief Operating Officer Martin Casha to resign

Pendragon PLC - Nottingham, England-based automotive retailer - Says Martin Casha will resign from his chief operating officer role after 42 years of being with the firm to become the chief executive officer of Marshall Motor Group Ltd. Marshall Motor is a car dealing company. Says he will continue as COO until November 7.

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19 Jun 2023 14:36

UPDATE: Jangada Mines notes Blencowe's completion of test work

(Jangada Mines issued a correction amending percentage interest in Blencowe Resources to 12% from previously stated 9.5%).

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19 Jun 2023 11:07

IN BRIEF: Tower Resources swings to a loss with numerous headwinds

Tower Resources PLC - Africa-focused oil and gas company - Swings to an annual pretax loss of USD1.0 million from a profit of USD196,547 the prior year. The company posts no revenue for the year nor does it declare a dividend, both unchanged from the prior year. Tower Resources says that the war in Ukraine has deteriorated the general economic and market conditions, with the company warning that this could reach a point where it becomes impossible to raise equity finance in UK equities markets to fund exploration projects, nor debt to develop projects.

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16 Jun 2023 10:36

Tower Resources reports solid progress at offshore Namibia licence

(Sharecast News) - Africa-focussed oil and gas company Tower Resources updated the market on the progress of licence PEL 96 in Namibia on Friday, which includes offshore blocks 1910A, 1911, and 1912B.

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16 Jun 2023 10:18

Tower Resources hails basin modelling results in Namibia

(Alliance News) - Tower Resources PLC on Friday said it undertook a basin and thermal maturity study within the license PEL 96 in Namibia.

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31 May 2023 11:58

UPDATE: Tower Resources CEO stake in company falls amid placing

Tower Resources PLC - Africa-focused oil and gas company - Stake of Chair & Chief Executive Officer Jeremy Asher in company falls to 7.2% from 16%, as company placed 4.60 billion new shares, under which Asher subscribed for 100.0 million new shares. When it announced the placing on May 16, firm said it will use the funds for preparation of drilling of the Njom-3 well, including associated services payments, and as working capital.

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30 May 2023 19:48

IN BRIEF: Tower Resources CEO and chair reduces stake to 7.2% from 16%

Tower Resources PLC - Africa-focused oil and gas company - Chair and Chief Executive Jeremy Asher lowers stake to 7.2% from 16%. No further details were provided.

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16 May 2023 14:14

IN BRIEF: Tower Resources shares plunge after discounted placing

Tower Resources PLC - Africa-focused oil and gas company - Raises GBP2.3 million in a conditional placing of 4.6 million shares at a price of 0.05p each, a 56% discount to Monday's closing price in London of 0.11p. Says it will use the funds for preparation of drilling of the Njom-3 well, including associated services payments, and as working capital. "A portion of the funds raised will also be used to advance the company's other 2023 work programs in Namibia and South Africa, including the ongoing basin modelling work currently underway on the company's Namibian license PEL 96," Tower says.

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