Acquisition of Wilton Petroleum - Update

RNS Number : 9378M

Tower Resources PLC

02 September 2013

 



2 September 2013

Tower Resources Plc

Acquisition of Wilton Petroleum Limited: Extension of completion date

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focused oil and gas exploration company, is pleased to provide an update on the acquisition of Wilton Petroleum Limited ("Wilton Petroleum").

On 3 July 2013, Tower Resources announced the conditional acquisition of Wilton Petroleum Limited, which owns a 20% carried interest in the Marovoay Block-2102, onshore Madagascar . The Block is operated by Ophir Madagascar Limited (80% interest). The Operator has indicated to Wilton that they do not now intend to drill the commitment well due to be drilled by 19 April 2014 and to which Wilton's carry of $4million by Ophir related. Discussions between the parties are in progress and accordingly Tower has agreed with the Wilton Petroleum vendors to extend the completion date of the acquisition to 30 September 2013.   

Jeremy Asher, Chairman of Tower, commented: "In the light of Ophir's changed position, discussions are progressing to restructure our arrangements in a way that better suits the current objectives of all parties concerned, including the Madagascan authorities and ourselves. There have been positive proposals and hence we have agreed an extension to the closing deadline and will provide a further update as soon as appropriate."

Contacts

Tower Resources plc

Graeme Thomson (CEO)

Andrew Matharu (VP - Corporate Affairs)

[phone]

Peel Hunt LLP (Nominated Adviser and Joint Broker)

Richard Crichton/Charles Batten

[phone]

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Liz Williamson

[phone]

Vigo Communications

Chris McMahon/ Peter Reilly

[phone]

 

END

 

 

ACQEAFNFEFPDEAF