Issue of share in lieu of fees to Bedrock Drilling

RNS Number : 4528X

Tower Resources PLC

30 August 2022

 

30 August 2022

Tower Resources plc

Issue of share in lieu of fees to Bedrock Drilling Ltd

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces that it has issued 11,200,000 Ordinary shares in the Company (the "Fee Shares") to Bedrock Drilling Ltd ("Bedrock Drilling"), in lieu of fees to the value of £ 25,200 .

The Company has issued shares in lieu of fees on previous occasions to Bedrock Drilling, which provides well project management, well engineering services and drilling consultancy services to Tower's operations on the Thali block, offshore Cameroon, both to reduce cash costs and above all to align long term incentives with our well management team.

It is expected that admission of the shares will become effective at 8.00 a.m. on or around 2 September 2022.

Following admission of the shares, the Company's enlarged issued share capital will comprise 3,554,437,955   Ordinary shares of 0.001 pence each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Contacts

Tower Resources plc	[phone]
Jeremy Asher Chairman and CEO
Andrew Matharu VP - Corporate Affairs
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Stuart Gledhill Caroline Rowe	+ 44 20 3470 0470
Novum Securities Ltd Joint Broker Jon Bellis Colin Rowbury	+ 44 20 7399 9400
Panmure Gordon (UK) Limited Joint Broker John Prior Hugh Rich	+ 44 20 7886 2500

 

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