Tower Resources, the Africa focused oil and gas explorer, is up 2.3% this morning on news of a new financing agreement.
Tower has tapped investment fund manager, Yorkville Advisors, for an initial $3.35m loan, with the capacity to increase the amount to $6.125m if required.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Tower needs the money to pay for drilling at its Mvule-1 well in Uganda.
Tower's Chief Executive, Peter Kingston, said of the deal:
"The arrangement provides flexible funding options which represent the best and most cost effective opportunity to drill the highly prospective Mvule-1 well. If successful, the well has the potential to create a great deal of value for our shareholders."
Today's announcement claims Mvule-1 is intended to test an estimated recoverable potential in Uganda of 80 million barrels of oil.
Tower's share price has dropped 41% in the last 12 months.
BS
-
Average pension pot by region – how do your retirement savings compare?Making sufficient savings for retirement is critical to ensure you can enjoy your later years without too many financial worries, but new data suggests some are saving far more than others. We look at the average pension pot by region.
-
Could colour diamonds add a sparkle to your portfolio?Diamonds of various shades never go out of fashion, says Chris Carter
