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Tower Resources PLC on Tuesday reported the expansion of its bridge loan facility, boosting its working capital flexibility ahead of key drilling in Cameroon. The oil and gas company focused on Africa said the loan has been increased to £750,000 from £500,000, with all other terms unchanged. Its shares climbed 11% to 0.030 pence on Tuesday afternoon in London. The loan is provided by Gibraltar-registered private investment firm, Prime Resources Ltd, with a 12-month term from March 25 this year. Tower Resources noted that it is convertible into ordinary shares at a fixed conversion price of 0.05588 pence per share if not paid earlier. Chair & Chief Executive Jeremy Asher said: ‘The purpose of the bridge loan remains to provide the company with working capital flexibility in preparation for the drilling of the NJOM-3 well on the Thali license in Cameroon. ‘We are now expecting completion of the Cameroon farm-out shortly, however, with the Admarine 510 rig scheduled to be in Cameroon in October, we need to proceed with the contracting of other services. We are also making progress towards completion of the Namibia farm-out, and will update investors with concrete news on both projects when appropriate.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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