Tower Resources tops up working capital as farm-out moves closer to completion

Energy Oil & Gas Written by: Jamie Ashcroft 07:33 Mon 24 Aug 2026 --> Proactive has a commercial relationship with Tower Resources PLC. This article was produced independently under Proactive's Editorial Standards Policy . Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Jamie Ashcroft Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development. As one of the early external hires at Proactive in 2009, Jamie contributed... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Tower Resources PLC ( AIM:TRP ) View Price & Profile Tower Resources tops up working capital as farm-out moves closer to completion Published: 07:33 24 Aug 2026 BST Tower Resources PLC (AIM:TRP, FRA:ULF1) has raised £325,000 of additional working capital as it moves closer to completing farm-out transactions in Namibia and Cameroon that are expected to unlock further funding. The AIM-listed group issued around 2.36 billion shares at 0.01375p each, an approximately 8% discount to Friday's closing bid price. Tower said the funding would bridge the period before money arrives under its agreements with Prime Global Energies. In Namibia, all parties apart from the Minister of Mines, Industries and Energy have now executed the deed assigning an interest in the PEL 96 licence to Prime. Documents are being checked by the Upstream Petroleum Unit before returning to the ministry for signature and stamping. Prime has told Tower it will then remit an initial closing payment of approximately US$625,000, with further funds due subsequently under the farm-out agreement. Tower said its Cameroon approval file is meanwhile at the Office of the Presidency awaiting execution, with the company understanding that President Paul Biya had already approved the request while in Geneva last month. Chairman and chief executive Jeremy Asher said the subscription would allow work to continue while the approvals are completed, including programmes at PEL 96 and the Thali NJOM-3 well. Continue reading