{"id":273587,"date":"2025-07-01T22:13:11","date_gmt":"2025-07-02T02:13:11","guid":{"rendered":"https:\/\/inspenet.com\/noticias\/tower-resources-expands-financing-to-advance-drilling-in-cameroon\/"},"modified":"2025-07-02T09:00:12","modified_gmt":"2025-07-02T13:00:12","slug":"tower-resources-expands-financing-to-advance-drilling-in-cameroon","status":"publish","type":"noticias","link":"https:\/\/inspenet.com\/en\/news\/tower-resources-expands-financing-to-advance-drilling-in-cameroon\/","title":{"rendered":"Tower Resources expands financing to advance drilling in Cameroon"},"content":{"rendered":"\n<p>UK-based <strong>Tower Resources<\/strong>, focused on oil and gas exploration in Africa, has strengthened its financial position by increasing its existing bridging loan from \u00a3500,000 to \u00a3750,000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">New drilling agreement in Cameroon<\/h2>\n\n\n\n<p>This convertible financing, provided by <strong>Prime Resources Limited<\/strong>, maintains its original terms and provides the company with greater capital flexibility for the <strong>drilling program on the Thali license<\/strong>, located <strong><a href=\"https:\/\/inspenet.com\/en\/news\/canyon-resources-secures-financing-for-its-minim-martap-bauxite-project\/\" data-type=\"post\" data-id=\"258810\" target=\"_blank\" rel=\"noreferrer noopener\">offshore Cameroon<\/a><\/strong>.<\/p>\n\n\n\n<p>The loan has a term of up to 12 months from March 25, 2025 and can be converted into ordinary shares at a fixed price of 0.05588 pence per share, which represents a substantial premium to the recent average stock price.<\/p>\n\n\n\n<p>The transaction provides for <strong>interest at 15% per annum<\/strong> and a 5% performance fee, payable at the time of disposition. Tower Resources retains the ability to prepay the loan if its share price remains below the conversion level. <\/p>\n\n\n\n<p>The capital increase will allow <em>Tower Resources<\/em> to move forward with contracting services and logistical preparations related to the <strong>NJOM-3 well<\/strong>, important in its exploration strategy in the <strong>Thali Block<\/strong> basin. In addition, the <strong>Admarine 510 rig<\/strong> is expected to come on stream in Cameroon from October, marking a milestone in the execution of the drilling plan. <\/p>\n\n\n\n<p>In addition to the <strong>Cameroon project<\/strong>, Tower Resources is progressing negotiations on a <em>farm-out<\/em> agreement in Namibia. The company has indicated that it will provide specific information on both projects as soon as certain key milestones are completed. <\/p>\n\n\n\n<p id=\"block-7452d964-8e0e-434c-8722-e283cd8a8d98\"><strong>Follow us on social networks and don&#8217;t miss any of our publications!<\/strong><\/p>\n\n\n\n<p id=\"block-e2855ed1-40c2-45d5-8f10-42fa8b26dae2\"><a href=\"https:\/\/www.youtube.com\/@inspenet\" rel=\"nofollow noopener\" target=\"_blank\">YouTube<\/a> <a href=\"https:\/\/www.linkedin.com\/company\/inspenetnetwork\" rel=\"nofollow noopener\" target=\"_blank\">LinkedIn<\/a> <a href=\"https:\/\/www.facebook.com\/inspenetnetwork\" rel=\"nofollow noopener\" target=\"_blank\">Facebook<\/a> <a href=\"https:\/\/www.instagram.com\/inspenet\/\" rel=\"nofollow noopener\" target=\"_blank\">Instagram<\/a> <a href=\"https:\/\/x.com\/Inspenetnetwork\" rel=\"nofollow\">X (Twitter)<\/a> <a href=\"https:\/\/www.tiktok.com\/@inspenet?_t=8qqIL6dRGNR&amp;_r=1\" rel=\"nofollow noopener\" target=\"_blank\">TikTok<\/a><\/p>\n\n\n\n<p id=\"block-a90af035-7ee7-4f00-80b9-6c97f3d833b3\"><strong>Source and photo:<\/strong> <strong><a href=\"https:\/\/www.towerresources.co.uk\/news\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tower Resources<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financial extension will allow Tower Resources to move forward with contracting services and logistical preparations related to the NJOM-3 well.<\/p>\n","protected":false},"author":8404,"featured_media":273563,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categoria_noticias":[13026,13036],"etiqueta_noticias":[],"class_list":["post-273587","noticias","type-noticias","status-publish","has-post-thumbnail","hentry","categoria_noticias-energy","categoria_noticias-oil-and-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/noticias\/273587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/noticias"}],"about":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/types\/noticias"}],"author":[{"embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/users\/8404"}],"replies":[{"embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/comments?post=273587"}],"version-history":[{"count":0,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/noticias\/273587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/media\/273563"}],"wp:attachment":[{"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/media?parent=273587"}],"wp:term":[{"taxonomy":"categoria_noticias","embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/categoria_noticias?post=273587"},{"taxonomy":"etiqueta_noticias","embeddable":true,"href":"https:\/\/inspenet.com\/en\/wp-json\/wp\/v2\/etiqueta_noticias?post=273587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}