Page 20 - AfrOil Week 40

AfrOil NEWS IN BRIEF AfrOil

Ragnvald Graff, Sales Director Oil and Gas, potentially transformational drilling campaign (gross), together with issuance of broker com-
says: “We are delighted to be designing and in South Disouq into Q2/Q3-2021. mission shares.
manufacturing the umbilicals for Senegal’s first “In addition, as a result of the recent LMS-2 Release of an updated independent Reserves
offshore oil development. Nexans continues to well in Morocco, and further work interpreting Report from Oilfield International Ltd (OIL)
lead the industry on umbilical technology, and existing 3D seismic data, we are very encouraged covering the Thali PSC, confirming Gross mean
we are excited to contribute our expertise and by a new prospective horizon that we have iden- contingent resources of 18mn barrels of oil
world-class products to this promising endeav- tified and which we believe is present through- across the proven Njonji-1 and Njonji-2 fault
our. Offshore oil development in West Africa has out our acreage. blocks with an NPV10 of $179mn and EMV10
immense potential, and we’re thrilled to be a part “Gas consumption from our Moroccan of $143mn.
of this important journey.” customers is now back to around 90% of pre- Post-reporting period events: Further exten-
The Sangomar Field Development was dis- COVID-19 restriction levels and we go into sion of the Loan Facility with Pegasus Petroleum
covered in 2014. Located 2 km below the seabed the final quarter of 2020 with momentum, Limited to August 15, 2020, the terms of which
floor, the field is spread over 400 square km, in exciting and new prospectivity and strong cash included the issue of 4.5mn five-year warrants
water depths of 700-1,400 metres. The phased generation. with a strike price of GBP0.035, being a premium
development includes the installation of a stand- SDX Energy, October 05 2020 of 11.1% to the closing price on June 30, 2020.
alone floating production storage and offloading Jeremy Asher, as a director of the Company, and
(FPSO) facility and subsea infrastructure that Tower Resources Pegasus, are considered to be “related parties” as
will be designed to facilitate subsequent devel- defined under the AIM Rules and accordingly,
opment phases. releases report the extension and issue of warrants constituted
These options include potential gas export related party transactions for the purposes of
to Senegal and future subsea tie-backs to other on interim results Rule 13 of the AIM Rules.
fields. Issue of 15,219,338 warrants to Directors
Nexans, September 29 2020 Tower Resources, the AIM-listed oil and gas in lieu of GBP34,000 (in aggregate) of Direc-
company with its focus on Africa, announces its tors fees to Peter Taylor and David M Thomas
Interim Results for the six months ended June (non-executive directors), and Jeremy Asher
PERFORMANCE 30, 2020. (as Chairman) in settlement of fees due for the
Highlights: Extension of the initial period period from July 1, 2020, to September 30, 2020,
SDX Energy announces of the Exploration Phase of the Thali PSC, off- to conserve the Company’s working capital.
shore Cameroon by one year (from September The warrants are exercisable at a strike price of
trading and operations 15, 2019) for the purposes of completing the GBP0.0035, which is a premium of 11.1% to
NJOM-3 well, and declaration of Force Majeure the closing share price on June 30, 2020, and are
update for 9M-2020 with effect from March 17, 2020, due to travel exercisable for a period of five years from the
and operational restrictions arising from the date of issue.
AIM-listed SDX Energy, the MENA-focused oil Covid-19 pandemic. Update on Namibian licences and farm-out
and gas company, has provided an unaudited Thali PSC, offshore Cameroon, site survey discussions on PEL 96 included a significant
update on its operating results and cash and successfully completed by the Geoquip Marine announcement of updated resource estimates
liquidity position for the nine months ended survey vessel MV Investigator with the drilling by Global Petroleum Ltd on its adjoining PEL
September 30, 2020. of three boreholes to a depth of 80 metres each. 94, which includes the Welwitschia Deep Albian
Mark Reid, CEO of SDX, commented: “We Binding Heads of Terms executed with Carbonate prospect, a large part of which is
have continued to perform strongly in the sec- respect to a farm-out of the Thali PSC with within the Company’s PEL 96.
ond half of 2020 despite challenging global OilLR Pty Ltd for a 24.5% working interest cov- Agreement of a six-month loan facility
conditions. Production is ahead of guidance; ering $7.5mn of the costs of the NJOM-3 well. of $500,000 with Shard Merchant Capital.
we have a healthy cash and liquidity position; March 2020 Placing of 133.33mn new ordi- The terms of the facility included the issue of
and we now plan to accelerate an exciting and nary shares at 0.375p to raise GBP500,000 31,446,541 attached three-year warrants at a
strike price of GBP0.006 and 5,761,198 shares to
pre-pay interest.
Further six-month extension to the existing
Pegasus $750,000 Loan Facility, as part of which
47,169,811 three-year GBP0.006 warrants were
issued and Pegasus agreed to subscribe for
37,854,971 shares to convert the accrued inter-
est on the Pegasus Loan Facility into shares, and
to pre-pay interest.
Subscription to raise gross proceeds of
$200,000 through the issue of approximately
38,407,989 new ordinary shares at a price of
GBP0.00393 per share to clients of Shard. The
Subscription Price of GBP0.00393 per share rep-
resented a discount of 9.7% to the midpoint price
of the Company’s shares at the close of trading on
August 28, 2020.
Tower Resources, September 30 2020

P20 www. NEWSBASE .com Week 30 07•October•2020