Tower Resources Extends Bridge Loan for Cameroon Drilling Project
AIM-listed oil and gas company Tower Resources has expanded its bridge loan with Prime Resources by £250,000, increasing the total facility from £750,000 to £1 million with effect from August 29, 2025. The extension provides additional working capital flexibility as the company prepares for drilling operations in Cameroon.
The funding supports Tower Resources’ preparation for drilling the NJOM-3 well on the Thali license in Cameroon, with spudding still anticipated in Q4 2025. Chairman and CEO Jeremy Asher acknowledged the tight schedule but confirmed that the Prime Minister of Cameroon has issued instructions for extending the initial exploration period of the Thali license and approving the farm-out to Prime Global Energies Limited.
The bridge loan maintains its original terms as an unsecured fixed-price convertible loan with a 12-month duration from the original drawdown. The facility includes a 5% cash implementation fee and 15% annual interest, with conversion rights at a fixed price of 0.05588 pence per share. Prime Resources, a Gibraltar-registered private investment company, provides the funding and is separate from the prospective farm-in partner Prime Global Energies Limited.
Source: Energy Pedia
