Tower Resources plc (AIM: TRP), the Africa-focused oil and gas company, has raised approximately £550,000, equivalent to about N$12.5 million, to fund ongoing exploration work in Namibia’s offshore Walvis Basin, along with preparations for its 2026 drilling campaign in Cameroon.
The funds were secured through a subscription of 1.96 billion new ordinary shares at 0.028 pence per share, representing a 15% discount to the company’s closing bid price on 16 October 2025.
The proceeds will provide working capital and support data acquisition, seismic interpretation, and technical studies under Tower’s Petroleum Exploration Licence (PEL) 96, located west of Walvis Bay.
Tower Chairman and CEO Jeremy Asher said the fundraising ensures the company can maintain momentum in both countries as it finalises documentation and seeks farm-out partners.
“This is an exciting and very active period for us,” Asher said. “Our understanding remains that documentation of our various approvals in Cameroon and Namibia is proceeding as previously disclosed.
However, we need to maintain readiness for drilling in Cameroon in Q1 2026 and keep our work programme on track in Namibia, where our entry to the First Renewal Period has already been approved. Therefore, we have decided that a small capital raise at this time will aid in supporting these goals and our overall schedule, pending the receipt of farm-out funds.”
Under the placement terms, Axis Capital Markets Limited, which arranged the subscription, will receive 49.1 million broker warrants exercisable at 0.056 pence per share — double the issue price — with a three-year expiry period.
Following the admission of shares in two tranches on 23 October and 31 October 2025, Tower’s enlarged issued share capital will stand at 31.28 billion ordinary shares, while total warrants in issue will amount to 1.62 billion, or around 4.5% of the company’s capital base if fully exercised.
The company’s Namibia work programme focuses on seismic interpretation and geological evaluation to define priority drilling targets in the Walvis Basin, a region attracting renewed exploration interest following discoveries by TotalEnergies and Shell in the Orange Basin to the south.
With this latest capital injection, Tower Resources said it remains committed to advancing its Namibian exploration plans and maintaining technical readiness across its African portfolio — positioning the Walvis Basin project as a key driver of its next growth phase.
