X
07:30Last update on: 13 Aug 2013
The Namibian
Tue 13 Aug 2013
SMS Of The Day * MINISTRY of Gender and Child Welfare, TEARS are rolling down as I write this SMS. The killing of women in Namibia is now like reciting a poem. Are we really getting the protection we deserve while women not being treated as part of this c Food For Thought * SO the Zimbabwe elections were free and peaceful and not free and fair? Bouquets And Brickbats * NURSES at Katutura Hospital must stop wearing those big plastic sandals at work because they are not the official working shoes. We want to see you looking smart and beautiful with your full uniform. SMS Of The Day * THIS nation is in dire need of a massive conference on housing. When we experienced a crisis in the education sector a crisis-control brain-storming conference was organised which resulted in the best deal ever for the Namibian child, nam Food For Thought * BOURGEOISIE has become a daily occupation if not the order of the day of the upper-echelons, President Hifikepunye Pohamba we urge you to revisit this unpatriotic geocentricism among your staff and the well-connected, for everybody to r Bouquets And Brickbats * COMMISSIONER of Prisons, can you please explain the strategies you use to appoint officers to certain positions? It is my observation that you are being fed with wrong information then you just promote individuals without making p SMS Of The Day * I THINK Paulus ‘The Rock’ Ambunda lost his belt because of this promoter and trainer. How can a world champion still be training at the Katutura Youth Complex where there is not enough equipment. I think they must follow the example of Ha Food For Thought * NAMIBIA Dairies are unable to match low prices of imported milk and this ultimately means the consumer will have to pay more for local milk. Look at the prices of the local chicken. All these profits are going in the pockets of a few in Bouquets And Brickbats * I AM pleased to hear that Cabinet has responded positively to the proposal of Namibia Dairies to support the industry. The restrictions which support the industry by reducing competition to ensure the survival of the industry is a SMS Of The Day * CEO’s golden handshakes. Somewhere on our statute books there must be a provision that if a board of directors suspends/dismisses a CEO without due regard to legal provision (substantive/procedural law) such board must carry the costs for Food For Thought * JACKY Asheeke was so right with her last column- why are the fathers of the dead children not being prosecuted? (Reference to the children who died in shack fires last week) Our justice system still protects men over women. In this cont Bouquets And Brickbats * ALEXACTUS Kaure, your column in Friday’s newspaper opened my eyes. One hardly finds impartial case study analysers in Namibia. Let’s not destroy the Polytechnic’s strong foundation (Tjivikua) as yet. At least wait until the transf
POLL
What do you think of the renaming and addition of regions and constituencies?
Results so far:
Older Polls
BUSINESS - COMPANIES
| 2013-07-26
Tower Resources to raise N$136 million for oil drilling
TOWER Resources plc, which is listed on the Alternative Investment Market AIM part of the London Stock Exchange, plans to raise US$13,9 million (about N$136 million) for oil drilling in Namibia. The drilling is expected to start in February 2014.
Tower said on Thursday that the proceeds of the placing and the open offer will be used to fund the company’s share of costs associated with the Welwitschia-1 well in Namibia, the cash consideration payable in respect of the acquisition of Wilton Petroleum Limited for general working capital to enhance the company’s ability to pursue its new ventures strategy.
Tower said it has has conditionally placed 802,343,266 new ordinary shares at a price of 1,125 pence per share to raise £9 million (US$13,9 million) by means of a placing by Peel Hunt LLP and GMP Securities Europe LLP. It is expected that admission of the Placing Shares will become effective and that dealings will commence in the placing shares on 30 July 2013.
In addition, in order to provide shareholders with an opportunity to participate in the fundraising, the company is launching a two for nine open offer of up to 360,811,606 new ordinary shares at a price of 1,125 pence per share to raise up to an additional £4,1 million (US$6,2 million).
The company said it intends to farm out a 10% interest in its Namibian licence 0010 (current interest 30%) to fund exposure to 2014 drilling costs.
“At this crucial time in the company’s development it is important that we have the means to fund our share of 2013 costs for the Welwitschia-1 well and to have the flexibility to enter further new ventures. We are grateful to existing and new investors for their support, and are pleased that the open offer enables all shareholders to participate in this fundraising. Our high-potential 2014 drilling activity and new venture ambitions mean that these are truly exciting times for Tower,” said Graeme Thomson, Chief Executive Officer of Tower Resources.
Tower’s plans are in the wake of failed bids by Chariot Oil and HRT to find oil offshore Namibia.
Last week, Brazilian operator HRT said the second well it had drilled, the Murombe-1had produced no oil. The dry hole followed the discovery earlier this year of non-commercial volumes of oil with HRT’s first well. HRT still plans to drill a third well in the northern Orange Basin.
HRT has also suffered setbacks in its exploration efforts in Brazil’s Solimões Basin and in Namibia, driving down its shares by 58% this year alone. It had been hoping to make a large discovery off shore Namibia.
Tower said on Thursday that the proceeds of the placing and the open offer will be used to fund the company’s share of costs associated with the Welwitschia-1 well in Namibia, the cash consideration payable in respect of the acquisition of Wilton Petroleum Limited for general working capital to enhance the company’s ability to pursue its new ventures strategy.
Tower said it has has conditionally placed 802,343,266 new ordinary shares at a price of 1,125 pence per share to raise £9 million (US$13,9 million) by means of a placing by Peel Hunt LLP and GMP Securities Europe LLP. It is expected that admission of the Placing Shares will become effective and that dealings will commence in the placing shares on 30 July 2013.
In addition, in order to provide shareholders with an opportunity to participate in the fundraising, the company is launching a two for nine open offer of up to 360,811,606 new ordinary shares at a price of 1,125 pence per share to raise up to an additional £4,1 million (US$6,2 million).
The company said it intends to farm out a 10% interest in its Namibian licence 0010 (current interest 30%) to fund exposure to 2014 drilling costs.
“At this crucial time in the company’s development it is important that we have the means to fund our share of 2013 costs for the Welwitschia-1 well and to have the flexibility to enter further new ventures. We are grateful to existing and new investors for their support, and are pleased that the open offer enables all shareholders to participate in this fundraising. Our high-potential 2014 drilling activity and new venture ambitions mean that these are truly exciting times for Tower,” said Graeme Thomson, Chief Executive Officer of Tower Resources.
Tower’s plans are in the wake of failed bids by Chariot Oil and HRT to find oil offshore Namibia.
Last week, Brazilian operator HRT said the second well it had drilled, the Murombe-1had produced no oil. The dry hole followed the discovery earlier this year of non-commercial volumes of oil with HRT’s first well. HRT still plans to drill a third well in the northern Orange Basin.
HRT has also suffered setbacks in its exploration efforts in Brazil’s Solimões Basin and in Namibia, driving down its shares by 58% this year alone. It had been hoping to make a large discovery off shore Namibia.
Comment on this article
www.weatherphotos.co.za
Windhoek
7°
24°
0mm
Walvis Bay
8°
22°
0mm
Oshakati
8°
31°
0mm
Keetmanshoop
1°
17°
0mm
Grootfontein
2°
27°
0mm
Gobabis
5°
24°
0mm
(August 12)
View more ...