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From Frontier to Proven Basins Tower Resources plc 2nd Floor 127 Cheapside London EC2V 6BT Tel +44 20 7253 6639 Email [email protected] www.towerresources.co.uk Annual Report 2015 From Frontier to Proven Basins SYN TR-Annualreport-COVER-pp01-04-01.indd 1 07/03/2016 12:03 Additional Information Contents Corporate Directory Strategic Report Corporate Governance Accounts Directors and Secretary Professional Advisers At a Glance 1 Senior Management 19 Consolidated Statement of Comprehensive Income 31 2015 Events 2 Board of Directors 20 Registered Company Name Nominated Adviser and Broker Chairman and Chief Executive’s 4 Audit Committee Report 23 Consolidated Statement of Tower Resources PLC Peel Hunt LLP Financial Position 32 Joint Statement Remuneration Committee Report 24 Moor House From Frontier to Proven Basins 6 Consolidated Statement of Changes Communications with Shareholders 25 Directors 120 London Wall Tower’s Exploration Strategy 7 in Equity 33 Conflict of Interest 25 Jeremy Asher Chairman London Portfolio shift towards proven basins Consolidated Statement of Cash Flows 34 Directors’ Report 26 Graeme Thomson Chief Executive Officer EC2Y 5ET and low near-term commitments 8 Company Statement of Financial Position 35 Statement of Directors’ Responsibilities 29 Nigel Quinton Exploration Director Operational Review: Company Statement of Changes in Equity 36 Independent Auditors’ Report 30 Peter Blakey Non-executive Director Solicitors Cameroon 10 Company Statement of Cash Flows 37 Dr Philip Frank Non-executive Director Watson Farley & Williams LLP South Africa 12 Notes to the Financial Statements 38 Philip Swatman Senior Independent 15 Appold Street Zambia 13 Non-executive Director London Sahawari Arab Democratic Republic (SADR) 14 Additional Information Peter Taylor Non-executive Director EC2Y 2HB Kenya 14 Corporate Directory 57 Namibia 15 Company Secretary Group Auditors New Ventures 15 Andrew Smith UHY Hacker Young LLP Financial Review 16 4 Thomas More Square Business Risks 18 Corporate Address London Tower Resources PLC E1W 1YW 2nd Floor 127 Cheapside Registrars London Capita IRG EC2V 6BT Bourne House 34 Beckenham Road Tel +44 20 7253 6639 Beckenham Email [email protected] Kent www.towerresources.co.uk BR3 4TU Registered Office Bankers One America Square Barclays Bank Plc Crosswall Level 27 London EC2N 3SG One Churchill Place London Company Number E14 5HP 05305345 Main Subsidiary Companies Tower Resources Cameroon S.A Rift Petroleum Limited Rift Petroluem Limited (Zambia) Tower Resources Namibia Limited Comet Petroleum (SADR) Limited Wilton Petroleum Limited Front cover image: Design: jacksonbone.co.uk Printed in England by synergygroup.uk.com Courtesy of Dolphin Geophysical Ltd Tower Resources plc Annual Report 2015 57 SYN TR-Annualreport-COVER-pp01-04-01.indd 57 07/03/2016 12:03 Strategic Report At a Glance TOWER RESOURCES plc is an upstream oil and gas company listed on the AIM market in London. Tower is an experienced operator of international licences with a focus on projects in Africa. Tower has high potential exploration projects in Cameroon, South Africa, Zambia, and SADR. Tower aims to: • Assemble a portfolio of low risk, exploration and appraisal drilling opportunities in proven and emerging basins • Take advantage of current low acquisition and entry costs • Keep commitments low and proportionate, laying off higher cost activities to industry partners • Acquire sizeable positions with significant “running room” for farm-out to larger companies • Maintain and build our capacity to operate. Tower Resources plc Annual Report 2015 1 SYN TR-Annualreport-pp01-21REVIEW-09.indd 1 07/03/2016 11:50 Strategic Report 2015 Events Total Cash Funding Institutional placing to raise US$8.0 million (net) Award of Thali PSC Cameroon 100% interest and Operatorship of the shallow water Thali PSC, offshore Cameroon in September 2015, marks shift towards proven basins Strengthening of Board Appointment of Dr Phillip Frank as Technical Non-Executive Director and Nigel Quinton as Exploration Director New Licence Applications New licence applications offshore Namibia covering PEL0010 and other areas NASA image: Reto Stöckli and Robert Simmon 2 Annual Report 2015 Tower Resources plc SYN TR-Annualreport-pp01-21REVIEW-09.indd 2 07/03/2016 11:50 Strategic Report Cost Reductions Closure of regional East Africa office and relocation of Tower’s corporate office Block-2B Kenya Badada-1 drilling operations completed and exit from licence completed Blocks 40 & 41, Zambia Completion of Initial Period with encouraging subsurface results Portfolio Refocus Withdrawal of licence applications in Madagascar and Ethiopia Exit from SW Orange Basin Exit from high cost, ultra deep-water frontier basin to focus on Algoa- Gamtoos licence, South Africa (2016) Tower Resources plc Annual Report 2015 3 SYN TR-Annualreport-pp01-21REVIEW-09.indd 3 07/03/2016 13:30 Strategic Report Chairman and Chief Executive’s Joint Statement Dear Shareholder part of this funding we welcomed M&G Tower wants to use this period of low Investments as a major new shareholder acquisition and entry costs to further 2015 was a year of transition for Tower with an 18% shareholding. strengthen our asset base by assembling Resources plc (“Tower”). a larger but still focused portfolio of We have also moved to reduce and low risk exploration and appraisal We repositioned our portfolio to include defer our other near-term commitments opportunities in proven and emerging interests in proven basins, with the signing in and associated costs, and by doing so basins. We continue to seek sizable September of the Thali PSC (“Thali”) in the to minimise risk whilst retaining material working interests, ideally as operator, prolific Rio Del Rey shallow water area of the exposure to longer-term exploration which allows us to determine the precise Republic of Cameroon. Tower has a 100% upside. In areas where we see little chance nature, cost and timing of our activity. We interest in Thali and has been accredited of commerciality in the medium-term, are now operator of our 100% interests as an operator there. Thali already has we have withdrawn. We continue to in Cameroon and Zambia, and it is as three discovery wells, and is therefore respond to the oil price environment and operator that we have applied for new part-way to reaching a commercial reserve the negative market sentiment towards licences in Namibia and elsewhere. We threshold. In a very difficult equity market, the oil sector, by changing the focus of intend to keep near-term commitments we raised US$8 million in July to fund this our current activity whilst preserving and costs low, and to finance the higher acquisition and other activities, with the the best of our longer term exploration cost activities through farm-outs to larger Directors subscribing over US$1 million. As opportunities. companies where and when appropriate. Courtesy of Dolphin Geophysical Ltd Geophysical Dolphin Courtesy of Seismic survey vessel 4 Annual Report 2015 Tower Resources plc SYN TR-Annualreport-pp01-21REVIEW-09.indd 4 07/03/2016 11:50 Strategic Report Our focus is currently on western and The main purposes of this are to reduce southern Africa. Our criteria for new activity the volatility of the Company’s share price, and investment are strict: we need to which presently reflects the relatively large envisage returns of many multiples of our increments required for any price movement, investment within the medium-term, as we and to be able to issue shares if needed for do with Thali. We believe that the current existing contractual arrangements, as the market, difficult as it is, presents outstanding market price is currently below the nominal opportunities to assemble an attractive value. A separate circular is to be issued portfolio cost-effectively, including through describing the procedure in more detail, sector consolidation. together with the other AGM resolutions. The Board, staff and consultants who own With the increase in operated assets we over 15% of the issued share capital, have wanted to bolster the technical skills on undertaken to vote in favour of these AGM our Board, and therefore we appointed resolutions. the highly experienced Phil Frank as an Independent Non-Executive Director, and This AGM also marks the retirement of Peter Nigel Quinton as Exploration Director, at Blakey, 75, a founder of the Company. We the end of September. are extremely grateful for all Peter has done for Tower, and wish him every happiness Our capital needs going forward will largely and good health. be a function of the terms and timing of further seismic work on Thali, together We believe that Tower now has an with any farm-out we may agree, and the attractive, focused portfolio, combining number of additional compelling investment proven and emerging basin interests. Our opportunities we find in the coming year. It team is appropriate for today’s conditions is possible that we may need no more cash and our active management of near-term from the market this year, and if we do it will commitments and risk will position us well be for specific, value-creating purposes, for to reap the upside when the sector recovery which we will seek shareholder support at comes. the time. Jeremy Asher Graeme Thomson At the AGM we are proposing to restructure Chairman Chief Executive and consolidate the Company’s shares Officer so that for each 250 shares currently held shareholders will receive one new share. 4 March 2016 Tower’s focus is currently on Western and Southern Africa. Our
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