Tower Resources, the AIM-listed oil and gas company focused on Africa, has agreed to expand its Bridge Loan, initially announced on 26 March 2025 and expanded on 1 July 2025, by £250,000, from £750,000 to £1,000,000, with effect from 29 August 2025. The other terms of the Bridge Loan remain unchanged.

The Bridge Loan is an unsecured fixed-price convertible loan provided by Prime Resources ("PR") with a term of up to 12 months from 25 March 2025, and convertible into ordinary shares at a fixed conversion price of 0.05588 pence per share (being a premium of 100% to the average of the 5 daily VWAPs prior to the original issue date) if not prepaid earlier. PR is a Gibraltar-registered private investment company and is not related to the Company's prospective farm-in partner Prime Global Energies Limited.

Tower Resources Chairman & CEO, Jeremy Asher, commented:
"The purpose of the Bridge Loan has been to provide the Company with working capital flexibility in preparation for the drilling of the NJOM-3 well on the Thali license in Cameroon. We are still anticipating spudding the NJOM-3 well in Q4 2025, although this is now quite a tight schedule. The Prime Minister of the Republic of Cameroon has issued instructions for the grant of the extension of the initial exploration period of the Thali license and the approval of the farm-out to Prime Global Energies Limited, and the process is ongoing. Therefore, although we expect to receive the formal documentation of these approvals and completion of the farm-out presently, it is important that we keep the current work streams on track in the meantime, in order to minimise delays to the drilling schedule."

KeyFacts Energy: Tower Resources Cameroon country profile