One-Page Deal Sheet
Tower Resources Farms-in to Develop in Namibia
Tower Resources Plc Arcadia Expro Namibia, Repsol S.A.
Announced Date
January 31,2013
Effective Date
July 01,2012
Close Date
January 31,2013
Transaction Type
Farm-In/Farm Out
Enterprise Value (EV)($MM)
5
TargetZones:
{"Welwitschia prospe
Location
Region
Africa
Country
Namibia
Transaction Details: Subscribe to see
Tower Resources plc ('Tower'), LN: TRP, the AIM listed oil and gas exploration company, is pleased to announce that, all conditions relating to the farmout agreement between Arcadia Expro Namibia (Pty) Ltd ('Arcadia') and Repsol Exploration (Namibia) Pty Ltd ('Repsol') and with Tower's wholly owned subsidiary, Neptune Petroleum (Namibia) Limited ('Neptune'), to double Neptune's interest in Licence 0010, have now been completed.
Under the terms of the farmout agreement, Neptune has now released escrow funds of approximately US$5.3 million (£3.3 million) to reimburse Arcadia for 30% of…
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