TOWER RESOURCES PLC

• ⚠

  Confirmation statement overdue

  Due 2026-05-12.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

UK-adopted International Accounting Standards

Reporting scope

Consolidated group

Auditor

UHY Hacker Young

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Group will need to receive the requisite government approvals and to complete its agreed Cameroon farm-out with Prime Global Energies Limited and/or another asset-level transaction within the coming months, or otherwise raise further funds in addition to funds already raised in 2024, in order to meet its liabilities as they fall due, particularly with respect to the forthcoming drilling programme in Cameroon. The Directors are confident that the government approvals will be provided and that the agreed farm-out will be completed, but this is not yet certain. The Group's assets in Namibia and South Africa are also pre-revenue, and therefore also depend on funds for further investment being available to the Group, whether from cash flow in Cameroon or other sources. To bring the Cameroon assets to the point of sustainable cash flow generation will also require significant further investment. The Directors believe that there are a number of options available to fund these investments through any, or a combination, of production pre-financing or reserve-based lending, capital markets, further farm-outs or asset disposals. There can, however, be no guarantee that the required funds may be raised or transactions completed within the necessary timeframes, which results in an inherent material uncertainty as to the application of going concern in these accounts. Having assessed the risks attached to these uncertainties on a probabilistic basis, the Directors are confident that they can raise sufficient finance in a timely manner and therefore believe that the application of going concern is both appropriate and correct.”

Group structure

1. TOWER RESOURCES PLC · parent
   1. Tower Resources Cameroon Limited 100% · England & Wales · Holding company
   2. Tower Resources Cameroon SA 100% · Cameroon · Oil and gas exploration
   3. Rift Petroleum Holdings Limited 100% · Isle of Man · Holding company
   4. Rift Petroleum Limited 100% · Zambia · Oil and gas exploration
   5. Rift Petroleum Limited 100% · Isle of Man · Oil and gas exploration
   6. Tower Resources (Namibia) Holdings Limited 100% · England & Wales · Holding company
   7. Tower Resources (Namibia) Limited 100% · England & Wales · Oil and gas exploration

Significant events

• “10 January 2025: Transformational farm-out agreements executed with Prime Global Energies Limited ("Prime") for minority, non-operated interests in the Company's Thali license, offshore Cameroon, and PEL96 offshore Namibia.”
• “22 January 2025: A broker to the Company exercised rights over 271,018,518 Ordinary shares comprised of 271,018,518 Warrants at an exercise price of 0.027p per share and at an exercise cost of £73,175.”
• “7 March 2025: Tower Resources (Namibia) Limited agreed to purchase an additional 5% interest in the PEL96 license offshore Namibia from its local partner, ZM Fourteen Investment (Pty) Ltd for a cash consideration on completion of $375k.”
• “26 March 2025: The Company announced that it had agreed an unsecured fixed-price convertible bridge loan of £500,000 with Prime Resources Limited with a term of up to 12 months, and convertible into ordinary shares at a fixed conversion price of 0.05588 pence per share if not prepaid earlier.”
• “9 April 2025: The Company announced that it had made an annual award of 1,540,000,000 Restricted Shares to directors, employees and consultants under its Long Term Incentive Plan (LTIP).”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

1

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  +1,277%

  £15,295 → £210,614

• Net assets

  +7%

  £24,721,119 → £26,460,525

• Employees

  0%

  6 → 6

• Operating profit

  -1,173.5%

  £67,702 → -£726,806

• Profit before tax

  -116.6%

  -£336,691 → -£729,148

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers