Tower Resources completes acquisition of Comet Petroleum

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Tower Resources has completed the sale of its subsidiary Comet Petroleum Limited.

The business was purchase by Red Rio Petroleum for a cash consideration of £1.

Tower originally announced the acquisition of Comet in 2008.

Jeremy Asher, Tower’s chief executive,said: “The successful sale of Comet with its exploration acreage in the SADR represents the completion of the first stage of a portfolio review by Tower. This transaction reduces further our financial commitments and provides flexibility to implement our strategy and to reposition the Company for the future.”