Tower Resources (LON:TRP) Shares Down 9.5% – Here’s Why

Tower Resources plc (LON:TRP) dropped 9.5% on Friday . The company traded as low as GBX 0.02 and last traded at GBX 0.02. 1,200,335,750 shares changed hands during mid-day trading, an increase of 317% from the average session volume of 287,741,781 shares. The stock had previously closed at GBX 0.02.

Tower Resources Trading Down 9.5%

The firm has a 50-day moving average of GBX 0.02 and a 200-day moving average of GBX 0.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.06 and a current ratio of 0.21. The firm has a market capitalization of £7.66 million, a P/E ratio of -0.32 and a beta of 1.12.

About Tower Resources

Tower Resources is an African-focused energy company advancing its operation in Cameroon towards production and cash flow, and de-risking attractive exploration licenses in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made.

The Company’s strategy is to build a balanced portfolio of energy opportunities in Africa across the exploration and production cycle in oil and gas and beyond, in stable jurisdictions that the Company knows well and that offer excellent fiscal terms.