Dekker picks up Tower assets

Tower Resources has completed the sale of its Comet Petroleum subsidiary to Frederik Dekker’s Red Rio Petroleum. Red Rio is purchasing Comet for a cash consideration of £1, future contingent payments and a royalty interest of 10% over future production revenue from Comet’s three blocks in the disputed Western Sahara.Dekker is a longstanding promoter of the hydrocarbons potential of the Sahrawi Arab Democratic Republic (SADR). Last year, his Hague and London Oil (Halo) acquired Premier Oil’s assets in the territory (AE 327/12).