Red Rio Petroleum Ltd. acquired Comet Petroleum (SADR) Limited from Tower Resources PLC (AIM:TRP) for £1 on January 24, 2017. Pursuant to the terms of transaction, Red Rio will pay cash consideration of £1, future contingent payments and an over-riding royalty interest of 10% over future production revenue from Comet's assets. Richard Crichton and Ross Allister of Peel Hunt LLP acted as financial advisor for Tower Resources.

Red Rio Petroleum Ltd. completed the acquisition of Comet Petroleum (SADR) Limited from Tower Resources PLC (AIM:TRP) on January 24, 2017.