Tower Resources

Tower Resources plc is an AIM-listed, London-based, independent oil and gas exploration company with a regional focus on sub-Saharan Africa. The Company holds a 100% exploration licence in Uganda and a carried 15% Licence interest in Namibia through its two operating subsidiaries, Neptune Petroleum (Uganda) Ltd. And Neptune Petroleum (Namibia) Ltd.:

• Blocks 1910A, 1911 and 2011A, offshore Namibia, cover an area of approximately 22,000 sq km in water depths ranging from 200 to 3,000 metres.

• Onshore Block 5 in northern Uganda extends to 6,040 sq km and is at the northern end of the Albertine Graben. A number of significant oil discoveries have been made in Blocks 2 and 3 some 150km to the south of Block 5.

Both Licences now have funding partners. In Uganda, Orca Exploration Group Inc has funded most of the seismic programme and has an option to earn a 50% Licence interest by funding most of a two well programme. In Namibia, Arcadia Petroleum Limited has funded a 2-D seismic commitment and is funding two exploration wells (subject to an option to withdraw at certain milestones).

The Company is currently evaluating the exploration potential of these areas through geophysical data processing and interpretation having completed seismic acquisition commitment programmes. Once complete, Tower Resources and its partners will, by mid-2008, commit to forward operational programmes which involve a two well drilling commitment in Uganda and a substantial seismic acquisition, processing and interpretation programme in Namibia.

While the focus is currently on Uganda and Namibia, new opportunities in this southern Africa core area, which meet the company’s quality criteria, are now being considered.