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 and most recently in Block 1 some 80km to the south of Block 5.

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 has evaluated the exploration potential of these areas through geophysical data processing and interpretation having completed seismic acquisition commitment programmes. This work has concluded that both areas have company making exploration potential.

While the focus is currently on Uganda and Namibia, the Company has acquired Comet Petroleum Limited which is the 50% holder of two exploration licences in the Saharawi Arab Democratic Republic, and is in negotiation with the relevant authorities for an exploration licence covering Lakes Eyasi, Wembere, Natron and Manyara in the north east of Tanzania.