Tower Resources plc (“Tower” or “the Company”), the AIM-listed oil and gas exploration company, today announces its final results for the year ended 31 December 2009.

Highlights:

Uganda

  • Prospectivity of EA5 has been enhanced after full evaluation of two wells drilled to date
  • Generation and migration of oil has been confirmed
  • Programme of geophysical operations approved for the next twelve months

Namibia

  • 3-D seismic survey due to begin shortly
  • Huge potential confirmed by seismic interpretation carried out in 2009
  • Independent Technical Review to be completed soon

Commenting on the results, Peter Kingston, Executive Chairman of Tower said:

“The results of the two Uganda wells, although not establishing a commercial oil accumulation, have given greatly increased insights into the potential of the EA5 Licence. Near mature oil, very similar to oil encountered in all other areas of the Albertine Graben, has now been encountered in widespread surface samples and both wells. A significant interval of potential source rock has been encountered in Avivi-1. Combined pressure data from the two wells has increased the likelihood that Iti-1 contains an oil accumulation in low quality reservoir sands. Progress in Namibia is slower than expected but huge potential has been confirmed. The Tower Board remains very upbeat about the prospects for the Company.”

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