Tower Resources plc (“Tower”), LN: TRP, the AIM listed exploration company, is pleased to announce its final results for the 12 months ended 31 December 2011.
Jeremy Asher, Chairman of Tower Resources, commented:
“2011 was an extremely active year for the Company and although the Mvule-1 well in Uganda, drilled post year end, was disappointing, we have made considerable progress with our Namibian licence and in restructuring the board and management of the Company.
The Competent Person’s Report completed during the first half of 2011 was particularly positive for Tower, identifying two prospects and 3 leads in the large Delta structure. We believe that these can be targeted with one well and according to the CPR, if successful, could potentially contain 9.3 billion barrels of recoverable oil and 14.5 TCF of gas. The report estimated Tower’s risked prospective EMV10 for the Delta targets alone at $1,866 million, which corresponds to around 80 pence per Tower share.
I believe that our prospects in Namibia have never looked more exciting, and feel that we have real momentum as we put in place the right company infrastructure to take advantage of opportunities during the year ahead.”
Tower Resources PLC
Jeremy Asher, Chairman
07736 876 476
Northland Capital Partners Limited
(Nominated Adviser and Joint Broker)
Gavin Burnell, Edward Hutton
John-Henry Wicks / Alice Lane (Broking)
020 7796 8800
Patrick d’Ancona, Chris McMahon, Andrew Benbow
020 7920 2358
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