Tower Resources plc (“Tower”, “TRP” or the “Company”) (TRP.L, TRP LN), the AIM listed Africa focussed oil & gas company, is very pleased to announce it is entering into a long term strategic partnership agreement with P.D.F. Limited (“PDF”), an international oil and gas exploration advisory group, to provide the Outsourced Exploration Department (OExD™) tailored to the expanding exploration and new ventures needs of the Company.
Under this innovative OExD™ strategic partnership agreement Tower will secure access to an excellent integrated exploration team including long-term safeguards for corporate memory and data management. PDF will earn a portion of its fees in TRP shares, thereby gaining a stake in Tower and linking the success of the OExD™ to the overall performance of the Company.
PDF are a bespoke exploration geoscience group, established in 1994 and led by Dr Mark Enfield and Edward Blunt, with extensive Africa and global exploration, operations and new ventures experience and a track record of success. The multi-disciplinary PDF team of more than 20 exploration geoscientists provides a full range of exploration, sub-surface & project management expertise with specific experience and success exploring in areas with complex geological challenges, frontier basins, developing new concepts for exploration and finding, evaluating and securing new business opportunities.
PDF’s geoscience is enhanced by the use of leading-edge software, including the full Paradigm® software suite, which will help maximise asset value for the Company. PDF has a strategic relationship with Paradigm®, a leading developer of software-enabled solutions to the global oil and gas industry.
Commenting on the appointment of PDF, Tower’s CEO Graeme Thomson said: “We now believe we are able to compete with companies many times our size technically, and PDF’s impact on the effectiveness of our team has already been enormous.”
Nigel Quinton, (VP New Ventures) added: “I am delighted that we have forged a relationship with a very bright group of geoscientists who bring depth of experience and energy as well as professional capability to our new team. Having access to this substantial geoscience team provides a company such as Tower a real cutting edge amongst our peers without creating a large overhead.”
Mark Enfield, PDF Managing Director commented: “We are excited to be entering into this strategic partnership with Tower’s new management team. We look forward to working with them over the long term to add value in the existing exploration portfolio and accelerate the expansion of the Company in Africa, an area where we have considerable experience and have had previous success.”
Jeremy Asher (Chairman)
Graeme Thomson (CEO)
Andrew Matharu (VP – Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP
(Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten
+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Liz Williamson
+44 20 7647 2800
Peter Reilly, Chris McMahon
+44 20 7016 9570
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