Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM listed Africa-focussed oil and gas exploration company, announces the following grant of options to certain directors, members of the management team and retained consultants.

The Remuneration Committee of the Board has decided to grant options over an aggregate of 134,400,000 ordinary shares at a premium of 150% over the current share price, being an exercise price of 0.19p per share and which was the Placing price of the Company’s most recent placing announced on 15 July 2015. The options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue.

Director/PDMRNumber of options prior to grantNumber of options granted at 0.19pTotal number of remaining options
Graeme Thomson, CEO68,000,00031,500,00099,500,000
Nigel Quinton, Exploration Director42,000,00027,000,00069,000,000
Philip Swatman, Non-Executive Director1,500,0001,500,000
Philip Frank, Non-Executive Director1,500,0001,500,000
Eric Griffith, Asset Manager18,700,00022,700,00041,400,000
Andrew Matharu, VP Corporate Affairs25,000,00016,600,00041,600,000
Andrew Smith, Financial Controller25,400,00016,000,00041,400,000
P.D.F Limited 2008 Employee Benefit Trust16,000,00012,000,00028,000,000

The total number of outstanding options is now 333,100,000 representing 4.6% of the fully diluted issued share capital of the Company with an exercise price ranging from 0.19 to 0.70 pence per share and with expiry dates ranging from December 2019 to February 2021.

Tower Resources

Graeme Thomson (CEO)
Andrew Matharu (VP – Corporate Affairs)
+44 20 7253 6639

Peel Hunt LLP (Nominated Adviser and Broker)

Richard Crichton/Ross Allister
+44 20 7418 8900

Vigo Communications

Chris McMahon/ Alex Aleksandrov
+44 20 7830 9702

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