Tower Resources PLCLSE Tower Resources Stock Report

Tower Resources Plc engages in exploration and development of oil and gas resources. The firm operates oil and gas licenses with a focus on projects in Africa. The firm has projects in Cameroon, Namibia and South Africa. The firm through its wholly owned subsidiary, holds 100% interest in the shallow-water Thali Production Sharing Contract (PSC) in the Rio del Rey basin, offshore Cameroon. The Thali PSC covers an area of approximately 119.2 square kilometers (km2), with water depths ranging from eight to 48 meters, and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. Through Tower Resources (Namibia) Limited, a wholly owned subsidiary covers 80% interest in Blocks 1910A, 1911 and 1912B. The blocks cover 23,297 km2 of the northern Walvis Basin and Dolphin Graben (offshore Namibia). The firm also holds a 50% interest in the Algoa-Gamtoos license offshore South Africa. The Algoa-Gamtoos license covers approximately 9,369 km2.