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RCS - Tower Resources PLC - Africa Oil Week – Technical Presentation

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RNS Number : 7075P  Tower Resources PLC  11 October 2023

11 October 2023

Tower Resources plc

("Tower" or the "Company")

Africa Oil Week - Technical Presentation

 

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed
oil and gas company with its focus on Africa, is pleased to announce that to
coincide with the Company's participation at the Africa Oil Week Conference
("AOW") held in Cape Town, South Africa, a copy of the presentation given at
the AOW Prospect Forum will be available from today on the Company's website
at www.towerresources.co.uk (http://www.towerresources.co.uk) . The slides
will be in the Presentations section of the site and a version of the slides
with a voice-over from Duncan Rushworth will be in the Multi-media section of
the site.

 

The presentation summarises the findings of extensive basin modelling studies
and integrates the results of the oil seep analysis recently conducted by the
Company on the PEL96 license, offshore Namibia. The results of the studies
were very promising, with the presence of Direct Hydrocarbon Indicators
observable on legacy seismic data and surface oil seeps identified from
satellite data. Both are indicative of a working petroleum system in the
vicinity of PEL96, and the fact that the oil seep study, conducted after the
basin modelling was complete, appears very consistent with the modelled charge
and migration paths, is encouraging. The basin modelling studies have
demonstrated the potential presence of a source rock that has reached
sufficient maturity to expel material volumes of hydrocarbons. The studies
also showed viable migration routes can be established that provide
hydrocarbon charge to prospects previously mapped on PEL96, as well as
additional possible leads which are currently being analysed.

 

 

Contacts:

 

 Tower Resources plc                  +44 20 7157 9625

 Jeremy Asher

 Chairman & CEO

 Andrew Matharu

 VP - Corporate Affairs

 BlytheRay                            +44 20 7138 3208

 Financial PR

 Tim Blythe

 Megan Ray

 SP Angel Corporate Finance LLP       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Kasia Brzozowska

 Axis Capital Markets Limited         +44 203 026 2689

Joint Broker

 Richard Hutchison

 Panmure Gordon (UK) Limited          +44 20 7886 2500

Joint Broker

 John Prior

 Hugh Rich

 

About Tower Resources

Tower Resources plc is an AIM listed energy company building a balanced
portfolio of energy opportunities in Africa across the exploration and
production cycle in oil and gas and beyond. The Company's current focus is on
advancing its operations in Cameroon to deliver cash flow through short-cycle
development and rapid production with long term upside, and de-risking
attractive exploration licenses through acquiring 3D seismic data in the
emerging oil and gas provinces of Namibia and South Africa, where world-class
discoveries have recently been made.

Tower's strategy is centred around stable jurisdictions that the Company knows
well and that offer excellent fiscal terms. Through its Directors, staff and
strategic relationship with EPI Group, Tower has access to decades of
expertise and experience in Cameroon and Namibia, and its joint venture with
New Age builds on years of experience in South Africa.

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