REG - Tower Resources PLC - Board Changes

Tower ResourcesAnnouncement

02/08/2024 07:15

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RNS Number : 8988Y  Tower Resources PLC  02 August 2024

 

 

2 August 2024

Tower Resources plc

("Tower" or the "Company")

Board Changes

 

Tower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on
Africa, is pleased to announce the following Board changes.

 

First, the Company is delighted to announce the appointment of Ms Stacey Kivel
as an independent Non-Executive Director of the Company with immediate effect.

 

Stacey has 20 years' experience in senior management and as a company
director, including as a Head Corporate Counsel and Company Secretary, working
across business development and investor relations for oil exploration
operators with assets in Africa, including both AIM and TSX listed
companies.  As a US qualified lawyer with a degree in Finance, she assisted
these entrepreneurial companies with their commercial activities, including
the raising of hundreds of millions of US dollars in debt and equity finance
to successfully run drilling campaigns. Stacey is also familiar with both
Cameroon and Tower, albeit some time ago, having served as an advisor and
counsel to Tower between 2013 and 2016, where she was mandated with securing
the successful acquisition of the Thali block in Cameroon, and assisted the
Company with its other African interests.

 

Stacey will join the Remuneration and Audit Committees and has agreed to chair
the Remuneration Committee going forward.

 

Second, the Company is also pleased to announce that Dr Mark Enfield has
agreed to increase his time commitment to the Company and will henceforth
serve as an Executive Director of the Company. This step reflects the growing
amount of subsurface and technical work which the Company has been undertaking
over the past year as Operator of both the Cameroon Thali license and the
Namibian PEL 96 license, and which the Company expects to increase further
over the years ahead.

 

The Company is stepping up the already substantial amount of subsurface work
it has been carrying out on PEL 96, where Tower intends to reprocess a large
amount of 2D data over the coming months ahead of further 3D seismic data
acquisition, as recently explained in today's Namibia Update announcement.
Furthermore, the NJOM-3 well, which the Company is still expecting to spud in
late Q4 2024 or early Q1 2025 (before the end of the current license period in
February 2025) will also provide us with a large amount of further subsurface
data which will need to be integrated rapidly into our models and plans for
the next three production wells. As a result, Tower is pleased to appoint Mark
in an executive capacity, though this will also mean ending our formal
out-sourcing agreement with EPI Group ("EPI"), under which the Company had
been contracting this work until now. Tower will continue to work with EPI and
will use their personnel on an ad hoc basis as required.

 

As a result of Mark shifting to the role of an Executive Director, he will no
longer serve on the Remuneration Committee or the Audit Committee, and his
position on those committees will be taken by Stacey Kivel as noted above.

 

Tower Resources Chairman & CEO, Jeremy Asher, commented:

 

"We are delighted to welcome Stacey to the Board and to have a greater share
of Mark's time - though he has shown no shortage of commitment to us over the
last few years in his non-executive capacity. The Company has previously
worked with Stacey in a professional capacity some years ago, so we know that
her quality both as a lawyer and as a commercial advisor within our industry,
and her familiarity with our Thali PSC, which she helped to negotiate in
2014-15, and with Cameroon where she has been working on other projects
recently, will serve the Company well as we build our business there. We must
also thank EPI for their support over many years, and look forward to this
excellent working relationship continuing, albeit in a different form, for
many years to come."

 

The following information is disclosed pursuant to Rule 17 and Schedule Two
paragraph (g) of the AIM Rules for Companies in relation to Ms Stacey Lynne
Kivel, aged 57:

 

 Current directorships and/or partnerships:                              Former directorships and/or partnerships (within the last five years):
 Geoscience Energy Society of Great Britain (GESGB) Conferences Limited  Braveheart Clean Energy Investments Limited
 SLK Global Advisory Limited
 Gcorp Strategies Incorporated

 

There are no further disclosures required under Schedule 2(g) of the AIM Rules
for Companies.

 

Contacts:

 

 Tower Resources plc                  +44 20 7157 9625

 Jeremy Asher

 Chairman & CEO

 Andrew Matharu

 VP - Corporate Affairs

 BlytheRay                            +44 20 7138 3204

 Financial PR

 Tim Blythe

 Megan Ray

 SP Angel Corporate Finance LLP       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Caroline Rowe

 Axis Capital Markets Limited         +44 203 026 2689

Joint Broker

 Lewis Jones

 Ben Tadd

 Novum Securities Ltd                 +44 20 7399 9400

Joint Broker

 Jon Bellis

 Colin Rowbury

 

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.

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