IN BRIEF: Tower Resources Notes Global Petroleum's Resource Estimate

Tower Resources PLC - Africa-focused oil and gas company - Notes Global Petroleum Ltd's prospective resource estimates in respect of its license PEL 94, covering block 2011A which is immediately to the South of Tower's block 1911. Global estimates that Welwitschia Deep Albian carbonate prospect has Best Estimate unrisked gross prospective resources of 671 million barrels of oil, with a geological chance of success of 17%. Tower says total best estimate unrisked gross prospective resources of the Welwitschia Deep prospect's entire structure would about 895 million barrels. Of this, 224 million barrels lies in block 1911 - 179 million barrels would be attributable to Tower. Says talks with unnamed "major oil company" regarding its license PEL 96 now placed on "back burner" due to Covid-19.

Current stock price: 0.36 pence

Year-to-date change: down 11%

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

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