Namibia Update

5 Sep 2007 07:02

Tower Resources PLC05 September 2007 TOWER RESOURCES: NAMIBIA UPDATE Tower Resources ("Tower"), the AIM listed oil and gas exploration company, andits wholly-owned subsidiary Neptune Petroleum (Namibia) Limited ("Neptune") havecompleted a 2D seismic acquisition programme and have agreed farm out terms witha third party. Both events mark important progress in the operations and futurefunding of their licence obligations in Namibia. Tower contracted with Sana Navigation Company Ltd. to deploy the seismic vessel"Northern Explorer", to acquire 2-dimensional seismic programme over the northwestern areas of its licence covering offshore blocks 1910A, 1911 and 2011A. Thesurvey was completed on the 1 September 2007 having acquired more than 700kilometres of good quality data. The next step is for the process andinterpretation of the data. This new data will facilitate further evaluation ofthe large structure revealed by an amplitude variations with offset analysis ascurrently seen on existing licensed data. Neptune has also signed a farm out agreement with a third party to fund thiswork programme and, potentially, additional future seismic and drillingactivities. The farm out agreement is subject to formal approval by the NamibianGovernment and a more detailed announcement will be made once this has beenreceived. Tower will continue to have a 100% interest in the project up untilcompletion of the farm out agreement. End For further information, please contact: Tower Resources plc www.towerresources.co.ukPeter Kingston, Chairman 07802 804852 Blue Oar SecuritiesRhodri Cruwys 020 7448 4400 Aquila Financial Limited www.aquila-financial.comPeter Reilly 020 7202 2600Yvonne Fraser Notes to Editors Tower Resources Plc is an AIM-listed, independent oil and gas explorationcompany based in London. The company is focused on sub-Saharan Africa, holding 100% exploration licencesin Namibia and Uganda through its two operating subsidiaries Neptune Petroleum(Namibia) Ltd and Neptune Petroleum (Uganda) Ltd. The company's assets include; blocks 1910A, 1911 and 2011A offshore Namibia andonshore block 5 in Northern Uganda. This information is provided by RNS The company news service from the London Stock Exchange