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Tower Resources CEO Kingston steps down, as announced last year

Tower Resources CEO Kingston steps down, as announced last year

African focused oil and gas explorer Tower Resources (LON:TRP) said chief executive Peter Kingston has stepped down from the board with immediate effect.  He had expressed his intention to leave in November last year.

Kingston announced in November he would remain CEO until March, while non-executive director Jeremy Asher replaced him as chairman on an interim basis, which Tower said was the first step towards a long-term separation of the chairman and CEO roles.

“It was never my intention to remain with the company for as long as I have as executive chairman and it had long been my plan to step back from the day-to-day running of the business,” he had said last year.

Asher commented today:  "The board would like to thank Peter for his contribution to the Company. Peter has left Tower in a strong position to pursue its interests offshore Namibia and we would like to wish him all the best in the future."

The company is currently searching for a suitable successor and will update the market in due course. 

Tower is focused on its Namibian licence, which is expected to be drilled in 2013 to test five targets with total recoverable reserves of over nine billion barrels. It also holds a 50 per cent working interest in three licence blocks in the Saharawi Arab Democratic Republic.

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