Tower Resources PLC - Board Changes

30 September 2020

Tower Resources plc

Board Changes

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces the following board changes with immediate effect.

The Company is pleased to announce that Paula Brancato has agreed to join the board as an independent Non-Executive Director. Paula is an investment advisor with Barnum Financial Group in New York, where she works with clients and also in new venture and market development. Paula holds an MBA from Harvard Business School and FINRA qualifications in the US as both a broker and investment advisor, as well as being a member of the CFA Society New York. Paula will also serve as Chair of the Audit Committee.  

The Company also announces that David M Thomas, Non-Executive Director, has decided to step down from the board to pursue his other business interests, notably his interest in Orion Energy plc. The board would like to thank David for his contribution to Tower since joining in 2017, during which time Tower completed its G&G work on the Njonji structure, planned and designed the NJOM-3 well, and prepared the drilling site for the well itself, in addition to obtaining the PEL-96 license in Namibia. The board wishes him the very best in his future endeavours.

Jeremy Asher, Chairman and CEO, commented: "We are delighted to welcome Paula to the board, even as we are sorry to say goodbye to David. Paula will fill a gap left by Graeme Thomson last year, for a well qualified financial professional to oversee our audit committee, and she will also bring a fresh set of eyes to all of our commercial and risk management. We anticipate further additions to the board as we ramp up operations again after the pandemic, which we hope will be soon."   

Paula Concetta Brancato, also known as Paula Concetta Fritsch, (age 63), currently has no other Directorships and has held none during the past five years.

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

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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