Tower Resources plc announced the appointment of Graeme Thomson FCA who will join the Board on June 1, 2012 as Chief Executive Officer.
Under the terms of his contract with the Company, Mr. Thomson has been granted 20 million share options at an exercise price of 3.025p per share.
Mr. Thomson has over 30 years public company experience and has held a number of senior positions in the oil & gas industry. He was a co-founder of Sterling Energy plc and spent nine years as its Finance Director, Company Secretary and ultimately its CEO until he left in December 2009. Previously he was Finance Director & Company Secretary for seven years at Dragon Oil plc and its predecessor companies. He is an independent non-executive director and Chairman of the Audit Committee at Desire Petroleum plc and Frontier Resources International plc and has been advising a number of oil & gas companies on their corporate finance, accounting, commercial and strategic affairs.
"We're delighted that Graeme has agreed to join Tower as CEO, to spearhead our future development. This is an exciting time for the Company and Graeme's wealth of experience will help us to maximize the potential of our Namibian interests and of other opportunities we see before us. Graeme's broad and deep knowledge of building oil and gas businesses should bring great value to Tower's shareholders," Jeremy Asher, Chairman of Tower commented.
"I am very pleased to be joining Tower at a pivotal time in its development. This is a great moment to be in the oil sector in Africa, and especially in Namibia. Together with my highly experienced new colleagues, I am sure that we can build the Company to the benefit of shareholders and the communities in which we operate," Graeme Thomson, Tower's incoming CEO commented.
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