Tower Resources plc noted that Repsol SA announced during its May 29 investor presentation that it is planning to enter Namibian offshore license 0010 (the "License") as operator and take a 44 percent working interest, which is consistent with previous remarks made to the media by the Namibian authorities. The License is presently held 85% by Arcadia Petroleum Ltd ("Arcadia") and 15% by Tower.
The formal documentation and government approvals for this transfer are not yet completed; Tower will inform the market as soon as it becomes aware that this has occurred.
Provided the transfer is completed, interests in the License will be Repsol 44%, Arcadia 41% and Tower 15%, and Tower's carried interest (through the first and optional second exploration wells) remains unaffected.
Tower is continuing to investigate opportunities to increase its interests in the Namibian offshore.
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