Repsol Assumes Operatorship at Namibia License



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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