Letter of Award for Rig Contract in Cameroon

10 June 2025

Tower Resources plc

("Tower" or the "Company")

Letter of Award for Rig Contract in Cameroon

Tower Resources plc (AIM: TRP), the AIM-listed oil and gas company focused on Africa, is pleased to announce that its subsidiary, Tower Resources Cameroon SA ("TRCSA"), has issued a Letter of Award to Advanced Energy Systems S.A.E ("ADES"), an affiliate of ADES Holding, for the provision of a jack-up rig, proposed to be the Admarine 510, to drill the NJOM-3 well on Tower's Thali license in Cameroon in Q4 2025.

The Admarine 510, a GustoMSC CJ-46-X100-D triangular design three-legged jackup unit, built in 2019, and capable of operating in water depth up to 375 ft, is just completing its five-yearly recertification project in Bahrain. The rig has also recently been awarded a contract with Addax Petroleum for operations in Cameroon, to commence in late 2025, and it is intended that the rig will drill the NJOM-3 well for Tower before beginning operations with Addax Petroleum.

The commercial terms of the ADES proposal to TRCSA are confidential, but the fact that the Admarine 510 was already committed to move to Cameroon for other operators has facilitated the discussions with the rig owner and resulted in more favourable terms than the owner could have offered otherwise. The terms are well in line with the Company's previous projections and compare very favourably to offers received from other rig owners earlier this year and last year.

The Letter of Award is subject to contract and usual conditions precedent, including receipt of Government approvals in Cameroon and completion of TRCSA's farm-out to Prime Global Energies Limited as announced on 10 January 2025.

Tower Resources Chairman & CEO, Jeremy Asher, commented:

"We are delighted to make this award, and are looking forward to working with ADES on the NJOM-3 well this year. Our rig selection process has been made a little more complex by the opportunity to coordinate our timing with that of other nearby oil and gas companies, including Addax Petroleum in particular, however I believe it has resulted in a very good commercial outcome for all parties."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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About Tower Resources

Tower Resources plc is an AIM listed energy company building a balanced portfolio of energy opportunities in Africa across the exploration and production cycle in oil and gas and beyond. The Company's current focus is on advancing its operations in Cameroon to deliver cash flow through short-cycle development and rapid production with long term upside, and de-risking attractive exploration licenses through acquiring 3D seismic data in the emerging oil and gas provinces of Namibia and South Africa, where world-class discoveries have recently been made.

Tower's strategy is centred around stable jurisdictions that the Company knows well and that offer excellent fiscal terms. Through its Directors and staff, Tower has access to decades of expertise and experience in Cameroon and Namibia, and its joint venture with New Age builds on years of experience in South Africa.

About ADES Holding Company 

ADES Holding Company, headquartered in Al Khobar in the Kingdom of Saudi Arabia, is a world leading international drilling services provider. The Company has over 8,000 employees and a fleet of 91 rigs across 12 countries, including 40 onshore drilling rigs, 48 jackup offshore drilling rigs, two jackup barges, and one mobile offshore production unit ("MOPU").