Appointment of CEO & Grant of Options

RNS Number : 3664E

Tower Resources PLC

30 May 2012

 



PRESS RELEASE

30 May 2012

Tower Resources plc

("Tower" or the "Company")

Appointment of Chief Executive Officer

& Grant of Options

Tower Resources plc ("Tower"), LN: TRP, the AIM listed exploration company, is very pleased to announce the appointment of Graeme Thomson FCA who will join the Board on 1^st June 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.

Jeremy Asher, Chairman of Tower, commented:

"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 maximise 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."

Graeme Thomson, Tower's incoming CEO, 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".

Contacts:

Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Gavin Burnell, Edward Hutton John-Henry Wicks / Alice Lane (Broking) 0207 796 8800 Investec (Joint Broker) Ben Colegrave, Chris Sim                                                                                               0207 597 4000 M Communications Patrick d'Ancona, Chris McMahon, Andrew Benbow 020 7920 2358
Further information:

Graeme Paul Thomson (55)

Mr. Thomson is, or has within the past five years been, a director or partner of the following companies/partnerships:

Current directorships/partnerships

Desire Petroleum plc

Frontier Resources International plc

Former directorships and partnerships in the past 5 years:

Forum Energy plc

Sterling Energy plc

Fusion Mauritania A Limited

LEPCO Oil & Gas Canada Limited (1)

LEPCO Oil & Gas, Inc (1)

LEPCO Oil & Gas Netherlands B.V.

Sterling Energy, Inc

Sterling Energy (International) Limited

Sterling Energy (Mauritania) Limited (1)

Sterling Energy (North America) Limited (1)

Sterling Energy (UK) Limited

Sterling Northwest Africa Holdings Limited

Sterling Cameroon Holdings Limited

Sterling Cameroon Limited

Sterling Cheval Marin Holdings Limited (1)

Sterling Cheval Marin Limited (1)

Sterling Croix du Sud Holdings Limited  (1)

Sterling Croix du Sud Limited (1)

Sterling Dome Flore Holdings Limited

Sterling Dome Flore Limited

Sterling Oil & Gas (Iris Marin) Limited

Sterling Oil & Gas Pty Ltd (1)

Sterling Oil & Gas (Themis Marin) Ltd

Sterling Oil Limited (1)

Westmount Resources Inc

West Oil Ghana Limited (1)

Whittier Energy Corp

Marble City Limited

(1) subject to a member's voluntary liquidation

Mr Thomson's 20m share options will vest in three equal tranches 12, 24 and 36 months respectively after the date of his appointment and will all expire if not previously exercised on the fifth anniversary of their issue.

No further information with respect to Graeme Thomson is required to be disclosed in accordance with Schedule Two (g) of the AIM Rules for Companies.

 

END

 

 

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