Tower Resources Plc · LSE:TRP

Tower Resources — Investor Presentation (April 2014)

18 slides from Tower Resources's investor presentation, Apr 24, 2014

1. Slide 1: Delivering High Impact African Exploration

   24 April 2014 Delivering High Impact African Exploration © 2014 Tower Resources plc 1

2. Slide 2: Disclaimer Important Notice

   Disclaimer Important Notice DISCLAIMER The information contained in these slides has been prepared by Tower Resources plc (the “Company”). This Presentation is being made for information purposes only and does not constitute an offer or invitation for the sale or purchase of securities or any of the

3. Slide 3: Delivering a High Impact African Explorer

   Tower Resources Delivering a High Impact African Explorer  Multi-billion barrel targets offshore Namibia – Welwitschia-1 • Super-giant structure with multiple target reservoirs • Net risked prospective resources 496 mmboe • 30% interest, Repsol operated, spudded April 2014  April 2014 Acquisition

4. Slide 4: Capital Structure

   Tower Resources Capital Structure Capital Structure Shareholders Listing AIM 10.9% Rift Petroleum Group Share price 4.0p Holdings Limited Market capitalisation ~ US$258m 9.8% Quantum Pacific Finance Holdings Issued share capital 3,768m Limited Options & warrants 170m (4.3%) 7.3% Mr Jeremy Asher* Bal

5. Slide 5: Board & Senior Management Team

   Tower Resources Board & Senior Management Team Jeremy Asher Peter Taylor Graeme Thomson Peter Blakey Philip Swatman Non-Executive Non-Executive Chief Executive Officer Non-Executive Independent Chairman Director Director Non-Executive Director Nigel Quinton Andrew Matharu Head of Exploration VP – Co

6. Slide 6: Offshore Namibia – PEL0010

   Offshore Namibia – PEL0010 Welwitschia-1 will test 1000 km2 structure Near Top Albian - composite regional depth structure Offshore Namibia Late Cretaceous sands  4 basins along c.1,600 km coastline 35-90m net thickness >25% av. porosity  Only 14 exploration wells to date ALPHA  Only 8 drilled in

7. Slide 7: Namibia – Activity and PEL10 Resources

   Tower Resources Namibia – Activity and PEL10 Resources  Welwitschia-1 spudded GAZANIA  5 potential reservoir targets Awarded new PA & commits to $40MM exploration prog. (June 2013) WESTBRIDGE Awarded additional licences (July 2013)  Net risked prospective resources 496mmboe Oil shows  Drilling u

8. Slide 8: All Share Acquisition of Rift Petroleum

   Tower Resources All Share Acquisition of Rift Petroleum  Privately-owned exploration company with exposure to 500 km oil & gas opportunities in South Africa and Zambia  Founder: Julian McIntyre – Successful Investor in Sub-Saharan Africa BLOCKS 40 & 41 80% interest  Vendor shareholder injected $7

9. Slide 9: South Africa – Rift Portfolio

   South Africa – Rift Portfolio Well placed in areas targeted by Majors Rift Blocks NAMIBIA Major/Super-major KUDU FIELD Operated licence SHELL Purchase 2014 US$54MM LESOTHO SOUTH AFRICA SW Orange Basin Block Algoa-Gamtoos IBHUBESI FIELD 27,508 km2 11,809 km2 50% application 50% interest with with New

10. Slide 10: Conditional Farm-in to 15% of Block 2B, Kenya

    Tower Resources Conditional Farm-in to 15% of Block 2B, Kenya  Drilling of Badada-1 well expected Q4 2014  Targeting gross prospective resources of 251 mmboe  Potential play opener – upside > 1 billion bbls AOC-Tullow Blocks 13T/10BB Best estimate unrisked gross  Conditional farmin agreed with p

11. Slide 11: Badada Prospect – Ngamia Comparison

    Tower Resources Block 2B Badada Prospect – Ngamia Comparison Badada Prospect (Block 2B) Gross Unrisked Oil Resources – Ngamia & Badada 2C “Best Estimate” GCOS Plio-Pleistocene Sediments Prospect (MMBO) MMBO % (No volcanics) Ngamia 180* 281* 64* Intra-Miocene Badada 251** 17.5** Sands & Shales *Sourc

12. Slide 12: Cameroon and Madagascar

    Tower Resources Cameroon and Madagascar Cameroon (Dissoni Block) – Preferred Bidder Madagascar (Block 2102) – negotiations pending  Mature area close to producing fields Source: Modified from Ophir Corporate Presentation (Oct 2012)  Recent Oak discovery extends play fairway  Deep gas condensate p

13. Slide 13: Anticipated Activity

    Tower Resources Anticipated Activity Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Namibia – PEL0010 Drilling Well Results Integration Drilling (Welwitschia 1) & planning for follow-up drilling (contingent) Shell, OMV, Murphy farm-ins Chariot drilling in Tullow drilling in

14. Slide 14: Summary

    Tower Resources Summary  Super-giant Welwitschia-1 drilling April to May 2014, targeting risked prospective resources of 496mmboe net to Tower  All share deal for Rift Petroleum provides exposure to emerging ‘hot-spot’ offshore South Africa recently validated by oil Majors’ farm-ins  Farm-in to B

15. Slide 15: Supporting Materials

    Tower Resources Supporting Materials © GP Thomson 2013 © 2014 Tower Resources plc 15

16. Slide 16: Offshore Namibia – PEL0010 Welwitschia Prospect Summary

    Offshore Namibia – PEL0010 Welwitschia Prospect Summary  Gross unrisked prospective resources 9.9 billion boe in simple Top Maastrichtian Far Stack (No AVOBK) structural play Extraction + Depth Contours  Multiple reservoirs, main targets: • Maastrichtian-Palaeocene sands • Albian carbonates  Low

17. Slide 17: Offshore Namibia, PEL0010 Regional Seismic Line

    Offshore Namibia, PEL0010 Regional Seismic Line WALVIS BASIN NW GAMMA WELWITSCHIA METHANE HYDRATES & SURFACE SEEPS SE TWT ALPHA 2.0 3.0 NEAR TOP ALBIAN 4.0 5.0 Basin modelling indicates peak generation at 10Ma 6.0 (Late Miocene – Recent), which post-dates closure & seal formation in the Oligocene 50

18. Slide 18: Other Assets & Business Development

    Tower Resources Other Assets & Business Development Asset: Zambia – Blocks 40 & 41 License Negotiations – Ethiopia Onshore • Rift invited to negotiate for two • 80% interest in two onshore blocks blocks in a frontier basin License • Gross area: 6,946 km2 Negotiations New Age / AOC Acquiring 2D seism

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