© 2014 Tower Resources plc

1

Frontier African Exploration

Corporate Presentation

January 2014

Disclaimer

Important Notice

2

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 assets described in it nor shall they nor any part of them form the basis of or be relied on in

connection with, or act as any inducement to enter into, any contract or commitment whatsoever or otherwise engage in any investment activity (including within the meaning

specified in section 21 of the Financial Services and Markets Act 2000).

The information in this Presentation does not purport to be comprehensive and has not been independently verified. While this information has been prepared in good faith, no

representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its officers, employees, agents or

advisers as to, or in relation to, the accuracy or completeness of this Presentation, and any such liability is expressly disclaimed. In particular, but without prejudice to the generality

of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, management estimates or prospects contained in this

Presentation. Such forward-looking statements, estimates and forecasts reflect various assumptions made by the management of the Company and their current beliefs, which

may or may not prove to be correct. A number of factors could cause actual results to differ materially from the potential results discussed in such forward-looking statements,

estimates and forecasts including: changes in general economic and market conditions, changes in the regulatory environment, business and operational risks and other risk

factors. Past performance is not a guide to future performance.

The information in slides 3, 8, 9, 10 in relation to Namibia has been extracted from the 2011 Oilfield International Competent Person’s Report (the “CPR”) and/or the Oilfield

International CPR update in June 2013, or reflects the Company’s analysis only or opinion based on the contents of the CPR. The pictures on slides 1 and 17 of this Presentation

are illustrative only and not pictures of Company assets.

The Presentation is not a prospectus nor has it been approved by the London Stock Exchange plc or by any authority which could be a competent authority for the

purposes of the Prospectus Directive (Directive 2003/71/EC). This Presentation has not been approved by an authorised person for the purposes of section 21 of the

Financial Services and Markets Act 2000.

The information contained in this Presentation is subject to change, completion or amendment without notice. However, the Company gives no undertaking to provide the recipient

with access to any additional information, or to update this Presentation or any additional information, or to correct any inaccuracies in it or any omissions from it which may

become apparent.

Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements. This document does not constitute an

offer to sell or an invitation to purchase securities in any jurisdiction.

Tower Resources

Overview of Tower Resources

3

Building a High Impact African Explorer

New management team experienced in building

successful E&P companies

New Outsourced Exploration department provides

critical band-width for growth

Raised US$20 million during H2 2013

High Impact well offshore Namibia

• 30% interest in super-giant structure

• Net risked prospective resources 496 mmboe

• Spud-date early April 2014

• Looking to sell 10% to fund diversification

Strategy to diversify & build exploration portfolio

The company is evaluating a number of new deals

including farm-ins, corporate M&A, licence rounds and

direct negotiation with Governments

Uganda Representative

office

East Africa

regional base

Namibia 30% of PEL010

3 Blocks offshore

Operator: Repsol

Drilling: Apr 2014

SADR 50% of 3 Blocks

1 Onshore

2 Offshore

72,698 km2

Operator: Wessex

Cameroon Negotiating PSC

terms for Dissoni

Block (offshore)

Madagascar Onshore

In negotiation

Tower Resources

Board & Management Team

4

PDF Limited

VP - Corporate Affairs

Jeremy Asher

Peter Taylor

Graeme Thomson

Peter Blakey

Philip Swatman

Nigel Quinton

Andrew Matharu

Non-Executive Director

PDF Limited

Rashid Mugabe

Chief Executive Officer Non-Executive Director Non-Executive Director Non-Executive Chairman

Head Of Exploration

Geoscience Group Regional Manager

Tower Resources

Capital Structure

5

Listing: AIM

Share price: 4.2p†

Market capitalisation: ~ US$184m

Issued share capital: 2,659m

Options & warrants: 107m (4.0%)

Balance sheet: ~US$18m cash

Directors holding: 19%

12 month high: 4.9p

12 month low: 1.1p

† At close on 23 Jan 2014

* Director

Shareholders

10.3%

10.0%

9.6%

4.0%

3.7%

61.6%

Mr Jeremy Asher*

Quantum PacificManagement Limited

Lansdowne Partners

Mr Peter Taylor*

Mr Peter Blakey*

Others

Tower Resources

Portfolio

6

Uganda Representative

office

East Africa

regional base

SADR 50% of 3 Blocks

1 Onshore

2 Offshore

72,698 km2

Operator: Wessex

Madagascar Block 2102

Onshore

In negotiation

Cameroon Negotiating PSC

terms for Dissoni

Block (offshore)

Namibia 30% of PEL010

3 Blocks offshore

Operator: Repsol

Drilling: Apr 2014

Cameroon Negotiating PSC

terms for Dissoni

Block (offshore)

100% Operator

Uganda Representative

office

East Africa

regional base

SADR 50% of 3 Blocks

1 Onshore

2 Offshore

72,698 km2

Operator: Wessex

Madagascar Onshore

In negotiation

= Shallow Miocene Prospect

= Oligo-Miocene Prospects

KEY

= Oil Fields

MAVANGUE LEAD

NJONJI LEAD

IDENAO LEAD

RUMPI OIL DISCOVERY Requires appraisal

NJONJI SHALLOW OIL DISCOVERY

Requires appraisal

NORTH DISSONI FIELD

25 MMbbl

Tower Resources

Cameroon, Dissoni

7

Rio del Rey Basin, Offshore Cameroon

Shallow water depths: < 50m

Two under-appraised shallow Miocene oil

discoveries on block

Upside potential in deeper toe-thrust plays

(analogous to adjacent Alba field &

Bowleven “Isongo” discoveries)

North Dissoni Field came online in 2013,

with production plateau of 14,000 bopd

expected in mid-2014 (operated by Perenco)

8

First exploration well Welwitschia #1 to spud mid-

April 2014 by Operator Repsol (44%)

Rowan Renaissance drillship contracted

Long lead items arriving in Namibia

Simple 4-way dip closure with multiple reservoir

sequences being intersected by Welwitschia #1

Very strong DHI in the Maastrichtian

Wingat #1 well recently confirmed presence of

source in Walvis Basin and recovered light oil to

surface

Estimated well costs US$80m to US$100m

Partners: Repsol (44%), Tower Resources (30%)

and Arcadia (26%)

Welwitschia #1 will meet all existing licence

commitments

Giant potential @ 15 cents per risked boe

Offshore Namibia

PEL0010 - Giant Dip-closed Prospects

Offshore Namibia

PEL0010 - Giant Dip-closed Prospects

9 * Aggregated case based on combined fluid probabilities of Volatile Oil, Gas Condensate and Dry Gas cases

Best Estimate of Resources* – June 2013 CPR update

Horizon Gross Unrisked Net Unrisked ECoS Net Risked

(mmboe) (mmboe) (mmboe)

Maastrichtian 2357 672 31.4% 211

Palaeocene 3564 1016 18.7% 190

Upper Campanian 463 132 8.7% 11

Campanian Wedge 1215 346 9.3% 32

Albian 2277 649 8.0% 52

Total Welwitschia 9875 2814 496

Gamma Palaeocene 2408 686 9.3% 64

Alpha Palaeocene 789 225 11.8% 27

TOTAL PEL0010 13073 3726 587

Welwitschia #1 to spud mid-April 2014

CPR gross prospective resources 9.9 Billion BOE

Multiple reservoirs, main targets:

• Maastrichtian-Palaeocene sands

• Albian carbonates

Maastrichtian GCOS of 23% without AVO & 39.5%

with AVO multiplier (CPR, 2011)

Significant follow-up potential exists in additional

leads, with total prospective resources in PEL0010

estimated at >13 Billion BOE

NAMIBE BASIN

ALPHA

GAMMA

25 km

NEAR BASE TERTIARY DEPTH STRUCTURE

Welwitchsia-1 (APR 2014)

Offshore Namibia, PEL0010

Walvis Basin - Underexplored

10

Source: The Millennium Atlas - Petroleum Geology of the Central northern North Sea (2003)

North Sea Fields & Basins

Walvis Basin Outline

PEL0010 (11,600km²)

Comparable in scale to a large part of the

Central Graben

Walvis Basin is bigger than the Central Graben

Only six wells drilled to date in c. 90,000 km²

Wingat #1 (2013 HRT) recovered 38o-42o API oil to

surface and confirmed the presence of at least two

mature oil source rocks

* All quoted volumes are best estimate unrisked gross

prospective resources

Kudu Gas Field

Kabeljou-1 Proved thick

regional source rock

Murombe #1 Proved mature Aptian

oil source rock

Wingat #1 38°-42° API oil

to surface

Kunene-1 Gas Discovery

Chariot/AziNam (PEL19)

1 well planned in 2014

Serica (PEL 47) 3D survey acquired & 1 well

provisionally planned in 2014/15

Maurel & Prom Increased interest in

PEL’s 44 & 45 (Aug 2013)

Westbridge Energy Awarded additional licences (June 2013)

Tullow Farmed-in to

PEL37 (Sept 2013)

Tower (PEL10) Welwitschia-1 to spud in

April 2014 targeting 9,875 mmbbl*

Moosehead #1 Proved well developed

Aptian source rock

Gazania Awarded new PA & commits to $40MM exploration prog.

(June 2013)

Offshore Namibia, PEL0010

Welwitschia Prospect Play Summary (Schematic Depth Section)

1.0

2.0

3.0

4.0

5.0

(km)

SYN-RIFT EARLY APTIAN-

BARREMIAN SOURCE INTERVALS

LATE ALBIAN

CENOMANIAN- SANTONIAN

MAASTRICHTIAN- CAMPANIAN

EO-OLIGOCENE

APTO- ALBIAN

NEOGENE

Early Cretaceous carbonates play

Welwitschia Prospect

Thick regional shales

Stacked Late Cretaceous - Early Tertiary basin floor

sands trapped in 4-way dip closures

SEA BED

25 km

Oil recovered from Albian carbonates

PALAEOCENE

1911/15-1 & 1911/10-1

SYN-RIFT (EARLY APTIAN-

BARREMIAN SOURCE INTERVALS)

Basin floor sands

Offshore Namibia, PEL0010

Reservoir Presence: Sands in Offset Wells

1.0

2.0

3.0

4.0

5.0

(km)

SYN-RIFT EARLY APTIAN-

BARREMIAN SOURCE INTERVALS

LATE ALBIAN

CENOMANIAN- SANTONIAN

MAASTRICHTIAN- CAMPANIAN

EO-OLIGOCENE

APTO- ALBIAN

NEOGENE

Welwitschia Prospect SEA BED

25 km

PALAEOCENE

1911/15-1 & 1911/10-1

SYN-RIFT (EARLY APTIAN-

BARREMIAN SOURCE INTERVALS)

1911/10-1

25%

CA

MP

AN

IAN

(m)

1911/15-1

>20%

MA

AST

RIC

HTI

AN

P

ALA

EOC

ENE

Early Cretaceous carbonates play

Stacked Late Cretaceous - Early Tertiary basin floor

sands trapped in 4-way dip closures

Schematic Depth Section

Offshore Namibia, PEL0010

Source Kitchens

1911/10-1

2012/13-1

WINGAT-1

MUROMBE-1

GAMMA

ALPHA

WALVIS BASIN

NEAR TOP ALBIAN COMPOSITE REGIONAL

DEPTH STRUCTURE

50 km

Thermogenic Gas Coring (NAMCOR)

= Thermogenic gas shows

= No thermogenic gas shows

PEL0010 sits on a regional high, that will be a

regional focus for migration and charge from a

large fetch area over the Walvis Basin, Dolphin

Graben & Namibe Basin

Recent drilling proved the presence of “at least

two mature oil-prone source rocks” in the

Walvis Basin (HRT)

Potential source kitchens also exist to the west

of the license

– DSDP wells prove the presence of world

class source rocks (up to 18% TOC) to the

west of the licence

Two mature marine sources encountered proven in HRT wells

Minimum Welwitschia

fetch area (c. 10,000 km²)

1911/15-1

WELWITSCHIA-1

Offshore Namibia, PEL0010

Methane Hydrates & Surface Seeps Over

Walvis Basin Source Kitchen

WALVIS BASIN SE NW

50 km

NEAR TOP ALBIAN

WELWITSCHIA GAMMA

ALPHA

2.0

3.0

4.0

5.0

6.0

TWT

METHANE HYDRATES & SURFACE SEEPS

Basin modelling indicates peak generation at 10Ma (Late Miocene - Recent), which post-

dates closure & seal formation in the Oligocene

Offshore Namibia, PEL0010

Welwitschia Prospect - Summary

Prospect Description:

4-way dip closure

Maximum closing area is circa 1,100 km2

Very strong amplitude anomaly at Maastrichtian target reservoir

5 reservoir targets (all proven in offset wells): – Primary: Maastrichtian & Palaeocene sands & Albian carbonates

– Secondary: Campanian sands; Aptian-Barremian sands

3 oil-prone source intervals: Cen-Turonian (marine); Apt-Albian (marine), Barremian syn-rift (lacustrine)

INLINE 1560 XLINE 3018

WELWITSCHIA-1 WELWITSCHIA-1 NW SE SW NE

10 km

P50 Closure 427 km²

Top Maastrichtian Far Stack (No AVOBK)

Extraction + Depth Contours

TOP ALBIAN

WELWITSCHIA-1

NE SW

AVO Gradient response (I x G Product)

PEL0010, Welwitschia Prospect

AVO Response - Maastrichtian Anomaly

16

AVO Gradient response (I x G Product)

Shallow gas Maastrichtian anomaly

Campanian

Ponded sands

Palaeocene

Cenomanian

Albian carbonates

Pre- Albian/Aptian & older

Conclusions

17

Experienced new management team, with fresh strategy

to diversify and build a high impact African explorer

“Where in the world can I find undrilled four-way closures

with billion barrel potential….?”

…Welwitschia #1, Apr 2014