- Tower Resources said it had signed a petroleum agreement with the Namibian government related to its interest in three offshore oil blocks.

The company has an 80% operated interest in blocks 1910A, 1911 and 1912B, located in the Walvis Basin and Dolphin Graben prospects.

National Petroleum Corporation of Namibia and ZM Fourteen Investment each hold 10% stakes.

An initial exploration period would span four years, with a $5m work commitment, Tower Resources said.

'As a company, we know Namibia very well, and the wells drilled in the Walvis Basin during the past few years have provided a much greater level of understanding of the regional geology,' chief executive Jeremy Asher said.

'As a result, Namibia and the Walvis Basin and Dolphin Graben, in particular, are now attracting great attention from well-respected explorers, both large and small, and are also once more attracting considerable farm-in interest and investment.'

At 9:36am: [LON:TRP] Tower Resources PLC share price was +0.08p at 1.55p

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