Tower Resources provides the following corporate update with respect to activity across its portfolio and strategy.

Chairman's Statement

We are taking steps to adjust to the current adverse oil sector market conditions. We believe that underlying market conditions will improve over the next couple of years, and sentiment will follow; the question is how best to position our company for this environment, not merely to manage through it but also to take advantage of the opportunities it creates.

Tower has a good portfolio of license interests in hand and in our pipeline, in several promising areas. Our strategy is as follows: •To maintain and even expand our license portfolio while minimising forward commitments and costs •To seek opportunities through asset or corporate transactions in order to optimize the portfolio and further reduce overall costs •To farm-out where appropriate some of the costs of those commitments that cannot be deferred

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