TOWER RESOURCES

"Tower Resources Plc

Proposed Issue of Equity



Tower Resources Plc ("Tower" or the "Company"), the AIM listed oil and gas
exploration and production company, today announces that it is proposing to
raise #1.040 million before expenses by a placing of 52,000,000 new ordinary
shares (the "Placing Shares") at 2p per ordinary share (the "Placing Price"), to
be issued in the following two tranches:



(a) the first tranche of 45,000,000 Placing Shares (the "First
Tranche") and

(b) the second tranche of 7,000,000 Placing Shares (the "Second
Tranche").

The Placing Shares are being placed with Agile Energy Limited, a privately held
energy investment company, chaired by Jeremy Asher, formerly CEO of PA
Consulting Group, a leading management, systems and technology consulting firm.
Jeremy Asher will also be appointed as a Director of the Company conditional on
the admission of the First Tranche to trading on AIM. Information on Jeremy
Asher will be announced on his appointment as Director as required under rule 17
and schedule 2 paragraph (g) of the AIM Rules.

The Company intends to apply the proceeds of the placing to the development of
its existing oil and gas assets, the expansion of its oil and gas portfolio and
for general working capital purposes.