Tower Resources Share Discussion Threads

[2solaris] 16/4/2019 11:09

Are you looking in a mirror?

[2solaris] 16/4/2019 10:58

From the big man Malcy:

Tower Resources
Tower has announced that it is in the final stages of planning for the NJOM3 well in Cameroon and is expected to spud at the end of May. It is still in discussions with regard to a bank loan and indeed with potential partners but in the meantime has announced a bridging loan of $750/- from Pegasus Petroleum, a company owned by Chairman Jeremy Asher to cover immediate working capital. Exciting times for Tower and I am looking forward to catching up with Mr Asher shortly.

[mr hangman] 16/4/2019 10:47

Don't make me laugh

[encarter] 16/4/2019 10:33

I heard a while back that they rejected a farm in deal because the terms weren't very good, which they could now be forced to take if no other offers materialize. If true the worst case scenario would still see the share price above 2p imho and who knows how much higher it could go the way the AIM works?

[mr hangman] 16/4/2019 10:26

Doubt it..

[jotoha2] 16/4/2019 10:23

Clearly Asher is not so certain that he can do the deal , thats the problem when you have a rubbish record of achievement , still one more roll of the dice , you never know , the guy may yet sparkle !

[mr hangman] 16/4/2019 09:41

It's a win win situation for our Jeremy, no rewards for mug shareholders

[purple11] 16/4/2019 09:38

yes,but its a valuable license with adds value when working out the present mkt of tower.

[cashandcard] 16/4/2019 09:33

Purple,


Whilst exciting, TRP have 50% interest in a tiny slither of Oteniqua basin. They will not be able to finance drilling in that themselves such is the cost of deepwater drilling. So will have to farmdown anyway, I would suspect to 10-15%wi.

I would be more interested in the known oil in Njonji, appraising and developing that. If they can secure financing for it, that makes this an investable prospect. But until then, management have woefully underperformed here and it'll take a lot to undo that damage.


Cash

[purple11] 16/4/2019 09:30

lovely jubbly.

[newtothisgame3] 16/4/2019 09:26

#TRP Tower Resources sees May spud date for key Cameroon well

[mr hangman] 16/4/2019 09:26

I would not call a 90-100% loss a "Limited downside"

[purple11] 16/4/2019 09:25

Tower is not a one tricked pony don't forget.
it is currently waiting to farm out this too.....

thats worth a 5m cap on its own clearly.

Statement regarding the results of the Brulpadda exploration well, Outeniqua Basin,

Offshore South Africa, and upgrade of Operator's resource estimates on Tower's South African license.



Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas company with its focus on Africa, notes the announcement dated 7 February 2019 from Total S.A. ("Total") regarding the results of the Brulpadda well, which has reported a significant gas condensate discovery in Block 11B/12B (Total 45% (Operator), Qatar Petroleum 25%, CNR International 20% and Main Street, South African consortium 10%) located in the Outeniqua basin, offshore South Africa.

The well was drilled to a total depth of 3,633 metres and encountered 57 metres of net pay in Lower Cretaceous reservoirs, and with this discovery opens a new world class gas and oil play. Total have stated that they believe the new discovery could hold between 500 million to over one billion barrels of oil equivalent and they now intend to drill several further exploration wells on Block 11B/12B to test additional prospects.

Block 11B/12B is located adjacent to the Algoa-Gamtoos licence, operated by 50% partner New Age Energy Algoa (Pty) Ltd ("New Age") and held 50% by Tower. The Algoa-Gamtoos license also contains the southern deepwater basin margin of the Outeniqua Basin that was targeted by Total's Brulpadda well and is approximately 150 kms along strike to the east from the Brulpadda discovery.

Importantly, the Brulpadda well has successfully tested the Lower Cretaceous turbidite fan play of the Outeniqua basin slope, which is interpreted to extend along strike into the southern part of the Algoa-Gamtoos block, in which the Operator, New Age, has identified on 2D seismic a substantial prospect.

The Operator has assessed the analogue prospect potential on the Algoa-Gamtoos block at 364 million boe on an unrisked basis from 2D reprocessed data, which is an increase on its previous 2018 estimate. Envoi, on behalf of the Operator, New Age and Tower have been contracted to facilitate a farm-out of equity in the licence, and a data room is currently open.

[purple11] 16/4/2019 09:19

Nigerians know how to push money from one account to the other magically and like oil.

if it happens this could be huge

if it doesn't exit the downside is limited .The nominal price of stock is 1p.gl


BUY BUY BUY

[mr hangman] 16/4/2019 09:18

TRP would of got a better deal at Quckcash or Cash Convertors

[encarter] 16/4/2019 09:15

Like I said, can he can't he, that's the gamble.

[jotoha2] 16/4/2019 09:06

They need to raise the cash to start drilling , clearly Asher beliefs its in the bag , lets hope for his sake it is.

[rnstranslator] 16/4/2019 09:05

Really?The well can't be drilled unless they find the thick end of $15mm..it has to be repaid if they raise money. Dreaming.

[dodge_city] 16/4/2019 08:58

If the well comes in the share price will rise and then a placing will be made to pay off the loan.

[rnstranslator] 16/4/2019 08:57

Is Asher really putting his money where his mouth is? It's a $750k loan with $15k fee and $7500 a month in interest plus 90mm warrants at 1p...all secured on the assets of the company. This loan is to keep them in the game until they see if they can farm out.This Well is not a Development well it's at best an appraisal well, this is not yet a development project and won't be until they've appraised the discovery. There are a few companies out there selling appraisal projects as developments..investors believe that developments are much less riskier than appraisals....so call it a development.Banks don't lend money for appraisal, as there are no reserves to lend against. Short of a farminee, or a bank lending them $15mm (or some combination) the only option is to raise equity. If it gets to that point who wants to buy $10mm+ worth of shares in a company with a sub £5mm mkt cap in a project that can't be farmed out?

[jotoha2] 16/4/2019 08:40

If they raise the money then 5p for sure , if they confirm gas /oil in place then 30/40p will be easy.

[encarter] 16/4/2019 08:17

Where have you been? Yes they will need to borrow money or farm out or both. But if Asher can pull it off it should be a company maker. If you have confidence in him you should be in. Obviously any cash raised will be at 1p or higher so if you believe he can do it then now is the time to invest imho. If he gets the 4 wells drilled and the oil flow is as expected 20p a share is achievable.