Tower Resources Share Discussion Threads

[mr hangman] 10/8/2021 09:00

You are in dream world

[rayrac] 10/8/2021 08:42

Market less than 11m..got to be realistic and watch it rise to at least double that. This should eventually finance Namibia and SA!

[mr hangman] 10/8/2021 08:24

This is a good RNS for Tower, best for many years

[roberts1975] 10/8/2021 08:22

Now headed south

[buffskins] 10/8/2021 08:20

just filter them, I see that moron hangman is still posting. In the knowledge that he could have made 100% profit today.

[southway2] 10/8/2021 08:17

Roberts is panicking Lost his shirt

[buffskins] 10/8/2021 08:16

it's called fear - I would just leave them to counting the money they do not have

[roberts1975] 10/8/2021 08:14

It's not a good rns The company will need cash and monecor will be their to take a large load at 25% haircut prices than today's

[southway2] 10/8/2021 08:14

Big rise on facts .Tiny mcap More than just this farmout news to come . Shorters have lost their shirts here. Take a note of names Don't listen to shorters look at the facts they try to twist Fully funded drill 80% cos Other assets due news

[thatsmart1] 10/8/2021 08:10

Why is it foul mouthed idiots such as Roberts1975 show up when a company produces a good RNS? After reading your other posts I have to filter you mate until you wash your mouth out.

[mr hangman] 10/8/2021 08:03

I won't be selling, wait until the rig turns up, there will be even more excited muppets the who can't add up

[roberts1975] 10/8/2021 08:00

Let the fool start buying while monecor get to dumping

[mr hangman] 10/8/2021 08:00

Well this has taken JA over 3 years to do, so any normal investor would have their doubts

[thatsmart1] 10/8/2021 07:58

It could be time to stop making a fool of yourself mrh.


mr hangman - 09 Aug 2021 - 12:33:19 - 27119 of 27132 TOWER RESOURCES - TRP
I will throw a question to the BB, has anyone got any ideas who the farm in partner is ?
This could be a good laugh

[mr hangman] 10/8/2021 07:50

This will all end in tears, but this will bring even more muppets in, so good news for us holders

[southway2] 10/8/2021 07:46

Take a mental note of all negative posters They are wrong again and would have cost you cash if you'd followed them .

[rayrac] 10/8/2021 07:39

On our way at last! Mr hangman’s got to back off and realise it’s not wise to mouth off in a public place. Especially when there’s a chance you could be wrong?

[southway2] 10/8/2021 07:31

Farmed out Here we go , drilling next or is it news on other fronts.All fantastic here

[buffskins] 10/8/2021 07:08

wowzer, well done fellow holders

[thatsmart1] 10/8/2021 07:05

Amazingly good news!!!

[moneymunch] 10/8/2021 07:04

10 August 2021

Tower Resources plc

Cameroon Farm-out Update

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, is pleased to announce that it has executed a binding Heads of Agreement ("HoA") in respect of a farm-out to Beluga Energy Limited ("Beluga") of a 49% non-operating working interest in its Thali Production Sharing Contract ("PSC") in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon S.A ("TRCSA").

The key economic elements of the transaction set out in the HoA are:

-- The farm-out covers US$15 million towards the cost of the NJOM-3 well that Tower is planning to drill on the Thali block;

-- Beluga will receive a 49% working interest in the PSC, subject to an overriding royalty of 10% for Tower's subsidiary TRCSA on the contractor share of production accruing to Beluga under the PSC;

-- The well cost is currently expected to be approximately US$16.8 million, of which approximately US$3 million has already been spent;

-- Each party will recover costs actually funded and recoverable under the PSC, pari-passu;

-- Tower will effectively contribute its non-recoverable costs in consideration of the 10% overriding royalty on the contractor share of production referred to above;

-- Costs in excess of U$15 million, and future costs, will be funded pro-rata with respect to Tower's and Beluga's working interests.

The HoA are binding subject only to final documentation, a financing contingency requiring Beluga's shareholders' approval, and approval of the Minister of Mines, Industry and Technological Development ("MINMIDT"). The draft Joint Operating Agreement ("JOA") between Tower and Beluga has already been prepared, and together with the draft farm-out agreement will shortly be submitted to MINMIDT for approval, which is expected to occur within 60 days of submission of the file according to the Petroleum Code. Tower and Beluga intend to complete the transaction by 30(th) September 2021, subject to any delays in completing the conditions precedent.

Tower, through TRCSA, will remain Operator of the Thali PSC under the JOA, and in the event the formal farm-in agreement and approvals cannot be completed in good time then Beluga will instead receive an appropriate share of the Operator's share capital and Tower's intercompany loans to the Operator, subject to a shareholder agreement, in order to reflect the intended farm-in economics and JOA terms.

Tower has been advised by Envoi Limited and Powerline Consulting during the recent farm-out process.

Tower is presently negotiating a contract for a rig to drill the NJOM-3 well, and will announce when this and other major service contracts in respect of the NJOM-3 well are concluded, though this is not expected to be until after completion of the farm-out agreement. Tower is also in discussions regarding an option agreement over a Mobile Oil Production Unit ("MOPU") suitable for the Thali project.

Beluga Energy Limited is a privately-held energy commodity trading house with operations in Africa and the international oil market. Beluga engages in proprietary trading: sourcing crude oil and refined products including LNG, LPG, natural gas condensate, naphtha, gasoline, jet fuel, gas oil, fuel oil and bitumen and their transportation from lower demand to higher demand regions. Beluga is pursuing a strategy of expanding vertically in the sector through investment in its dedicated exploration and production subsidiary. More information can be found on Beluga's website at www.belugaenergy.com

Warebibo Soroh, the CEO of Beluga, commented:

"We are pleased to be associated with Tower's management team in the development of the Thali block in Cameroon. This investment fits perfectly with our strategy to invest in de-risked upstream assets, and supports the integration of our services from downstream to upstream. Our technical team has extensive experience in developing assets in the Gulf of Guinea and will collaborate with Tower in bringing the Thali block to first oil."

Jeremy Asher, Tower's Chairman and CEO, added:

"We are delighted to have the opportunity to work with Warebibo Soroh and his colleagues at Beluga, and to fulfil our shared ambition to move this project forward to oil production in Cameroon. Short-cycle oil and gas development projects such as this have excellent economics, which reflect their importance to Africa's overall energy balance. The Njonji structure on which we are drilling the NJOM-3 well is one of several attractive structures on the Thali block, and we are looking forward to a great future developing these resources together."

[mr hangman] 09/8/2021 14:18

Yes another good day, most of us are making money, but this will end in tears

[southway2] 09/8/2021 13:54

Wait and see on who farm out is withIn the meantime another good gain for Tower on the day .

[mr hangman] 09/8/2021 13:44

Well I think the farm in for Cameroon could go 4 ways1 it will never happen2 Total SA, they will farm into Cameroon for 80% of the thimble full of oil, to get first dibs on TRPs Nambian acarage3 Shell or Exxon, for the same reasons as above4 2 Australian business men, with little knowledge of the African oil industry Time will tell