Tower Resources Share Discussion Threads

[hazl] 15/11/2024 09:29

The remaining work under the initial term commitments, comprising oil seep satellite analysis, play fairway analysis, development of an updated prospect and lead inventory, and high-grading of acreage, is largely completed.

[hazl] 15/11/2024 09:09

Which has led to this recently.

'Cameroon Farm-out Update



The Company has received an updated proposal from the party whose financing proposal was first announced together with the Company's Interim Results on 30 September 2024, and is also still in discussions with other parties and expecting another proposal in due course.



The updated proposal the Company has received is more detailed and would now provide in excess of US$15 million of funding for the Thali PSC work programme, including drilling the NJOM-3 well (which is already partly funded), in return for a minority interest in the PSC, and with Tower remaining as the Operator. It also provides for future production-based payments to the Company, a portion of which are committed to Pegasus Petroleum Limited ("Pegasus", wholly owned by a trust of which the Company's CEO and Chairman is a lifetime beneficiary) pursuant to agreements made in 2019 arising from the working capital facility that Pegasus had provided to the Company at that time and as announced on 4 March 2021 (the "Production Payment Agreements").



The proposal has normal conditions precedent, including the Cameroon Government's approval for the farm-out and drilling schedule, and the proposal would also require amending the Production Payment Agreements, which the Company believes can be agreed. Importantly, the proposal does not contain any financing contingency as the counterparty has available funds, and a portion of the funding would be secured by a bank guarantee.'

[hazl] 15/11/2024 09:08

Background.A year ago.

'Tower Resources: Cameroon

Representing a short-cycle opportunity, Tower Resources presented on the Thali Block located in the Rio del Rey Basin in Cameroon. The appraisal well will be drilled next year which aims to unlock the opportunity to drill a further three wells. Tower Resources is targeting first production at 2025.

Tower Resources: Namibia

In Namibia, Tower Resources offers an opportunity for Blocks in the Northern Walvis and Dolphin Graben Basin. Wells have been drilled at the basin, but previous activities were conducted between 25 and 30 years ago. While the company is not ready to farmout yet, Tower Resources is looking at engaging with prospective companies.'

[jungmana] 15/11/2024 09:01

Good buying in the first one hour hopefully we clear the recent placing churn soon before the news lands

[dicko80] 15/11/2024 07:53

Looks like Vali rig is on her way

[chinahere] 14/11/2024 14:46

Halliburton setting up sites for Namibian Offshore projects:

[hazl] 14/11/2024 13:57

Ooh been out most of the morning!

She's looking good Captain.

imo 8-)

[jungmana] 14/11/2024 13:08

market cap is just gbp 6 million at 0,028p. there is a good potential in the short term to triple that and more on the right news.

[wooster4] 14/11/2024 13:07

price continues to trade above both the recent placing prices. Very unusual - says it all about what is expected any time. NY boy - not to late to benefit

[vipdibas] 14/11/2024 12:58

News out soon

[vipdibas] 14/11/2024 12:57

Something weird going on on here

[tburns] 14/11/2024 12:20

Someone is accumulating, 3 x 50M full on the button!

[tanboy1950] 14/11/2024 11:49

Bull Run Stop Being A Silly Cow..

[jungmana] 14/11/2024 11:40

VAST no thanks. A highly indebted company on the verge of administration with $11 million of debt that they defaulted on

[riskyinvestor] 14/11/2024 11:35

Not bothered it always rises when I sell

Put Vast Resources (VAST) on your watchlist

Excellent RNS

[tburns] 14/11/2024 11:23

Risky has sold hence the rise!

[jungmana] 14/11/2024 10:16

SEA is doing extremely well in my portfolio as I have nearly 25% of my cash there.I see a similar potential here and will continue to add when I can.Bring on Cameroon farm-out news soon

[ny boy] 14/11/2024 09:21

Nothing is happening, apart from being starved of working capital and had to mug some delusional punters for £275k ffs, just ridiculous, the daily volumes for a 22 Billion + shares in circulation Company are worryingly low to non existent 📉🕳️💩€075;

[dicko80] 14/11/2024 07:49

Borr Q3 conference call



Borr Q3 presentation



Fleet overview page 7

Thor, Ran, Vali, Var available, well Vali booked out from 1st Jan to Africa

All 4 rigs are jack ups similar specs and therefore any 1 can be used to drill our wells

[dicko80] 13/11/2024 22:09

Vali rig looks set to depart to Africa



If you click on the search box on the link and enter “VALI” number of options come up, it’s the “unspecified LR”

Click on it , map comes up , click “view on live map”

Map loads, zoom in , Vali is on the seaway eagle

[mr hangman] 13/11/2024 20:15

Utterly ridiculous