How is life treating you in midleast . Am I not right saying about this sp few weeks ago I got some news to share there are not some but few holding rns about farm out and consolidation but note this noting about www 1 or 2 .
and gloom about TRP. It'll be fine people, calm the hell down. We might see the high 0.6's at some point I suspect, but I'm not worried by that. It's a medium term hold here and enough to stay excited about. GLA
No I wasn't being in the least bit alarmist, merely practical as I didn't say it was urgent. And I do have personal experience of this since our own 2016 IPO is being put in place at the moment albeit it may be either Frankfurt ot London, but only after our first wells are in production in order to avoid too much hype. At present the TRP BoD seems to be lying low which is undoubtedly the best thing for now. They are clearly letting the Taipan people do all the running which of course Taipan needs to do for its own US and UK(AIM) near listings. Just be a bit careful of the Taipan hype which recently suggested that the Marathon Sala 1 well derisked the Taipan/TRP upcoming well. As its over 70km away, it did nothing of the sort, but they need a good sales pitch. Good luck. Things have to get better here.
"What we like about this block is that it’s very different from everything else that has been drilled so far, because we have something that nobody else has; it’s four-way deep closure, very robust closure, right."
"So it was strategic but we chose very carefully this block for this reason."
And this is a cartoon of the block, because that’s another reason why we like this, it’s because this is the Delta prospect that we’re going to drill and if it makes it, and this is huge, it’s a 1000 km2 structure, we have another three.
"And then if you look at the good…, the elements, nobody there drilled for four way closure, no they drilled this risky stratigraphic trap, but on the other hand, these wells found exactly the source rock we’re looking for and they find them in the oil window and not in the gas window, and that’s what we predicted. And the reservoir is present all over the place all around the block."
"So it seems that in our block, we have all the elements of the puzzle, no what we don’t know, if they fit well all together."
*** Didier Lluch – Director of Exploration Africa – Repsol ***
There's a lot of (cleverly crafted) comments being thrown about, targeting the BOD of Tower Resources.
Anyone attacking Repsol re the above comments?
As Poetical touched upon, the BOD did exactly the right thing when they raised money during the lead up to Namibia. That money and subsequent acquisitions has safe guarded the company and hopefully safe guarded an exit in profit for those holding at a loss.
Take a look at TPET where trading has been suspended or KEA who's future is now in doubt. (both recent dusters)
eegbvi, I think it was a little alarmist tbh. The vast majority of companies on AIM need fundraising 'sooner or later' due to the very nature they are not revenue generators and we invest on the basis that one day they will be!
So yes I'm 100% certain they will too at some point! Just don't see any need for it any time in the next year for example which is a pretty long timeframe for people on AIM
Although I understand your view and it's your choice I will get back into TRP just for the rise that usually happens on the anticipation of a find in Kenya. I won't hold for the result in case it's not good news but definitely money to be made here with a rise to around 3p again imminent as the drill gets underway.
Poetical, you're correct insofar as BoD will not need funds right now, buy sooner or later they will. For example in addition to cost of wells there will be the cost of seismics plus 3D for Cameroon (which no-one else seems to want at present) and that will be $10mln, plus similar for SA and Zambia, unless Reef chips in (unlikely I think) or someone else does. Of course if it all looks good and later a farm-out is successful then TRP will be able to reclaim some as back costs, but with the present BoDs somewhat poor reputation I wouldn't hang your hat on it. Of course they can always use the 'glows in the dark' experts who may be cheaper. Hope this helps.
What's the money for? We're still quite some way from operations there. They have plenty of cash for the foreseeable future. They knew it was important to get cash in the bank prior to results for Namibia just in case of the result being a duster as it turned out to be.
A hell of a lot better that they raised money at a much higher SP when Namibia was just around the corner to safeguard the future as they did. Would have been very dilutive doing it at this very low SP.
TRP is going to have to do a heavily discounted placement, open-offer or rights issue, just as soon as the BoD have some good news from SA. or Kenya probably as with one well costing about $12-15mln usually Â£14mln will go nowhere. Hence the payment of some creditors in shares. It doesn't either hit the BoD in their pockets. !!
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