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a bigger chunk of 8,000bopd would be nice!
selling dried up. bit of an overreaction given we are still in the set timeframes
Defo + in there OB but we need deals to complete!
yes 0.44 paid at open so someone likes it
.38 being paid.
Being guided into a ditch by he MM's.
They opened us at .45 for goodness sake! Bounce back?
They haven't go the funding yet! only just engaged in talks. Common trend, in talks re Namibia for months, in talks re Cameroon farmout for months and now 'in talks' re debt for months?. JA needs to get deals done.
First trp need Oil LR to commit but that may take another month and they may walk away then so time wasted.
investors should be grateful that the BOD are not diluting shareholders and interests are aligned. What will the sp be when drilling starts and what will the sp be when oil found? any guesses.
yes mate market hates delays as do we! especially when they are all the time with trp
Should point out that no debt finance has been secured or farminee/s secured yet so a waiting game again.
OilLR have until Sept 15th to complete or not so we wait, not confident with them now.
JA interests are aligned with shareholders as he is the major shareholder. He makes far money from the rise in SP then any mickey mouse financing. As far projects are concerned, all is intact and will move forward for huge rewards should TRP hit the black gold. Effectively, the company is adequately funded, no dilution and oil still in sight Current valuation should equate to US10 million funding at least to reflect a fraction of potential here. just my two cents
NT on even 100k shares, this is coming down heavy I think
not that good can't get a sell quote!
Shrewd move by JA, get all the ducks (financing for the Cameroon campaign) lined up, then straight in for the BIG Namibian campaign.... L2 looking good now with Panmure leading the way... Well that's how I see it.
ATB
no change in gbp sp just looked!
Looks like something happening for TRP/GBP imho. GBP capped at less than £3m is laughable.
Nai/DYOR
we will know by mid september
in talks re Namibia also so possibly
no payment from oiler, no second farm out partner, a potential 10 million loan not set in stone and an extension to our previous loan. Not great news but again not terrible news
thinking about it this more a less secures their future!
TRP......Change of Joint Broker, strange it's the same one as GBP
Following the merger of the Company's joint broker, Whitman Howard Limited, with Panmure Gordon, the Company is also pleased to announce that it has novated its agreement with Whitman Howard in favour of the new entity, Panmure Gordon (UK) Limited.
Cameroon ......."The Company also remains in discussions with another potential farm-in partner."
yes will give trp a much bigger slice of the pie
Doesn’t that pretty much mean there will be no future placing a leading up to the drill?
message for JA,,,,,,,ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
Tower Resources plc
Financing Update and change of Joint Broker
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 provide an update regarding the financing process in respect of its Thali production-sharing contract (the "PSC") in Cameroon conducted through its wholly-owned subsidiary Tower Resources Cameroon SA (the "Operator").
In recent weeks the Company has been engaged in detailed discussions regarding a loan facility for the Njonji development at Thali. The proposed facility would provide up to US$10 million to the Operator for the NJOM-3 well currently in progress, and, subject to the results of that NJOM-3 well, the facility might then be expanded to support the next three production wells and platform planned for Njonji. The proposed facility would be secured by the proceeds from the PSC.
As previously announced, the Company has an agreement with OilLR Pty Ltd ("OilLR") for OilLR to farm in to the PSC to provide up to US$7.5 million for the NJOM-3 well. OilLR has not yet made the payment into escrow contemplated by that agreement, which means that the Company has the option either to reduce OilLR's investment to US$5 million or to terminate the agreement. The Company also remains in discussions with another potential farm-in partner. The Company is considering its options with regard to the OilLR agreement in light of other discussions, notably regarding the proposed US$10 million loan facility, and the terms of the agreement do not set any deadline for the Company to declare its options, apart from a planned completion date of 15 September 2020.
The Company also notes that its current Loan Facility, held by Pegasus Petroleum Ltd, a company beneficially owned by the Company's Chairman and CEO, Jeremy Asher, is due for repayment, and it is currently in discussions regarding a further extension to that Loan Facility, which it expects to conclude within the grace period as announced on 1 July 2020.
Change of Joint Broker
Following the merger of the Company's joint broker, Whitman Howard Limited, with Panmure Gordon, the Company is also pleased to announce that it has novated its agreement with Whitman Howard in favour of the new entity, Panmure Gordon (UK) Limited.
Jeremy Asher, Tower's Chairman and CEO, commented:
"We are very pleased that these discussions regarding a loan facility for Thali have gained traction, because debt financing has remained our preference since we first explored the idea last year. The possibility of a facility that can be extended to cover the next stage of work following NJOM-3 is especially attractive as it would significantly reduce the work and time required between drilling NJOM-3 and drilling the next three wells and achieving first oil.
We must stress that these discussions are not yet concluded, but they are material enough that they affect our other decisions regarding farm-out investmen