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The Thali rig window is currently late July to late August for drilling
That's cutting it close to the rig window of June -August but I guess if the rig is definitely secured all is well ( no pun intended)
GLA ATB DYOR
I expect Cameroon news on finance also before the end of June.
What about Cameroon ?
GLA ATB DYOR
Lead evaluation and prioritisation work currently in progress for Namibia licence. This work should be completed by end June 2024. Once this is done TRP can then talk to possible farm in partners.
Well if it is tears that shouldn't be permanent.
You think we'll get news next week ?
ATB GLA DYOR
🕒 tick tock..... treasures or 😭 tears. My 150 mill says treasures, but if not, it was worth the punt...
The story well spread and we have a huge license in the WALVIS, Super Majors , Majors etc come and get it.
FOR A PRICE😉😲🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑
https://www.upstreamonline.com/exploration/chevron-fires-opening-salvo-in-battle-over-new-namibia-exploration-play/2-1-1635016
https://www.energyintel.com/0000018f-2a4b-d846-afef-ef7ba4b30000
Tower is pleased to see Chevron invest in the Walvis Basin. As an established player in the region, #TRP has anticipated that more companies would turn their attention to the Walvis, and we continue to believe that there is potential similar to that of the Orange Basin.
Wink 😉 wink 😉
https://twitter.com/TowerResources/status/1785674720265883715
Most are provisionally booked for a non refundable deposit, you confirm finance in time and keep the slot, or its moved on to other interested parties that can pay, once contract firm , you have to pay the daily rate for the duration , unless fault with the rig/service provider themselves. Only the big boys with ultra deep pockets make long deals from the outset, aka giz a rig or two for 30-40 wells back to back FFD etc. They can afford it, JA at the thin end of the scale.
Promised finance soon and drilling next year for 4 years, has to deliver this time, short extension to license, either expecting the upgrade to license required (drilled and moving production) or Cameroon run out of patience with JA and will not extend again, that's the risk this time.
Said fast tracking expired license extension , took their sweet time over it, can only presume again, that was delayed while JA gave them some assurances, like he had the slot and this time its game on, subject to that 4 year finance chestnut. Just as well Namibia waking up. 👍
‘Tower Resources has executed a contract with Borr Drilling for the Norve jack-up rig to drill the NJOM-3 well on the Thali license offshore Cameroon in 2024. The rig is currently busy with existing contracts to deliver a series of wells, whose timing is naturally subject to operational uncertainty’
By the executed contract definition, an executed contract comes when a contract is fully signed. It is now legally binding. A business relationship is created – and parties to the contract agree to fulfill legal obligations
Executing a contract sounds a little more than provisional to me - But yes going to the wire for definite
Provisionally booked subject to a firm proposal aka we can finance it, going to the wire, Baron have a provisional slot booked for December 20th between ENI and INPEX drilling, their ceo only recently stated , looking to complete finance in Q2 (now to June) said has multiple interesting offers already.
Chevron has fired the first shot in what is set to be an upcoming battle between supermajors to secure access to promising oil and gas acreage in Namibia's next big offshore exploration play — the Walvis basin.
https://www.upstreamonline.com/exploration/chevron-fires-opening-salvo-in-battle-over-new-namibia-exploration-play/2-1-1635016
See - https://www.offshore-energy.biz/borr-drilling-jack-up-rig-going-to-work-off-cameroon/
‘Tower Resources has executed a contract with Borr Drilling for the Norve jack-up rig to drill the NJOM-3 well on the Thali license offshore Cameroon in 2024. The rig is currently busy with existing contracts to deliver a series of wells, whose timing is naturally subject to operational uncertainty’
An executed contract is legally binding
More details here from 12/02/24 which confirm the 08/02/24 RNS
https://www.offshore-energy.biz/borr-drilling-finds-more-work-for-three-jack-up-rigs/
The offshore drilling player has been awarded a contract extension by BW Energy for the Norve jack-up rig. The rig’s assignment has been prolonged for approximately two months through July 2024. This extension comes after Tower Resources hired the rig to drill the NJOM-3 well on the Thali license offshore Cameroon in 2024. The jack-up is expected to mobilize to Cameroon between June and August 2024, subject to its existing contractual commitments.
News has to be imminent IMO
Enthusiasm for oil exploration off Namibia’s coast stems from the idea that the southern African country once slotted together like a jigsaw piece with Brazil. Therefore, goes the theory, Namibia’s offshore basins are likely to be similar to two Brazilian basins – Santos and Campos – which have proved enormously rich in resources.
Licensees are equally motivated to sell parts of their licences. The licence holders are typically small companies with limited finance capabilities and/or technical capacity. Most are in the early stages of exploration and need cash to carry out seismic surveys.
Sounds familiar 😁
The Company 'will' make further announcements about the financing of the well and the mobilisation of the rig as firm agreements and notices are finalised and received.
Tower Resources
@TowerResources
https://x.com/TowerResources/status/1785674720265883715
41s
Tower is pleased to see Chevron invest in the Walvis Basin. As an established player in the region, #TRP has anticipated that more companies would turn their attention to the Walvis, and we continue to believe that there is potential similar to that of the Orange Basin.
10-20 bagger vs 50% drop. Pretty bloody good punt in my book
Yes I think that sums it - if JA completes the jigsaw with the finance or JV we get a massive re-rate, if he fails then we could be fecked, risk assessment potential 10 to 20 x gain v maybe up to 50% loss = make up your own minds !
I think as previously discussed JA couldn't possibly have renewed the licence without showing proof of either financing offer / and or JV offer, as this was a condition of the terms, which by the history of this is understandable
So there had to be at least something in place at the time of the renewal and the rig certainly wouldn’t have agreed to book time in July / August without either iron clad assurance / deposit or proof of JV
Come on JA spill the beans !
I see all the top slicers buying again very encouraging would you agree
Just another spike to catch the fish for the placing
The pump and dump is almost complete.
Trp?
I searched in the internt and in the website and im not sure its the actual....
Jeremy isn't stupid or without integrity - at least that is what I am hoping.
If Tower RNS a great Cameroon deal then it is the icing on the cake.
After recent news, we (and I guess JA) know now that the Namibian block is the most interesting asset.