Funding & Farm-Out14 Nov 2024 11:00
This was from mid October
"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")."
I mean thats huge. Jeremy expecting this to all be wrapped up soon, well before Christmas. That to me is the big catalyst. Once funding is sorted then the market should really get behind this with whats at stake drilling in Cameroon