RE: Drills7 Dec 2021 08:42
Not sure why people are getting their panties in a twist. It’s the instant gratification generation. Granted the timescales have slipped but we are talking about an African government department. I am not shi77ing the bed just yet. It’s an investment for me, not a short term gamble. It is frustrating but is only 2 weeks since we had the below update. Formal farmout approval imminent and I can’t imagine Beluga finance is far behind. If you have lost faith, sell up and move on. But there are other very unsubtle games being played here. Classic AIM.
“The Cameroon Petroleum Code provides that approval of a transaction of this type should be provided by the Minister of Mines, Industry and Technological Development ("MINMIDT") within 60 days of 21st September 2021, when it was formally requested, which means by Saturday 20th November 2021. To date, Tower has received no objection to the transaction, nor any further request for information from MINMIDT, and whilst Tower believes that the conditions for the approval have been met, Tower is yet to receive a formal letter (a "decret") confirming MINMIDT's approval of the transaction.
While the Company waits for a formal decret, Beluga continues to work on its financing process, and the Company continues to work with the intended rig provider and service companies on the schedule and terms for the NJOM-3 well.”