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@harel, as your comments are directed at me I answer as follows. I am a far from naive investor; I worked in a major oil company for close to twenty years and understand exactly how the farm out process works. I agree about the probable dilution which, had Hill and the others directors done anything useful for the money they have taken out in the last few years may not have been necessary. They may or may not have done enough to extend the licence, it makes little difference either way.
The amount I have invested here is not for me life changing so I may as well see how it pans out. For others who have kept faith the amount t they have lost may well be significant.
I agree Geo, when I spoke of selling the shell I meant with whatever cash remains today so that we get a little cash back and I guess it may have some tax losses which could be used. Otherwise yes, just set up a new company!
I am forced to agree with Geo, this shows no sign of advancing even enough to reduce one’s loss a little. The board clearly has lost interest. They should stop spending any money and sell the shell fur whatever they can get or liquidate so that shareholders at least get something back.
Peter Blakey died in early February. That holding should be marked as Exors of P Blakey. On checking today I notice that the company has failed to remove him from theCompanies House list of directors, that should have been done immediately following his death.
Yes, but it is a small amount. TRP gets a 10% (I am pretty sure without looking it up) production royalty to compensate for drilling kit already bought. Pegasus gets a share of that, so at most, 5%.
As ever though, DYOR, don’t rely on me!
Plenty of info on this in the Oil International report here:
https://www.towerresources.co.uk/wp-content/uploads/2020/03/Summary-Reserves-Resources-Valuation-Report-Tower-Resources-Cameroon-Assets-Effective-Date-10th-March-2020-Publication-date-12th-March-2020-Final.pdf
They raised cash in September last year, it will interesting to see how much they have used. A half year report is due under AIM rules but all companies are given a one month extension due to Covid. I guess therefore that they won’t publish until late next month.
The lack of communication is very poor.
Actually it is a myth that the age of oil is dead, it is used in so many everyday things. The likes of Looney at BP think they are being clever but the clever thing is to stick to your knitting as they say.
However in this particular case, unless Hill can attract a sale or funding we have a problem and, as I said a few days ago, some of us may have to just decide what loss we are prepared to take I fear.