Member Info for Bishop190

Looks like next thing will be the annual accounts to 31.12.2020, 2019 was posted in RNS on 11 June.

The focus will I am sure be in Africa where they need oil and gas to further develop their economies.

We shall see, meanwhile @geo you have nothing to lose as you have nothing invested!

Is it this you are looking for?

https://pbs.twimg.com/media/E0pELLxXMAMk9H-?format=jpg&name=medium

I think to be fair it should be pointed out that none of the directors take money from the company. They are “paid” in warrants so will collect only if the company is successful. If they collect then we will all collect!

That is a potential outcome, but nothing is happening in TRP either, as I know to my cost! I have more patience there though because Asher has a great deal of his own money and warrants at stake.

It looks that way, Hill and his mates have a track record of failing to make progress but being paid hard cash for so doing. It amazes me that anyone subscribed to the placing. It wants liquidating and whatever is left distributed to shareholders.

Hmmm, some time I think Santiago, I hope I live long enough!

The fields already discovered by Total have the possibility of making a serious dent in SA demand for imported oil as they can feed an already existing Gas to Liquid plant so I think environmental issues would take a lower precedence.
Seems to that probably the second of those two possibilities is the reason @lsetown. Just a matter of conserving cash flow by Total.
What we need here to spark an upward move I think is news on Cameroon. JA has plenty of his own money and warrants etc at stake so he must be keen to get it moving too. Although small, at a reported P90 it must be a decent risk for a partner so it is hard to see what might be holding it up. Maybe Cameroon has very strict Covid rules on who may enter the country.

OK, fair enough Harel, just that it was straight after mine :-)

@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.

Ditto Wayne!

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.

Possibly, I cannot remember when TRP’s expires. TRP however needs to get moving on Cameroon, that has more immediate potential but has to be spudded before September unless they can get a further extension.

And those of us holding TRP would see no benefit for TRP in such a deal. I have mentally written off my GBP holding as worthless, it is pretty much impossible to sell now.

Where indeed Hull. I wonder if he has lost interest completely with the passing of his friend.

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