Member Info for BlackBat17

"in the event the formal farm-in agreement and approvals cannot be completed in good time then Beluga will instead receive an appropriate share of the Operator's share capital and Tower's intercompany loans to the Operator, subject to a shareholder agreement, in order to reflect the intended farm-in economics and JOA terms."

Why do Beluga get a percentage of the company if the approval is delayed? Perish the thought, but it would appear to be in Beluga's interest to delay the approval so they can take over TRP. Surely they have not make a deal with someone in the Cameroon government to delay the approval process???

Possible that a few individuals are working together to pump up the price before a quick profit taking.

Very low volume (13million shares) has moved the price by 12% ish.

10% on a days work is a good return.

Could be wrong, but if there was a leak we would be seeing 10s of millions of shares being bought at time.

I don't know why New Age are trying to attract a partner to help out with the cost of seismic - they made around $850 million a few years back selling one of their other assets.
Tight fisted or what!

West Texas Intermediate Has hit 100 dollars

This story has appeared on the Google news app, along with other big news items.
Never seen an oil find appear on mainstream news before!

https://www.proactiveinvestors.co.uk/companies/news/973337/shell-discovery-breathes-new-hope-into-juniors-busy-in-namibia-973337.html

Shell bought out the frontier acreage of Kosmos Energy in Sept 2020 (POO was then around $40 per barrel) for $100 million...

https://jpt.spe.org/kosmos-sells-frontier-interests-shell-100-million-deal

Suggests news related to Venus-1 is about to break

Sudden tick up showing on ADVFM

Looking to invest here, but am I right in thinking that unless GBP get a JV sorted and shoot some seismic before Sept 2022 they will lose their licence for PEL0094?

Interesting line in the Wood MacKenzie report

"Graph will allow shell to repay the $100 million paid to Kosmos energy for its African frontier acreage in 2020*

I wonder how much someone would pay for towers African acreage?

Only one trade in last 90 mins.

Similar situation on GBP also...

@Erebus55 - "Let’s seem what is said at 11am"

Trawled through all the posts this morning - no link to any notice of press conference etc.

I don't think this is the announcement we were waiting for - this is just a rehash of what we already know.
I would have thought an official announcement from the Namibian government would involve quotes from ministers etc

Its been 9 working days since the half a billion placing shares hit the market on 21st Jan.

Surely we have churned more than one billion shares - we have had massive volumes every day since then - and yet the share price barely moves from one day to another!

6 million buys have gone through in last 15 mins

We don't know the result of the Venus-1 drill yet, the official announcement on Graff-1 is not due till 4th Feb, so I can only assume that all this buying is due to people who have got wind that the the Cameroon farm-in is about to happen.

Fingers crossed!

Was two separate 6 million buys.

Buy now catching up with the sells in volume.

Venus-1
Spud: 1st Dec
Time to TD:60 days
Est date of TD: Sat 29th Jan

From Tower website, dated Nov 2018:

Initial Exploration licence - 4 years till 2022
Initial Exploration Period could be extended ("in appropriate circumstances") for another year till 2023
Tower option for First and Second Renewal Period of two years each till 2027

https://www.towerresources.co.uk/operations/namibia/?cn-reloaded=1

"The new Petroleum Agreement is structured to comprise an Initial Exploration Period of four years (which may be extended to five in appropriate circumstances), followed by options for the Tower and its partners to enter a First and Second Renewal Period of two years each. The work programme for the Initial Exploration Period comprises regional play fairway evaluation and acreage high-grading activities including CRS mapping, sequence stratigraphy, sedimentology and basin modelling, geochemical, gravity and magnetics analysis, 2D/3D seismic interpretation and mapping, and petrophysics and well failure analysis, based on a data base build comprising:

Acquisition of 5000km of existing 2D seismic and relevant well data;
Analysis and, if necessary, reprocessing of existing 2D data;
Acquisition of at least 1,000 km2 of 3D seismic data;
Acquisition of oil seep satellite data and piston-coring reports."