OB, good research.
This is massive news for TRP. :)
Re: RNS Number : 5526O
Tower Resources PLC
3 October 2019
Tower Resources plc
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN), the AIM-listed oil and gas company with a focus on Africa, is pleased to provide an update on activity in respect of blocks 1910A, 1911 and 1912B in Namibia (the "Namibian Blocks")
Tower has disclosed technical and commercial information to a major international oil company, in order to explore the potential to co-operate in respect of Tower's Namibian Blocks. This follows preliminary discussions initiated by that company and held earlier this summer.
Jeremy Asher, Tower's Chairman and CEO, commented:
"This process is at a very early stage, and may not lead to any agreement. However, it does provide a timely reminder that, in addition to our Cameroon appraisal and development project, the Company has two extremely attractive exploration opportunities in Namibia and South Africa.
Our Namibian Blocks, in which we have an 80% interest as operator, include two giant four-way dip closures in the West and four large structures in the Dolphin Graben where the 1994 Norsk Hydro well 1911/15-1 encountered three source rock intervals, and recovered oil from Albian carbonate core samples.
Should be an exciting week ahead.
Drilling Rig in close proximity, POO increasing , COVID restrictions easing etc .. Just awaiting a confirmation RNS on completion of the JV.
Getting exciting now.. All looking good :)
Looks like the Arizona Covid restrictions are starting to lift... Hopefully travel restrictions will follow suit.
Fantastic news. Hopefully we will now see some progress with Gold Ridge then generate funds for the 'further projects'.....
IMHO, the way POO and more importantly Gas prices are going.... Won't be long for game/life changing prospects for LT Holders (3-6 months IMO).
Best regards Rodge.. Blowing a hooley up here too!
Yes indeed, JA did mention earlier in a podcast that he would "rather have 15% of something rather than 0% of nothing" therefore if the right deal came along (Chinese or whoever) I know my investment here is in good hands.
IMHO with the high value fields (even at current POO - remember we only need a further +6$ PB to become more than viable) Cameroon and Namibia will be game/life changers for many LT Holders (3-12months).
Have a good weekend, stay safe (stay home).
Strangely enough, after a few other fiascos (best not mention) Addax were subsequently bought over by a Chinese O&G company 'Sinopec'.
(Sorry too much time reminiscing 'rehydrating my plants' and myself' in my potting shed/greenhouse this afternoon.
Hope it's still 'Sunshine on Lieth' :)
OB, good research. I worked on a couple of projects for Addax Petroleum (Nigeria) many years ago, one was a 'flexi tie-back' from the FPSO Sengi Barge to PLEM in field I think it was OML123 or 126?? Not sure... Anyway another project, funny story, I was on a DSV Rockwater1 we sailed all the way to Nigeria from Aberdeen to do another job (think it was for Addax also) we were to install some Subsea pipelines to the FPSO Knockando... When we got their we setup for operations only to find the company (Addax??) supplied us and their team with the wrong information (local seasonal tidal currents, wind directions etc..) anyway after 'risk assessing' the situation we found we couldn't deploy/recover our 'dive bell' safely.... So the job was quickly renamed 'Operation No Can Do!!'.... Lol... We then turned around and went home.... BTW got a cracking tan :)
Don't know if any of my Addax contacts would be willing to help.. LOL...
Once mobilisation of project equipment begins the rig is on 'ticket' (contract).
Our equipment is in storage in Cameroon.
JA likely brokered a percentage deal on fuel/shipping costs to get it to the Cameroon. Common practice in the industry.
Our Jack-up Rig 'COSL Seeker' is currently in the Cameroon - Operating Status: Ready Stacked...
Still holding 1M+ (albeit currently at a horrendous 'paper loss') as I presume other LTH's are...
I also presume, prior to the soon anticipated JV... once the 'electrical trials' have been proven (to satisfaction by the 'aka' other company : ) it will be 'Thunderbirds are go!'.....
FYI... For those not in the O&G industry.... Exploration/Rig rates etc... have never been cheaper to precure for a proven discovery.. (Read into this what you like :)
Your welcome, hope you have harmony in the household :)
Got my feelers out for 'stacked rigs' etc.. (for the guys outwith the industry - rigs without work).
No news yet, but with the amount of redundant Jack-ups/Semi's getting stacked this can only bode well for JA to reduce the costs for the drill.. Rig/Vessel (and crew) rates have never been lower for those with committed projects (aka 'spud' within a couple of months - CV19 permitting).
Good to hear from you, we are still on full lockdown up here!
ATB and stay safe. :)
Score, what's your beef with £150k p/y?
Albeit now in the 'current climate' but that is/was the average 'Subsea Engineer Contractors' yearly income.
For being a Company Director, their salary is very low by comparison.
I believe funds are being used to 'potentially develop the field'.
As I mentioned before (an aka) Falklands company is working on a solution to increase 'well flow' similar to the 'Laggan-Tormore' (see link below). This is a similar Gas Condensate field with historically flow issues due to the transition from well temp to export..Glycol solutions have been proven to work in the past but they are highly expensive in extraction during the process, hence (aka) a Falklands O&G company are working on an electrical solution.
OB, apologies for not replying earlier, been busy during 'lockdown' building a greenhouse... :)
No news on the rig yet....but the Subsea/Seabed survey for the Seeker has been done, so no worries. Just have to wait for this CV19 to settle down (which is happening now in Cameroon).
Noticed a lot of new posters recently speculating SP...(still holding BTW) I'm still of the opinion that once the JV is confirmed (within a couple of weeks) we will be around 1-2p.
Once the Seeker is on station and starting drilling we should be circa 2.5-3.5p.... Once production (shallow well, proven area exploration success)... 5p+.. 'no wahalla!' :)...
POO creeping up, as I type $29.18, Natural Gas near year high @2.11 $/MMBtu.
With COVID restrictions easing and as Asians fire up their woks again in anger... IMO the next few weeks and the SP should be back closer to normal.
POO creeping up as I type $29.18, we only need circa $10+ ($40+) and it's game on.
With COVID restrictions easing $40+ could be easily achieved in the next few weeks and the SP should be back "closer to normal" .
Also, Unfortunately I remember the last serious oil crash in 1999 when POO was at $15, when we came out of that situation POO increased quickly and Rig/Vessel rates sky rocketed (along with EPO's share prices)
So here's hoping HO, the board and advisors will be negotiating a good deal in actively pursuing a farm-in partner for the Darwin project with respect of Rig/Vessel rates etc..(as these rates are now near the level of 1999) 'before' the recovery begins in earnest.