Member Info for dai2belts

I agree It doesn't add up...

Due to the expansion of the structural closure to approximately 350 km² - an increase of 50 km² - the Company and its consultants are now required to submit a revised EIR to the Department of Energy, Mines, Industry Regulation and Safety of Western Australia ("DEMIRS") due to reflect the additional development opportunities within the field and enhanced scope of future field development.

Until they make a commercial discovery, the extra area is just theoretical, and additional opportunities pie in the sky ?

"an additional site visit" , vs "additional visit" could this be an additional site as in new location,

Who knows

Remember DM calling timeout at Tai blip as it was end of drilling season and start of the rains, November time.. Then Lorna turns up, and drilling season is all year round.....

Odd December drill, yet its to wet for a site visit

There has been no mention of the rig being contracted lol

This is the 1st I have heard of an under ground structures size increase requiring a revised EIR, although we don't get all that stuff updated..

It is not as if they are drilling any where near the perimeter, and its deep, its below the salt cap and the surface casing will be protecting waters at the drill site..

And what part of that extra 50km^2 area will be at the drill site ?

BCE , remember the poster with the on-site contact, created loads of FOMO, that poster very nearly suckered me into a big loss,

Tower

Dec 2018 Update, Njom-3 EMV10 £118m, 18mmbls,

2018 Brent Average: 71.46

Highest: 86.27

Lowest:50.22

2024 Brent Ave 79.38

-----------------------------------

Change %. Price Open Close Hi Low

Dec 01, 2018 54.02 59.95 63.93 50.22 3.32M -9.15%

Nov 01, 2018 59.46 74.72 75.03 57.78 4.44M -20.76%

Oct 01, 2018 75.04 82.30 86.27 74.58 4.43M -9.30%

Sep 01, 2018 82.73 77.57 83.41 75.32 4.69M +6.56%

Aug 01, 2018 77.64 74.25 78.32 70.67 3.46M +4.62%

Jul 01, 2018 74.21 78.56 79.25 71.30 3.86M -6.34%

Jun 01, 2018 79.23 77.44 79.56 72.11 5.31M +2.15%

May 01, 2018 77.56 74.16 80.50 71.99 5.43M +3.84%

Apr 01, 2018 74.69 68.84 75.61 66.29 4.63M +7.72%

Mar 01, 2018 69.34 64.26 70.40 62.92 5.31M +7.12%

Feb 01, 2018 64.73 68.59 69.72 61.48 4.21M -6.04%

Jan 01, 2018 68.89 66.23 70.78 65.82 4.41M +3.69%

Malcy has covered Zeph so should see a few of his followers buy, shame I was getting close to topping up...

Looks like the local school has the heating too high with so many open windows :)

Yep, there are better plays, usually adding on delay lows is a good strategy..

But the flood delaying docs I thought had been submitted, and now they submitted the wrong area size......

December is now looking like March... 3 months delay on docs, Mmmmm

Don't they always....

So is 60 days the approval time, number seems coincidently equal to sharebels approval time

What's the country coming to..

On the radio they are saying some people can't afford to run their heating, I would imagine those on state pension and single parents.. So the heating allowance has been taken away and apparently schools are closed because its too cold... Keeping the schools open would ensure the kids are warm..

Another beat down, loan called in.. Us$2.72m

Woodbois Limited is the guarantor of this loan and in an accompanying letter to the Company the guarantee is called. The amounts outstanding are approximately DKK 6.8m (USD 0.61m) and EUR 2.05m (USD 2.11m), and the repayment deadline is 17 January 2025

Mmmm, just seen that, December drilling lol.. always knew that was too optimistic..

60 days, I hope that includes the site visit, as lots of the approvals take 60 days..

Oh well gives CSS more time for an orderly off-load..and maybe time for an unexpected blip

@GoldBlend, the more I looked the more confused I got..

There was another update about another asset, initially cost 1euro per share , had increased to 2.. Very Nice but what's its contribution to that 2.7p..

Then in the interims was expecting a table, each asset breaking down its value to see how that Nav was made up,,

Is there a table of portfolio assets and valuations available ?

Dec 2018, Njom-3 £118m, 18mmbls, latest

Baker Marine Pacific Class 375 jackup, so less than 375ft deep?

The Thali PSC covers an area of 119.2 km², with water depths ranging from eight to 48 metres

========================================

The NJOM-3 well will target gross mean contingent (2C) resources of 18 MMbbl across the Njonji-1 and Njonji-2 fault blocks located in the south of the Thali license with an EMV10 of $118m

It is also expected to de-risk an additional 20 MMbbl of gross mean prospective resources across Njonji South and Njonji South-West.

https://www.offshore-mag.com/drilling-completion/article/16803471/vantage-jackup-to-drill-njom-3-well-offshore-cameroon

=================

Looks to be now targeting just Njonji-1 , not inc 2, I dot see a new valuation....

The NJOM-3 well will target the contingent resources of the Njonji 1 fault block (and the PS9 reservoir in the Southern Njonji fault block)

Risked PMean recoverable resources in Fault Block 1 increased from 10.5 to 12.9 million bbls

The latest company estimate of risked PMean recoverable resources is now 35.4 million barrels. The changes from previous internal company estimates can be summarised as follows:

Risked PMean recoverable resources in Fault Block 1 increased from 10.5 to 12.9 million bbls;

Risked PMean recoverable resources in Fault Block 2 increased from 4.1 to 4.9 million bbls;

Risked PMean recoverable resources in South Fault Block unchanged at 17.6 million bbls.

.......................

https://www.towerresources.co.uk/wp-content/uploads/2023/04/2023-04-24_CAM_Thali_TechnicalUpdate_Rev7b2.pdf

Lol, learning ....

Missed sub 0.05p researching, shame I can't remember stuff as I will have read it sometime..

Looks like they may need to get another extension, I read it was up to feb...but that extension was apparently due to lack of rig availability,, so not an issue

https://www.offshore-mag.com/drilling-completion/news/55193332/tower-resources-tower-in-farm-out-talks-to-support-drilling-operations-offshore-cameroon

Not much you can do when quotes don't complete, but it makes you wonder when everybody seems to be selling at great profits and you still manage to get that quote complete...

==========================

So currently £11m MC, with a +$18m drill due, with $15m carry... what's up here ?

So $19.37m, for 42.5% of Cameroon well, and 25% Namibia well

$15m towards Cameroon Work Program...the remainder leading up to completions of agreement

"Prime will take a 42.5% non-operated interest in Thali, in return for a US$15,000,000 contribution to the work programme, including the drilling of the NJOM-3 well, which is already partly funded and other arrangements as summarised above and below."

https://www.proactiveinvestors.co.uk/companies/news/1064016/tower-resources-seals-two-farm-out-deals-and-will-drill-njom-3-well-this-year-1064016.html

=================================

2022, Cost to drill estimated US$18m, add inflation ?

"Tower Resources said that the proceeds will be used to prepare the NJOM-3 well for drilling. The well is located on the Thali block in Cameroon and will cost around USD18 million in total."

https://www.morningstar.co.uk/uk/news/AN_1659446208701134200/tower-resources-raises-gbp15-million-to-prepare-njom-3-well.aspx

======================

https://www.offshore-energy.biz/one-multimillion-dollar-offer-for-stake-in-uk-players-asset-off-cameroon-on-the-table-with-more-anticipated-as-talks-continue/

@PortfolioPower, I set up a trade to make £1k profit oh He1, it was smack on but 5x I accepted a quote and it did'nt complete, ended up selling for less than £100 as it did'nt bounce the dip, or the next dip

Just spotted the double heading, need 3 eyes this morning..

ADV paid $20m for 50% of buffalo in shallow waters if I remember correctly, but I don't see the details if the 20m paid for the full drill, and website doesn't look secure

"30m waters, On a free carried basis, Advance Energy will fund the Buffalo-10 offshore well for up to a cap of $20m."

I hope Goldblend held off, or even better sold the peak, and bought back sub 1p

Its pulled back 30% from peak...

I don't know why yesterdays update did'nt give an estimated NAV for IR(svv1), and I couldn't see a valuation for each position held in the fund in the interims ?

I believe their are both off-shore so $15m won't go far, I think we need to check costs against another...