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Hi Nero
This might help
https://www.towerresources.co.uk/wp-content/uploads/2023/12/TRP-2023-12-06-Initiation-Report.pdf
Tower is pleased to see Chevron invest in the Walvis Basin. As an established player in the region, #TRP has anticipated that more companies would turn their attention to the Walvis, and we continue to believe that there is potential similar to that of the Orange Basin.
Wink 😉 wink 😉
https://twitter.com/TowerResources/status/1785674720265883715
Highlighting the oil seeps clustered right above on top of the structures in our licence area
Understanding the Active Petroleum System in the northern Walvis Basin
hTTps://www.linkedin.com/pulse/understanding-active-petroleum-system-northern-walvis-rushworth-qp7ye?utm_source=share&utm_medium=member_android&utm_campaign=share_via
Big big structures
Multi Billion bbls potential prospects
Gas chimneys
DHI's
hTTps://youtu.be/9l1RyD5Sjqo?si=Mx9-Vcn04g2QkFtT
Now oil seeps clearly clustered sat right ontop of the structures
Indicating a working hydrocarbon system
Interest is high ... as now confirmed in the public domain
It’s heating up 🔥 🔥 🔥
Mkt cap £4m
Chevron fires opening salvo in battle over new Namibia exploration play
US giant strikes deal for block in heart of Walvis basin where a petroleum system has been proven by previous wells
Chevron has fired the first shot in what is set to be an upcoming battle between supermajors to secure access to promising oil and gas acreage in Namibia's next big offshore exploration play — the Walvis basin.
Chevron, TotalEnergies and Shell are the majors active in the prolific Orange basin where opportunities to enter the play on a ground-floor basis have all but disappeared.
As a result, supermajors and independents are scanning the potential of the Walvis basin to the north, and like what they see, with Chevron making the first move.
hTTps://www.upstreamonline.com/exploration/chevron-fires-opening-salvo-in-battle-over-new-namibia-exploration-play/2-1-1635016
“A lot of companies have been talking to us about the Walvis”
hTTps://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/032524-interview-uks-tower-resources-eyes-8000-bd-of-oil-from-2025-with-cameroon-campaign
hTTps://www.towerresources.co.uk/wp-content/uploads/2023/10/Namibia-offshore-understanding-the-petroleum-system-in-the-Walvis-Basin-AEW-Oct-2023-final.pdf
1mins 48 secs
hTTps://www.youtube.com/watch?app=desktop&v=bEGhb16GnkE
its worth noting that Alpha structure could potentially be larger than Venus discovery
venus structure is 600sqkm
hTTps://www.youtube.com/watch?app=desktop&v=kgH_0mEZ7zQ
alpha 850 - 1200sqkm
slide 9
hTTps://www.towerresources.co.uk/wp-content/uploads/2023/10/Namibia-offshore-understanding-the-petroleum-system-in-the-Walvis-Basin-AEW-Oct-2023-final.pdf
"The main oil seeps that have higher repeatability are recognised adjacent to the Dolphin Graben and are located above existing prospects and along the main migration pathways verified by Tower’s recent basin modelling work"
hTTps://www.linkedin.com/posts/duncan-rushworth-44b3415_namibia-walvis-oilseeps-activity-7125770416555483136-aBDw?utm_source=share&utm_medium=member_android
Oil seep study
Clement Blaziot posts on LinkedIn
He carried out a satellite oil seep study on Galps block
hTTps://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-africa-namibia-activity-7046514333035429889-tdIx?utm_source=share&utm_medium=member_android
which has recently confirmed an oil discovery
hTTps://www.offshore-mag.com/regional-reports/africa/article/14303512/galp-finds-more-oil-in-namibias-orange-basin
hTTps://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-angola-africa-activity-7161736967372685312-WjEy?utm_source=share&utm_medium=member_android
now with him carrying out TRP oil seep study offshore Namibia,
hTTps://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-africa-energy-activity-7076950945380585472-s_fV?utm_source=share&utm_medium=member_android
with clear results, highlighting the
What is the current value of the company ?
well the mkt says around £3m
SA
Farmout Angel Valuation : $50,000,000 - $100,000,000 (TRP 50%)
Equity Offered : 40 - 60%
https://www.farmoutangel.com/assets/south-africa-algoa-and-gamtoos/
Namibia
farmout Angel Valuation
$10,000,000 - $25,000,000 (TRP 80%)
Equity Offered : 40 - 60%
https://www.farmoutangel.com/assets/namibia-pel96-1910a-1911-1912b/
Cameroon
Farmout Angel Valuation
$25,000,000 - $50,000,000 (TRP 100%)
Equity Offered : 40 - 60%
https://www.farmoutangel.com/assets/cameroon-thali-2/
8th Feb 2024 RNS
"In the meantime, we are also continuing our work on the evaluation and prioritisation of leads and prospects on our Namibian licence in light of the basin modelling work we recently completed, and we have been discussing the next steps on our South African Algoa-Gamtoos license with our joint venture partner and operator, NewAge. We hope that this will be the first of many positive announcements in 2024."
hTTps://www.lse.co.uk/rns/TRP/extension-of-period-of-thali-license-in-cameroon-x05wree5fonuli9.html
Should see start of the re rate tomorrow
Stock is being accumulated
Handbrake should be let off with any volume
All 3 assets due news in the near term
Multi billion bbls potential with appraisal drilling to kick it all off
Mkt cap £3m
🚀🚀🚀🚀
There’s no doubt , towers assets have been on long term care and maintenance
Timing is always key to these micro junior plays
But we are now expecting updates on all 3 assets with all 3 offering potential transformational updates for the valuation of the company
Cameroon - everything is right , timing couldn’t be better, high POO, sellers market for appraisal , extension of licence secured, rig contract secured all stacked in our favour
Namibia - massive oil discoveries have helped tower to understand the basin and migration pathways and we await the next chapter of this highly prospective area, updated volumetrics and priority leads will then lead to confirmation of several approaches to farm in to our blocks (already confirmed by SP Global interview)
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/032524-interview-uks-tower-resources-eyes-8000-bd-of-oil-from-2025-with-cameroon-campaign
South Africa - above the ground risk now being dealt with by SA authorities who are keen to encourage in new investment , starting with total drilling 4 or 5 wells but for us eliminates the risk that has been restricting the farmout of our highly prospective licence on trend to totals large discovery
So to conclude you buy today, just as the billions of barrels of prospective resources gains traction and become live, current and not on long term care and maintenance
And this is why JA stated in his last interview ..
“2024 will be transformational for the company”
Https://youtu.be/mx5NjzGlGxo?si=rXYPIHC4YkrqMBEH
Yes link attached
They handed back the first licence areas in 2015 and took 3 years to get approval of the new blocks
The new blocks does contain some of the original licence areas, as you rightly say “cherrypicked” these blocks for many reasons, we’ll they were very well understood by the company but also due to the confirmation of a working oil-prone petroleum system (back then there was a theory that past the Walvis ridge it didn’t contain the source rock for oil to be present) in good quality turbidite and carbonate reservoirs.
The new blocks cover a very large area and are highly prospective
the presence of Albian carbonate and Upper Cretaceous and Palaeocene turbidite reservoir intervals, which has been proven by Norsk Hydro’s 1911/15-1 well, encountered oil shows in the 1911 block in the 1990s. These intervals may be found in multiple structural traps across the new licence area. These include giant (1,000 km2+) 4-way dip closured structures in the west of the licence and 4-way and 3-way fault dependent structural closures within the Dolphin Graben, which well results such as Wingat-1 indicate is likely to contain mature source rocks. Potential stratigraphic traps (associated with Cretaceous and Palaeogene basin floor turbidite systems) have also been identified within the new licences.
The giant structures in the west of the licence include two (Alpha and Gamma) which were similar in size and potential to the Delta structure to the south of block 1911, where Repsol, Tower and Arcadia drilled the unsuccessful Welwitschia well in 2014.
Significant potential has also been identified within structural closures (50 km² to 125 km²) identified and mapped across the Dolphin Graben, all of which are located directly adjacent to source kitchens. More than eight 3-way fault dependent and 4-way dip closed structural traps have been identified so far, all of which compromise of multiple stacked targets which include Palaeogene and Cretaceous turbidites (being explored for in the southern part of the basin) as well as Albian carbonates and deeper syn-rift clastics.
In addition to the structural plays outlined above, Tower anticipates that stratigraphic plays exist within Cretaceous and Palaeogene intervals in the new licence, with potential for deep-water turbidite reservoir interbedded with mature source rocks (analogous to plays being explored for by Tullow and other in the southern part of the basin). These stratigraphic plays are currently being worked on and we await update volumetrics and lead priority
Once announced expect fireworks 💥 💥📈📈🚀🚀
*Reminder*
The SP Angel research note assumes 32% farmout for $10m
If this was the case the value of njom3 on a 100% WI would be $10m / 32 x 100 =
$31.25m
TRP retain 68%
$31.25m x 68% =
$21.25m / £17m
TRP current mkt cap £3m
Some 450% upside on the value of the deal alone
https://www.towerresources.co.uk/wp-content/uploads/2023/12/TRP-2023-12-06-Initiation-Report.pdf
There after, leading up to the drill the sp should start to price in some success with it being an appraisal drill But further upside from the exploration element of the drill
35mmbbl prospect at 68%
24mmbbls net to TRP in the success case
@ $3 per bbl that’s
$72m/ £57m mkt cap
Trp £3m mkt cap
Then there is an additional 111mmbbls in other mapped leads , plus the larger deeper targets , to which no numbers in the public domain at the minute, which I’m sure will change
We also have multi billion potential offshore Namibia. & SA
We await updates on these also
All for £3m
“ The flows achieved during the well test have reached the maximum allowed limits of approximately 14 thousand barrels oil equivalent per day, positioning Mopane potentially as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.”
Nice 👌
Https://www.upstreamonline.com/exploration/shell-hits-oil-with-latest-probe-in-namibias-prolific-orange-basin/2-1-1629538
Namibia Exploration Alert!
Shell’s latest exploration well in the Orange Basin has found hydrocarbons. An exclusive report in Upstream reports a Shell spokesperson confirming the Enigma-1X well as a discovery. Further testing is required to determine commerciality. The well is around 15 km south of Jonker. Enigma will be the fifth discovery on PEL 39 following Graff, Jonker, La Rona, and Lesedi. Shell has also drilled the unsuccessful Cullinan-1X in the north of its acreage.
Jonker is widely thought to be the largest discovery and the focus on any initial development. Graff may follow after Jonker. Elsewhere in the basin, TotalEnergies and Galp are continuing to drill and assess discoveries on their acreage (PEL 56 and PEL 83) while Chevron is expected to spud a well on PEL 90 this year. Woodside Energy holds acreage north of Chevron and Galp’s blocks and may drill its first well next year.