Newsflow10 Apr 2025 08:46
We have to remember we hit mid 0.050s on the day of the announcement of transformational farmouts
We are now close to completion of said farm outs and you can buy at 60% discount to the day of the announcement but this time the re rate will continue as well have cash in the bank and rig contract to follow shortly with spud and 35mmbbl recoverable oil prospect to drill which as the company believes NPV per bbl $13
It’s a great opportunity at these levels
The Company has been offered a number of rigs which could be available at different times between June and December 2025”
So looking into availability elsewhere
Shelf have 2 rigs available in West Africa
Victory - available April 25
Highland II - available May 25
https://www.shelfdrilling.com/wp-content/uploads/2025/03/Shelf-Drilling-Fleet-Status-Report-Update-Mar-2025_vF.pdf
The company is planning for a quick turnaround probably from one of the above available rigs ..
7th March
“In order to support the procurement process for the rig and associated services, and to minimise the time required between the farm-out completion and being ready to take delivery of the rig, the Company has already started to make selective hires in anticipation of drilling, initially through flexible contractor agreements. This includes a Senior Operations Geologist reporting to Mark Enfield, Tower's Exploration Director, and a Senior Drilling Engineer reporting to the Company's Drilling Manager, Phil Church at Bedrock Drilling. Tower is also adding a highly experienced member of staff to its financial team to support the ongoing discussions regarding future bank financing.“
https://www.lse.co.uk/rns/TRP/namibia-and-cameroon-update-pekjltpp3r7e6bb.html
26th March
“pleased to announce that the Company has agreed an unsecured fixed-price convertible bridge loan (the "Bridge Loan") of £500,000 with Prime Resources Limited ("PR") with a term of up to 12 months, and convertible into ordinary shares at a fixed conversion price of 0.05588 pence per share (being a premium of 100% to the average of the 5 daily VWAPs prior to today's date)“
https://www.lse.co.uk/rns/TRP/bridge-loan-42jydfcwcp4tban.html
Trend reversal, uptrend in play
https://ibb.co/PGq0zbFj
Broker targets before dilution
0.12 for core nav only for thali drill on completion of farm out and rig contract
0.80 +for successful appraisal drill
Can buy 0.026 with potential 20bags+ from here on successful appraisal drill according to broker target reworked with new shares in issue, this just for Cameron with a 35mmbbl prop spect, the company has the potential for multi billion bbls across the portfolio
News pending
Cameroon farm out - cash in bank
Namibia farm out - cash in bank
$4.375m
SA farm out - potential for super major and back costs upto $14m
Cameroon rig contract
Namibia updated prospective resources and lead priority
Farmout from neighbour with their deep W
Sign In
Follow the stocks
