Member Info for Dicko80

Can sell a million online

Games at large

Yes unfortunately too much selling and support has broken on the chart now , so people are selling

There has been continuous selling from the highs last friday , can't be placing shares ? surely they've been churned

Very bullish double bottom "W"

trend reversal - downtrend to uptrend

Yes remember the success is expected to travel south from orange basin to South africa , so further discoveries helps our farm out in SA

Silver

Your missing the point

This scoping study isn’t relevant as the company won’t be going down this route

In an interview last summer they stated no to a processing plant as they have seen many juniors failure to raise the capital $200, 300 , 400m

Today in the RnNS it’s $1bn capital required

And they are using gross revenues of $430m for 27% IRR

Net revenue $7 - 200m range so using best case revenue figures to get just 27-% IRR

The scoping study is misleading investors

Hi Junga

I get that but large capex projects with potential low IRR won’t happen

The parameters for potential revenue if they find gas/helium could be as low as $7m pa for $1bn plant

Onshore gas flow rates I don’t think will be high as they state and also the % of helium will only be a percentage

This plant won’t happen, offtake from the wellhead for them to take it and do the processing themselves would IMO only be the option but what would the NPV for this process , bearing in mind processing will be 30% cost of helium price

Whilst there’s opp to make money in the short term , to get the built the plant and get into production, over $1bn capex required

ain’t gona happen

Same happened before farm out , was around mid December , seemed to be a road block but then took off , chart is twinning the same pattern now

Yes which is great news, as two interested parties are better than 1.

Any interested parties would have shown their hand once the company had issued that draft contracts were being raised this was released in September, so we nearly 5 months further on

It was only a matter of time for interest to build on the back of the deep water orange basin discoveries, very similar plays , deep water, basin fans and interesting but the large discovers all share AV0 anomalies

So now all the acerage is taken up in orange basin , majors need to look for the next big discovery and just to the south sharing very similar play types and DHI with AVO response is towers deep water slope and basin fan

Article below before the orange basins discoveries highlights the potential on a success case south to South Africa

“Drilling Success Will Flow South

Whilst these two wells will be drilled in Namibian waters, should either of the plays be successful, the acreage to the south in South Africa will become white hot with interest.”

https://geoexpro.com/south-africa-poised-for-exploration-greatness/

When you look at our current mkt cap at £8m

Recent placing an and completion of Cameroon/ Namibia farm ours will result in £5m in bank vs £8m mkt cap, just £3m EV

But SA farm out with upto $14m back costs 50% to TRP would mean you can buy today with cash covering mkt cap and everything in for free

With any stock timing is key...

TRP have suffered due to timings for all 3 assets..

but the following information outlines the investment case with all 3 projects now in play

Cameroon

Appraisal drill high COS, targeting 16,000 BOPD.

first production from Njonji estimated at just 6 months after drilling

phase 1 @ 8k bopd

8000bopd x 365 days x $90= $262.8million gross per annum

phase 2

production estimated to double to 16k bopd with the deeper sands

16000 x 365 days x $9 = $525.6 million gross per annum

TRP mkt cap just £8m

June 2022

"The Company has also updated its estimate of the NPV10 of the base volumes in the 24.9 million barrel pMean recoverable case, to $305 million, as set out in the linked presentation at page 11."

April 2023

"Updated resource estimates and risks for the reservoirs connected to the NJOM-1 and the NJOM-2 discovery wells, substantially lowering risk attributed to PS9 Sup and PS3 HW reservoirs, and increasing total risked pMean prospective resources to 35.4 million bbls."

$305/24.9*35.4 =

$433.61m NPV10 (On a pro rata basis)

technical overview

hTTps://www.youtube.com/watch?v=6ZJ7Nh1_oj8&t=4s

hTTps://www.towerresources.co.uk/wp-content/uploads/2022/10/Duncan_Rushworth_Tower-Resources_Thali_AOW_2022-v3.pdf

Njomi 3 - 90% COS according to OIL report as below

hTTps://www.towerresources.co.uk/wp-content/uploads/2020/03/Summary-Reserves-Resources-Valuation-Report-Tower-Resources-Cameroon-Assets-Effective-Date-10th-March-2020-Publication-date-12th-March-2020-Final.pdf

additional 111 million bbls of prospective resources identified in the OIL report may be found.

you'll note on the farm out flyer they have now included the Dissoni & Ideneao prospects with pmean recoverable of 111.3mmbbls

making pmean recoverable total of 149mmbbls, low risk

quick maths on the revised recoverable plus the increase in resources noted in the RNS link above

149 + 7 = 156mmbbls recoverable

quick maths for NPV10 on a pro rate basis

$305m/24.9mmbbls*156mmbbls =

$1911mNPV10

hTTp://envoi.co.uk/wp-content/uploads/2019/11/P257TowerCameroonENVOI-IntroFlyer.pdf

"equally large undrilled deep play upside identified on 3D on trend with proven reserves..."

Then there are much deeper prospects which currently have no numbers on potential in the public domain but are turbidite and sandstone exploration plays are analogous to giant fields such as Alba and Zafiro which are on trend within the same basin

600mmboe+ as per latest presentation below, which can be utilised from cost recovery

hxxps://www.towerresources.co.uk/wp-content/uploads/2024/06/Tower-Resources-corporate-summary-June-2024.pdf

Farm out agreed, we await rig contract and also update on discussions with African banks for funding early production and longer term RBL

South Africa..

Above the ground risk have delayed any real progress over recent years , but now these have been ironed out and new hydrocarbon law coming in

Offshore South Africa

Totals large gas condensate discovery with AVO analysis has now been mapped and confirmed TRPs deepwater fan leads x2 are not only on trend with their discovery but also exhibit AVO analysis

Interesting bit is where Totals exhibits AVO class III (gas) then deeper down dip class IIp (oil/condensate) at deeper depths, highlighting the change in gas to fluids at greater depths

TRP deepwater prospects exhibit AVO analysis observed downdip in Totals discovery below the gas suggesting the sands in tiny old TRPs deepwater prospects to be charged and oil bearing

These two large prospects are estimated to contain

A mean of 3.75 billion bbls

P10 a huge ! massive !

7.5 billion barrels OIP

hTTps://envoi.co.uk/wp-content/uploads/2022/03/P253NewAge(SouthAfrica)EnvoiUpdateMar22.pdf

hTTps://www.towerresources.co.uk/operations/south-africa/

$20m farmout ?

hTTps://www.farmoutangel.com/assets/south-africa-algoa-and-gamtoos/

farm-out process, which has been underway for some time, has been seeking financing at least for the current phase of 3D seismic data acquisition over our 1.4 billion barrel deep-water slope and floor fan leads, and some repayment of back costs. This has now reached the stage where draft documents are being prepared

hTTps://www.lse.co.uk/rns/TRP/interim-results-to-30-june-2024-8i8prpz9tr3g2s2.html

Back costs c$14m as per the book value in the accounts

Several weeks have past, potential to land any day

Namibia - 200mmbbls free shot

GBP have stated they are hoping to farm out their Namibia licence

Their w deep prospect overlaps towers licence by 25%

Tower has potential free shot which is a substantial c200mmbbls for nil cost #freeshot

Jeremy Asher, Tower's Chairman and CEO, commented:

" We are especially interested in what Global is doing on PEL-94, and note that the amount of 3D data already obtained on the Welwitschia Deep prospect suggests that this might already be close to being drill-ready. If Global is able to drill an early well on PEL 94 targeting the Albian carbonates and Cretaceous turbidites, this would bring extremely valuable insight to Tower on the multiple structures and leads on our PEL 96, and if it is on Welwitschia Deep, then it might also bring an early discovery providing immediate reserves to our Company."

hTTps://www.lse.co.uk/rns/namibia-update-1logv6rxg3ma4ms.html

Slide 10 - shows the prospect and the overlap into our licence

hTTps://globalpetroleum.com.au/wp-content/uploads/2024/09/24-09-23-GBP-Corporate-presentation-September-2024.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

Clear results, 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

All indicating a working hydrocarbon system

hTTps://youtu.be/9l1RyD5Sjqo?si=Mx9-Vcn04g2QkFtT

Latest information is we are now being told the licence area is even more prospective for hydrocarbons

Newly identified stratigraphic traps and large anticlines never been looked at previously, adding further potential to the already billions and billions of bbls of potential

No shortage of interest , lots of parties have reached out to tower expressing interest and discussions continue along with work on additional leads to truely understand the sheer size of the licence potential

Towers work hasn’t gone unnoticed and interest has now taken over

19.02.24

Walvis Basin

Tower holds acreage in the Walvis Basin, which Asher said was somewhat neglected by industry. ExxonMobil has operations in the Namibe, in the north, although not revealed many insights into the area.

The Walvis has not been well modelled in the past and is not well understood by the industry at large. We see that, in addition to the Kudu shale, which is the main source rock in the Orange Basin, theres a deeper source in the synrift. The current feeling is that, whereas a decade ago we had focused on the massive anticlines, the stratigraphic traps may be of more interest.

Asher noted that an old well, drilled by Norsk Hydro in the Dolphin graben, had found oil from a lacustrine source. “We know there is a working petroleum system which has been productive, but where’s the oil gone? There are only so many opportunities in the Orange Basin, then companies will start to look north – and we think the Walvis is the place to be.

hTTps://youtu.be/9l1RyD5Sjqo

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

For anyone looking in or looking to top up , series of posts to understand the sheer scale and potential of the company’s assets

This is probably the most exciting one

Namibia

We were approached by a major in late 2019 just before covid for our blocks in Namibia

hTTps://www.lse.co.uk/rns/namibia-update-ped9qgjh2h7gfb5.html

"As previously disclosed, Tower received an unsolicited approach from a Major oil company regarding its license PEL 96 in the second half of 2019. That company has told Tower that it remains interested in working on this project, but has not prioritised it during the first half of 2020, and we expect discussions to remain on the back burner in the second half of the year, or at least until the Covid-19 pandemic situation is clearer. This has not affected our own plans for the license, and we await with great interest the outcome of further work, such as Global's, and also further wells being drilled in Namibia, including Shell's well on license PEL 39 and Total's Venus well, all of which will enhance our own basin modelling and prospect evaluation.

Jeremy Asher, Tower's Chairman and CEO, commented:

"At present we are concentrating on getting our Cameroon farm-out finalised and preparing for Covid-19 conditions to permit us to resume well preparations at Thali, and we hope to update the market with further news about this shortly. But we are also continuing to work on our Namibian license. Even though most of the work is desk-based at this early stage of the Initial Exploration Period, it will be profoundly influenced by the insights we can gain from the physical exploration efforts of other parties, even in other basins in Namibia. We are especially interested in what Global is doing on PEL-94, and note that the amount of 3D data already obtained on the Welwitschia Deep prospect suggests that this might already be close to being drill-ready. If Global is able to drill an early well on PEL 94 targeting the Albian carbonates and Cretaceous turbidites, this would bring extremely valuable insight to Tower on the multiple structures and leads on our PEL 96, and if it is on Welwitschia Deep, then it might also bring an early discovery providing immediate reserves to our Company."

hTTps://www.lse.co.uk/rns/namibia-update-1logv6rxg3ma4ms.html

This was thought to be a work in progress...as Tower think it’s too early …But due to the recent massive oil discoveries and the work tower has completed - basin modelling, migration pathways have highlighting the sheer scale and size of our licence area with additional leads identified namely the stratigraphictraps and further work is required to update the ever increasing prospective volumetrics and priority of leads

Marine traffic live map showed the gerd just off Cameroon but as per posts Friday afternoon, BORR updates the Gerd is with ENI just down the coast at Congo, their contract is dec - may , then mobilisation up the cost to Cameroon for June spud would certainly stack up

https://api.borrdrilling.com/wp-content/uploads/2025/02/Borr-Drilling-Limited-Fleet-Status-Report-Q4-24.pdf

The contract from June is for 100 days , now if you saw the other link to BORRs conference call ref Q4 results you’ll have noted the following

“Currently, we have approximately 6,700 contracted rig days in 2025, representing 77% of our total available rig days in the year at an average day rate of 149,000 compared to 136,000 in 2024. ”

https://seekingalpha.com/article/4760317-borr-drilling-limited-borr-q4-2024-earnings-call-transcript

So 100 day contract for the Gerd at $149,000 = $14,900,000

How much was our farm out for the well ?

$15m

✔️

So a one well contract according to the numbers, does anyone else know of another company looking to drill 1 well in west Africa ?

All looks very promising

Onlyprofit

Regarding timelines, one can never rely on such and can only use it as guidance

We are looking at a couple of options, one being early production from the 1 well or the other option is drill 1 well and return with platform and drill 3 further wells all deviated in different directions with the expectation of producing 8,000bopd for ph1

Ph2 ramping up to 16,000bopd targeting the deeper reservoirs

So we’ll have to wait and see which option the company and partners opt with, would be great to get into early production

You only have to look at the potential revenues from ph1 and ph2 vs current mkt cap

8,000 x 57.5% x $80per bbl x 365days

$134m gross revenue

Double that for phase 2

Also worth remember the cost recovery pool we can utilise then for future as well

Like I said previously this is just for Njoni and Thali development , buying in now at the start of the journey for the 3 assets with success will be life changing for all

Just as an example there are follow on prospects of over 100mmbbls for Cameroon considered low risk , we now know there’s potentially 600mmboe + in the deeper targets , we know SA has the exciting deep water slope and basin fan prospect on trend from Totals large discovery , billion bbl + prospect , Namibia really could be anything , multiple large structures , Gamma, Alpa plus now newly identified traps which according to the basin modelling and migration pathways will be filled first , the scale could be multiple billion bbl prospects

Contract rig for Cameroon starts the journey

Yes taken from the spangel note

Page 5

https://www.towerresources.co.uk/wp-content/uploads/2023/12/TRP-2023-12-06-Initiation-Report.pdf

Two paragraphs under the table , first one talks about rig contract and second development of 25mmbbls

Obviously this is just for the upcoming well and potential development of 25mmbbls

If you look at page 12 , there is an unrisked valuation of 23.36p for all the assets, this is based at full % WI

but you can see that Njoni ph1 (upcoming well/development) is only 1.59p of the 23.36p which showcases the company’s potential

So although Njoni ph1 may represent x20 from current levels on the revised shares in issue and WI, there is huge scope for a much higher valuation in time across the portfolio with SA & Namibia

Obviously we are waiting for SA , which will then see this start moving and Namibia reprocessing of 2D to upgrade the potential likely to be multi multi billion bbl potential

Lots to look forward to from a very low sp 0.028

🔥Hot of the press 🔥

Yesterday afternoon 3pm

“The Gerd has secured a binding letter of award from undisclosed customer in West Africa for a 100 day program starting in June 2025 following its ENI contract.”

https://seekingalpha.com/article/4760317-borr-drilling-limited-borr-q4-2024-earnings-call-transcript

Fleet report also just updated

https://api.borrdrilling.com/wp-content/uploads/2025/02/Borr-Drilling-Limited-Fleet-Status-Report-Q4-24.pdf

Date certainly ties in nicely for us

Hmmm all looks very positive

News flow to kick in next week ?

Cameroon FA

Cameroon rig contract

Namibia farm out

SA farm out

£5m in the bank , Mkt cap just £8m

Let the re rate begin 💥💥

Yes and SA farm out isn’t included in them numbers

Or any oil for anything across the portfolio except 25mmbbls

Clear disconnect in sp with value proposition

Just had a look at the revised numbers

25mmbbls x $13.6 per bbl x 57.5% x fx rate 0.8 + £1.46m placing + £3.5m farm out money / 29.5bn shares

0.55p

0.55 - 0.026

20 bags approx