Member Info for Dicko80

Steve

You have missed it

They confirmed they received the Vat refund of $1.17m, they have done 2 placing for combined £800k+

That’s about £1.7m

Mkt cap £2.5m

No sellers , mms got to play some games to try and get some shares

.12p some huge upside to just core NAV for the drill , 700%

Plus if we don’t farm out all equity to 68%, part funded through bank …price will increase

Likewise I think from memory it’s around .83p for 25mmbbl

That’s before the additional 140mmbbls in Cameroon low risk, the 600mmboe + for deeper plays, or anything for SA billion bbl + plus, or the massive Namibia licences multi multi billion bbl +

V shape recovery on the chart

Buy price going up on each order

Back to 0.020s

No sellers down here, just need a bit of buying

Head of terms for farm out is in place as per accounts

Well done JRich 👍

However I believe the company is in discussions with the bank, so as kevers posts , I think he is spot on , loan so we give away less equity to farm in partner

Fingers crossed 🤞

In addition to the events above, subsequent to the year-end the Company received notice that the third of its appeals to the First-Tier Tax Tribunal had been successful, resulting in a release of the remaining VAT provision and the receipt of remaining receivables.

https://www.lse.co.uk/rns/TRP/preliminary-results-to-31-december-2023-y19cs7ve2u8jgrw.html

Page 9 accounts

VAT provision

$1,178, 228

Nice

Mkt cap £2m 👀

https://www.towerresources.co.uk/wp-content/uploads/2024/06/Tower-Resources-Annual-Report-2023-FINAL.pdf

Great links Kever

Sounds just like what we need 👏

As per June 3rd RNS bank loan discussions ongoing, could the delay be due to this new bank set up to fund African fossil fuel sector ?

🔥🔥🔥

Up she goes

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

Mkt cap £2m

Well done JRich, great find

Interesting times a head

I’ll give JA a ring on his mobile 📱

TOTAL energies

So with Total already having a discovery near our block , with them about to drill more wells, and development in the near future…

Would make sense for TOTAL to be interested in our blocks next door to theirs

What would that do to the sp

💥💥💥💥💥📈📈📈📈📈

🚀 🚀🚀🚀🚀🚀🚀🚀🚀🚀

June 3rd

https://www.lse.co.uk/rns/TRP/preliminary-results-to-31-december-2023-y19cs7ve2u8jgrw.html

In Namibia, as discussed in more detail in the Operational Review, we completed our basin modelling work, and integrated it with a new seep analysis, completed after the basin modelling work was done, and which was consistent with the basin model we had developed. This has greatly increased our confidence in our understanding of the subsurface, and we shared a summary of our analysis with the industry in Cape Town in October 2023, which was well received. A copy of that technical presentation can be found on our website.

Since then, we have been reviewing all of our seismic data (including some 20,000 line-kilometres of 2D data) to identify the most promising anticlines and stratigraphic traps along the expected oil migration paths we have identified. While this includes some of the large anticlines we had already identified in the license area more than a decade ago, it also includes some very large stratigraphic traps which we had not considered before. At the time of writing this, we are still reviewing this work with our partners and with the Ministry, but we are looking forward to sharing our latest view of these leads/prospects and their prioritisation with investors shortly.

Back in 2010 there was much less data - less seismic and fewer wells , So the decision to drill Welwitschia did look like a good choice at the time

The results from the recent basin modelling have confirmed the dolphin graben appears to have generated large volumes of oil which appear to have migrated W, NW and NE, but it appears that relatively small volumes would have migrated SW towards Welwitchia.

So that would explain why, especially in the absence of a charge from the Aptian source rock, the syn-rift source rock from the Graben would probably not have reached Welwitschia, explaining why they well was dry,

Even what may have migrated in that direction from the graben would probably have first encountered structural traps on the flanks of the structure.

Therefore the basin modelling has provided an explanation why we did not encounter oil at Welwitschia, despite high levels of oil generation and migration paths to other structures to the W, NW and NE, and when your new model predicts a negative which was correct, then this is also confirmation for the model moving forward is good indicator

It's clear the structures have a number of DHIs, oil seeps, clear migration pathways ,potential to be mutli billion bbl especially,the alpha and gama structures which are huge in size

We have 80% interest here, high equity stake, if we farm out 50% to a major for 3D and 1well commitment potentially the Alpa or Gamma structure , this will re rate shares over time towards spud due to the size of the prize

A 20% interest in a billion bbl prospect would mean 200mmbbls net to TRP, potential $500-600m in the ground value net to TRP from a current mktcqp of £2.5m and that's just one structure, we have a number of structures and leads, which we await updated resource potential

So you can see the significance from the recent updated basin modelling results

Confirmed the Welwitschia well to be a negative

Confirmed the dolphin graben to have generated large amounts of oil

Numerous structures and leads mapped with clear migration pathways

Buying now at £2.5m tucking away offers a huge opportunity

we await updated volumetrics ....

interest is very high

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

"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 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 ...

Namibia is in play

TRP £2.5m mkt cap

Namibia drilling isn't imminent but getting in early from a £2.5m mktcap the shares will re rate due to the size of the prize

Let me explain...

The recent update ref basin modelling generally went under the radar ,I'll try and explain the significance of the findings

Back in the day, Welwitschia was a great-looking opportunity, oil seeps, AVO, four-way dip closure and chimneys, which is why Repsol was prepared to spend the best

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...

but now interest has taken over and TRP have had to show their hand recently showcasing PEL 96 at AEW

The farmout presentation was very well attended Dr Mello (the former upstream boss at Petrobras and HRT who is still regarded as one of the global experts on Namibia) applauded Duncan, and we also had very positive direct feedback from both Exxon and ENI.

The Namibia sessions were very well attended and there is evidently a lot of interest now in areas beyond the Orange Basin

if you look on the link, top row 2nd left - Namibia PEL 96

https://www.linkedin.com/search/results/content/?heroEntityKey=urn%3Ali%3Afsd_profile%3AACoAAAV-0VAB1lkJ_pTRnGloXxTLQ1qHvwQJjfc&keywords=matt%20tyrrell&mentionsMember=%5B%22ACoAAAV-0VAB1lkJ_pTRnGloXxTLQ1qHvwQJjf

The key is getting in early as the shares will re rate over time to reflect the size of the prize in relation to mkt cap

But TRP are asset rich in sexy postcodes with staggering upside potential

You have an opportunity to get in at the bottom with several nr term catalysts

Sp angel initial target price 0 12p ,

800%+ upside just for core NAV alone !

Then moves to.83p for 25mmbbls , $90 Brent

Some 62x current sp (someone check that math 🔥🔥)

Then there's future upside 160mmbbls low risk

plus the deeper plays 600mmboe+

Then there's Namibia

Lots of leads, prospects, structures to assess

Likely to be mutilbillion bbl potential

We await volumetrics to understand the sheer size

Lots of interest in Namibia from the Majors

Any deal we would be a huge re rate again due to the sheer size of the prize on offer

And the same with SA, farm out discussions ongoing

With such assets and such alow mkt cap any development will make the stock multi bag

The next 2 years could see hundreds of millions valuation vs £2m today

Buy

Hold

Retire

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 all for just £2mmkt cap

Cameroon

Appraisal drill high COS, targeting 16,000 BOPD.

first production from Njonji estimated at just 6 -9months thereafter

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 £2m

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

Low risk 160million bbls

quick maths on the revised low risk potential

quick maths for NPV10 on a pro rate basis

$305m/24.9mmbbls*160mmbbls =

$1960mNPV10

*for illustration purposes only

Mkt cap £2m

you were also not there is further upside for the deep plays...

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

Then there are much deeper prospects which are turbidite and sandstone exploration plays are analogous to giant fields such as Alba and Zafiro which are on trend within the same basin

Update with numbers now released some 600mmboe +

https://shorturl.at/qjoLu

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

If we farm out 50% to a major (split with new age) for 3D and 1well commitment potentially deep slope prospect , this will re rate shares over time towards spud due to the size of the prize

A 25% interest in a billion bbl prospect would mean 250mmbbls net to TRP, potential $500-750m in the ground value net to TRP from a current mkt cap of £2m and that's just one structure, we have a number of structures and leads

Confirmation of farm out is 1 of a number of catalysts for the company that could come at anytime

3rd June 24

In South Africa, our co-venturer and operator NewAge is continuing to explore the options for acquisition of new 3D seismic data over our deep-water Outeniqua basin lead, which continues to attract interest from third parties. The farm-out process which they have been conducting has now resulted in a serious discussion with one party getting underway, though we cannot yet say if it will result in a transaction, and we cannot provide more detail or comment further while discussions are in process. We will inform investors promptly if a firm agreement is reached.

https://www.lse.co.uk/rns/TRP/preliminary-results-to-31-december-2023-y19cs7ve2u8jgrw.html