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Thanks kever
Worth noting the initial target 0.24p is just for securing the rig and a 68% WI without dilution for 15mmbbls appraisal well , contingent resources, further sp target of .80p for Ph1 production
The Appraisal well is also drilling through other potential oil reservoirs which there is P50 prospective resources of additional 25mmbbls , so this would be another 17mmbbls to TRP in the success case , this isn't included in the sp targets which would double the targets
Also 15mmbbls is only a very small percentage of the companies potential, the report indicates over 2.1 billion bbls , although this is conservative, 15mmbbls is about 0.7% potential of the overall resource so purely on the contingent 15mmbbls potential 28bags from here for just .7% of the overall portfolio
We await updated volumetrics for Namibia which I believe will be much much bigger potential than the 1 billion SP Angel allow in their prospective resources
Rig contract unlocks the potential
Buy and hold for 2 years
Our unrisked Njonji Phase 1 valuation is 0.57p/sh net to a 68% WI, which rises to 0.83p/sh based
on a 25mb development at the SP Angel LT $90/bbl Brent oil price forecast.
Just ph1 for njomi 0.83p !!
0.83p !!
Add in Cameroon other plays,Namibia and SA billion bbls potential
What price then !?
Mkt cap £2.4m
Strong buy
Seems i missed abit of scaremongering on Friday
Discussion around monies raised over the years and limited or no progress , I would agree with until last year progress was non apparent but last year was
we had updated Resources and NPV for Cameroon on the back of reprocessed 3D , increase in 2P and increase in NPV millions of $
the update we had ref Namibia , basin modelling results were highly exciting with clear understanding of the basin , migration pathways, DHIs,gas chimneys , oil seeps all highlighting hydrocarbon system in the basin
Although no value has been seen in the mkt valuation we await news to add significant value
Cameroon
Rig contract
Farmout x1
Farmout x 2
Resource potential of the deep reservoirs
Namibia
Updated volumetrics of structures and leads
Farmout
£2.5m mkt cap
I breve 2024to be the transformational year for TRP and could well be the multi bag share of the year
7 December 2023
Tower Resources plc
("Tower" or the "Company")
SP Angel Analyst Research Report
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN), the AIM-listed oil and gas company focused on Africa, announces that its broker, SP Angel, has released a research report on the Company and its RIG READY status at the Njonji project. The report is available to view under the Research Reports tab on the Company's website at https://www.towerresources.co.uk/investor-relations/downloads/
STRONG BUY