Member Info for Edgein

I don't know who is behind these government policies but they must be nuts! I guess they think its good for the environment to spend 900m Euro on a facility to store very expensive LNG that they'll be importing from the USA or ME. They think this is better for their economy than spending that 900m Euro on drilling for gas on the Atlantic margin and producing much lower cost gas and generating billions in tax revenues. As I'm sure many here would agree that money would be much better spent, not only supporting, but increasing their domestic reserves and production. The targets around Corrib would be a great place to start! :)

Regards,

Ed.

Casper,

Yes exciting times for sure, as well as the Cameroon and Namibian farmout completions they might also reach terms on the South African farmout too. Partial back costs there would go down a real treat before NJOM-3 spud. Especially if its with a large well funded company. Ducks are currently lining up nicely for TRP for the first time in years. Unlike the other times they're highly likely to hit oil this time!

Regards,

Ed.

Kev,

Definitely if Cameroon comes in, TRP could then be in a very strong position for gathering and processing the required 3D. Although even if the deeper reservoirs come in and we're talking the 16,000bopd gross scenario I cannot see them holding the 60% through drilling Namibia. I still reckon they'll bring in another large partner for 25-30%. A deep water well by 2027/28 would push TRP to their limit imo. Given the size of the targets even 30% would be very material to TRP at the drilling stage, especially if at least partly carried. Given the quality of the farmout JA achieved for Cameroon, a good deal for Namibia could be on the table then too, Prime seem keen already.

Regards,

Ed.

Such,

As DM said in the recent interview with BlytheRay, is that once the approvals are given we're clear through to drilling and that's relatively short term now. Still well services to sign yet, but that should come soon after we hear about the approvals. Exciting times as we could also get SA thrown into the mix in the mean time. Partial payment of back costs would go down a treat from there right now, especially with the completion of the farmouts to Prime pending.

Regards,

Ed.

Probably because they have signed the rig agreement for a well early Q4 and Addax are taking the rig late Q4. Given the time to drill and test (the well has multiple stacked reservoir targets) it will need to spud early October to meet the current schedule. That means mob time by no later than mid September. Therefore all well service contracts have to be in place this Q to meet the current schedule. A prerequisite is to get the rig sorted before the company receive approval. Funding in place, rig in place, then approval is now in the hands of the president. Service contracts can come at any time now that the rig contract timing is known. The small extension of the bridge loan at a significant convertible premium will be very useful to cover the pre-drill costs ahead of the large payment from Prime Global.

Regards,

Ed.

That was another good interview from Blythe Ray yesterday. Sums it up very nicely, ridiculously low market value for this opportunity, very few like it on AIM drilling this year. Sunda got scunda etc. Cameroon, transformative potential and near term drilling on their core asset, as DM said focus will be on the near term drilling as soon as the approval and extension come in. Pressure and focus will be on the small market cap then for sure. Don't worry about those left on the dock waving the ship goodbye, there will always be some.

Regards,

Ed.

Joe,

That 110m as well as the 90m are likely both buys. The NMS here is just 7.5m, a trade that many times the NMS could be delayed days let alone hours. They just chose to report it when filled. The 30% rise was down to the significant buying and reduced float as a result of these being oversold.

Regards,

Ed.

It will be nice to see TRP reflecting the value of this farmout soon let alone some value for the assets. It certainly feels like the time is starting to run out for these traders, the heat will start to mount as we approach Q4. If all goes well with NJOM-3, the biggest Q in TRP's history, its certainly the first appraisal well they've drilled.

Regards,

Ed.

In September 2024 they said the following:

"Advanced discussions with multiple parties about project level funding of the Ongombo Project."

Hopefully they've made progress on those and the processing route over the last 9 months. The ML is certainly an important step today.

Regards,

Ed.

Reggie,

Absolutely, its been over sold since they signed that farmout agreement with Prime Global for a deal worth $19.3m. Njonji is 53.4mmbbls of contingent and prospective (P50) so not much in the price for that or for the billions of boe prospective for Namibia or South Africa. The show hasn't even started here yet from what I can see. Bring on the approval, then drill baby drill.

Regards,

Ed.

JO,

I don't have time at the moment to go over the past drilling. But I think the highest grade from the previous round of aircore drilling was something like 26-28% from memory and that was before they'd encountered the second accumulation. So its possible that the deeper older target has higher grades, possibly a different mix of rutile, ilmenite, zircon, garnet etc but we'll know within a month or so from the assay results. Certainly nothing as high as 60% has been found to date from what I've read. It certainly bodes well for the resource numbers, also dropping the cutoff will bring more holes into the resource base too. All shaping up nicely at present.

Regards,

Ed.

The company stated in the RNS that they are still awaiting assays, nothing wrong with a company putting out results of its own sampling. Yes the assays will give the exact grade and then the company will likely include the widths of those grades encountered. But from the photos we can see the samples collected and I'm sure most can tell they're high grade just from that. So no its a lot more than click bait that has been released today. But thanks for your concern as a non-holder.

Regards,

Ed.

Blissful,

Definitely great news for TRP to have secured the rig. Now the ball is firmly back in Cameroon's court as they wanted clarity on well timing. Now with early Q4 they have that for sure. So its a case of keeping eyes peeled on approval and then the rig spotters will no doubt be out to see the rig being shipped from the Middle East. Still only £7.5m cap somehow. Looking forward to seeing that return to a realistic value over the next three months.

Regards,

Ed.

JO,

Agreed! Greg did say in the recent interview that he wanted to create FOMO for the second tranche of shares ($2m). I reckon those in for the 2.75p shares. Given the drill results, the assays will be eagerly awaited next month, which should also fit nicely into that 45 day FOMO period. At least the company is not sitting on news anymore now and we'll get the good news as it arrives. Resource upgrade now looking nailed on.

Regards,

Ed.

Dicko,

Due to it being tightly held and low share availability it sure does move quick, tighter limits etc, so it'll be interesting to see what it does on the right news. Fingers crossed.

Regards,

Ed.

Dicko,

Don't remember seeing you posting on these before, did you just get in today? If so good timing as the first deal was extended to June recently.

Regards,

Ed.

Vaga,

Absolutely, Ground floor price at the minute. The carry on the well is $15m and TRP have 57.5% which is worth around our current cap. On top of that approval would bring in another $4.3m in cash to TRP. Seriously under-priced on that alone.

No upside then priced in if this appraisal target is successful and its targeting 50mmbbls of contingent and prospective. Also the massive prospective targets in South Africa 50% and Namibia (60% on approvals, currently 80%) all free. Approval on the farmouts, arrangement of the bank financing and this will pop hard. People are buying currently are getting in below where these were priced before the farmout agreement. These will be at a much more sensible value come closer to October where at least some of the assets should be reflected in the price.

Regards,

Ed.

SP71,

It sure has been a long time coming, but now rig and financing in place. They also have spent that time wisely and have slightly adjusted the location of NJOM-3 to get the ideal drill spot according to their data, also rig rates have come down too.

"Day-rates for jack-up rigs in the region are now substantially lower than they were in early 2024 when we contracted for the Norve. In addition, we have been helped by the fact that a couple of our neighbours also require rigs for drilling campaigns to begin around the end of 2025. If we can use the same rig and some of the same services, we should be able to reduce the mobilisation and demobilisation costs associated with the well."

"The first issue we have been reviewing in Cameroon has been the optimization of the well location and design to take full advantage of the substantial amount of seismic attribute analysis that we conducted on the reprocessed 3D seismic data in 2023 and before, and which we have advanced further since the year-end. Our aim is to position NJOM-3 so that it is most likely to encounter the thicker sections of the largest number of target reservoirs, while also minimizing the exposure to potential gas caps in the reservoirs."

They did say previously that they would have bank financing in place before drilling for the possible early production and also FFD.

"Discussions also continued with African banks regarding a short-term facility to enable earlier production from the NJOM-3 well."

So we could get plenty more news between now and Q4. Exciting times.

Regards,

Ed.

Roxi,

The target at NJOM is around 50mmbbls gross for the different formations including the deeper ones (57.5% wi for TRP), even if some of these come in it would be a game changer for TRP.

Regards,

Ed.

Definitely guys and gals,

NJOM-3 is going to be drilled very early Q4 as Addax are expecting the rig before year end. All engines are go now for sure.

"The rig has also recently been awarded a contract with Addax Petroleum for operations in Cameroon, to commence in late 2025, and it is intended that the rig will drill the NJOM-3 well for Tower before beginning operations with Addax Petroleum."

I'd imagine the Cameroon gov will be glad to see both Tower and Addax in full swing. Good to see the panic buyers return.

Regards,

Ed.