Member Info for Edgein

Sienna,

Yes, its a previously developed gas field so has infrastructure for immediate sales. It also has appraisal locations to boost that production as GG mentions in the video.

Luke, yes pretty much its more than three times KON-11 and KON-12 combined at present. However I would imagine there's room to improve on that given the current 2D line spacing after they process the eFTG. I would imagine that KON-12 will improve somewhat as most of the lines are on Galinda. Fingers crossed we'll get improved prospective on all three, certainly new seismic also planned for KON-16 later this year.

Regards,

Ed.

Edd,

Yes it looks like the traders that charged in last Friday off the back of the undisclosed contract for the Gerd have now left it seems. As you suggest traders in general have a limited time to get in and out. TRP are still in a position to get three payouts on the farmout news ($4.3m pending from Prime Global and partial backcosts sought from SA). So as you say its still a waiting game for investors here. We could potentially, if all goes to plan, be holding TRP sitting on cash almost equal to their market cap with drilling as early as June (at the start of the year I was thinking September for the drill). The mm's will have to work harder to get my shares, but they did a real number on the recent traders though.

Regards,

Ed.

Good morning Luke,

Going from the old downloads the prospective resources are as follows, KON-11 = 65mmbbls, KON-12 = 9mmbbls and KON-16 is approximately 328mmbbls (due to the increase to 50% net wi). These numbers were from before the eFTG survey so will likely change as we've not been told the results of that survey as yet. But these were the last prospective resources we had. KON-16 was previously 207mmbbls but I adjusted that to reflect the change from 31.5-55% wi. KON-16 is certainly at present the crown jewel in terms of net prospective resource.

Fingers crossed as you say we may have the update to the second Brazilian workover next week and then an update on the option and hopefully a timetable/programme for the drilling of the other targets there.

Regards,

Ed.

Luke,

Interesting comments from Malky about the future of CRCL (KON-16). It seems like Mohammad is flipping that position again with 187.5m @ 0.16p showing today again on my Lvl 2. Perhaps it relates to the latest TR1 or we may get more yet. Certainly some shuffling going on. Perhaps positioning before a possible farmout of KON-16.

Regards,

Ed.

Sharepicks,

"I wonder the Brazilian operations which come online could be interesting for these billionaires?"

I would doubt that very much. The current Brazilian assets are modest, 20% of 120boepd, if the next well comes in as expected it would be 20% of around 200boepd once they exercise their option. They do also have extra exploration targets in Brazil that could potentially get CRCL to around 200boepd. Even the Rofr on the assets would amount to around 1000-1200boepd if the option is exercised and the current operator wishes to sell shortly after development. Corcel has mentioned further acquisitions in Brazil and Angola and perhaps the new investors would be interested in those as the scale is as yet unknown. AET is also looking to expand their reach onshore Angola too so there is competition.

When you think of previous UK listed success in Kazakhstan for example, the likes of Imperial Energy and PetroKaz they had huge scale assets. So its really unclear at present why these guys chose now to invest, perhaps its something we haven't seen yet or perhaps they'll patiently wait for KON-16 drilling. Hopefully many of the new faces will still be around by then.

Regards,

Ed.

Stonk,

Yes it was an interesting and positive response received by Bonkers and it ties into the latest company update which suggested it was the final land access approval that they were waiting on, with the rig and crew on standby. Also that they have an agreement in place for the cooperation and technical assistance of the GSMB for the drilling programme, so they're on side too. So hopefully we'll get an update on the commencement of drilling soon.

Regards,

Ed.

Nige,

If they secure that additional 5% in KON-16 it would give them a material portion to farmout.

Regards,

Ed.

Bondsan,

Coincidentally Mr Asher just happens to have just over 25% of TRP now too. Good timing I would say ahead of the news on field financing, SA farmout, Namibia and Cameroon updates and into rig contract and free carried drilling. What a year TRP has lined up for us.

Regards,

Ed.

Good morning guys and gals,

Well that's a positive start to the campaign in Brazil. Hopefully next workover will also provided expected results and they can move forward with the option to drill the other identified locations.

Sienna, yes that's about right. I think its something like 5.5bn, so you're numbers are roughly correct.

Regards,

Ed.

It is interesting that that old broker note suggested that TRP would get a $10m carry for the NJOM-3 well, whereas when JA did the deal it was for $15m carry and $4.3m in cash ($19.3m), substantially more than the current share price. Almost twice the investment as suggested by that note. Remarkable that the market hasn't figured that out yet.

Regards,

Ed.

It looks like the Gerd is going to do a single well slot between June 2025-Sept 2025 in West Africa:

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

Regards,

Ed.

Dicko,

Interesting rumour. Fingers crossed its accurate! If there has been an agreement signed then we should be seeing that RNS any time. Its about time TRP's market cap started to reflect its assets.

Regards,

Ed.

Bonkers,

Thanks for posting that email response from the company. Sounds very much like once the final land access has been finalised, with the rig on standby, they can get on with the drilling campaign. Its still around 4 1/2 months until the end of Q2 so plenty of time to keep to the current schedule they have given. Lets hope, while the management are in country they can advance the JV. The land access permissions were known about and mentioned in at least one video late last year, he did say they would be staggered as required etc. Its taken a little longer so far to get them all in, but the last update sounded like they were almost there.

Regards,

Ed.

Good morning Luke,

Good to see ops activity start in Brazil now that the company are funded to get on with it.

Regards,

Ed.

The collapse of GBP share price has no relevance here. TRP have two farm-out agreements in place and another pending. GBP is run by a group of bankers and AIM investors etc little oil and gas experience between them, no wonder TRP got Cameroon and Namibian farmouts agreed first. Mr Asher even had a previous farm-out with Repsol etc. So I reckon that SA farm-out will come well before there is anything from GBP

Regards,

Ed.

Interesting posts guys. They sure are moving at pace with the mob of the third rig. Be interesting to see the impact of all this drilling on the DFS due in H1.

Regards,

Ed.

Hi Nige and Luke,

Yes it will be interesting to see what this catalyst is, hopefully something production related. They previously did hint at a second Brazilian acquisition in Q2. If they can add more in KON like they did with the free addition to the KON-16 interest that would be interesting, it didn't really reflect much on the share price. Like you guys suggest hopefully the large raise at a premium is an indication of things to come. Perhaps they'll eventually get T-13 and T-14 to flow, if they get on top of those mechanical issues you never know. I'd like to see things get started in Brazil too now that the money is there.

Regards,

Ed.

Good morning guys and gals, it seems like the period of hibernation for the winter is over. Some interesting comments in the release and the video. Good to see the support at this level (even though its cheap). It does explain why its taken so long to get things started in Brazil. They needed to get this over the line first. Given the size of the placing (it shows they've good support in a weak market), I'd like to see some TR1s to see who these new investors are.

Interesting comments in the short video too as that hints at something more coming. Personally I thought they wouldn't increase their interests in KON until they were a producer. Hopefully they'll get that Brazil campaign started soon as it seems likts its been a long wait.

Regards,

Ed.

Paulie,

Great video, clearly indicates what Mike sees as the value drivers this year, potential to double current resource. Reserves from the drilling to be fed into the DFS expected mid year. Hopefully the cap will be much higher later in the year as he suggests. That core from today's release looks pretty impressive too.

Regards,

Ed.

The company has given clear guidance that they expect both the Cameroon and Namibian farmout agreements to be approved before the end of Q1. That gives another six weeks to complete that on schedule. Of course on top of that we could get the SA farmout agreement before that. That could potentially return more in back costs than the $4.3m coming in from the current agreements. It will be based on the % of the SA licence farmed out, but partial back costs would be significant compared to our current market cap and the current funds pending completion. Given how oversold these are at the moment I currently see these as too risky to trade now as an RNS could drop at any time. JA is even partial to the odd Friday release too. I'm still expecting to see the SA update before the other approvals.

Regards,

Ed.