Member Info for Edgein

It sounds like from today's update they're in country and getting on with a lot of other work streams as well as getting the drilling started. Given the large resource already in place they can certainly get on with the FID and off take etc while the wait on the last of the land access permissions to be granted.

Regards,

Ed.

Amy,

Yes, strongest position TRP has been in for years. $4.3m in cash on completion of the current farmout due this Q as you point out. To retain 57.5% of Cameroon (free carried fist well) and 55% of Namibia. To get that 57.5% free carried to a max of $15m was awesome.

Imo likely to be in an even better position if they manage to get the SA farmout over the line too. $ms in cash payment from partial back costs likely, with a retention of around 25% wi and likely free carried to drilling, would be my guess. That's not unreasonable given the quality of the deal Mr Asher has landed with Prime in Cameroon. Hopefully by the stage of drilling in SA they'll be able to fund 25% of their first well from Cameroon cash flow.

Regards,

Ed.

Guys there is another theory as to why there is a news blackout at the moment. When companies are in JV talks they tend to go into periods of silence. There was talk of CMET getting a local JV partner for around 15% of the project, so it would make sense to hold off on the drilling or not release any results from that which would increase the value of the project during these talks. The company seemed confident that they could double the value/size of the resource by drilling down to just the water table. But given the history of the politics of Sri Lanka vs CMET I can understand why there's anxiety around the silence. But it could explain current news blackout.

Regards,

Ed.

Dicko,

Interesting post showing just how cheap these are right now. 0.09p would look about right about now. However TRP have 57.5% and operatorship in Cameroon therefore the value would be $120.75m given the metrics that you used.

I would also suggest as well as SA not being priced in, that remaining 55% wi in Namibia is also largely not priced in, even at this early stage.

"35mmbbls x 47.5% x $6 per bbl

$99.75m x fx 0.8

£80m mkt cap vs £8.65m today

So 200% as the Chartist suggests is more than achievable"

Regards,

Ed.

OFF TOPIC

Hi Luke,

Yes, just patiently waiting for them to get those workovers underway, hopefully soon.

Regards,

Ed.

Space,

Yeah field is showing pretty modest natural decline rates of around 15%. From the looks of it gas recycle is still around just 2mmcfd. Just a pity we never got to see what sustained injection rates of 8-12mmcfd could have done to this level of production (multiples), 7000bopd+ shown on those old charts. Many many presentations and interviews showed what increased gas pressured did to oil flow rates (peak flow rates and beyond). The eventual new owners will show what COPL could have done to the production of their smallest asset. Hopefully MC will free up the value we didn't get a chance to see from BFU and Cole Creek.

Regards,

Ed.

BS,

He seems much more interested in Cameroon gas, the last interview highlighted Cameroon's ambitions for gas to power and JA's hopes to get involved. So the next move after Njonji could be into more Cameroon gas assets with Prime having the right to take 42.5%. He did say they have enough on their plate for now though.

Regards,

Ed.

Slave,

Same here, partial back costs could represent a decent % of our current market cap. Once Cameroon and Namibia complete TRP will be flush. I'm expecting TRP to have $ms in the bank when they spud NJOM-3.

Regards,

Ed.

Slave,

Broker target of 0.16p for just Cameroon after the farmout, just imagine if South African farmout completes on top of that.

Regards,

Ed.

I guess it was that 1.3m order they filled early today was making these hard to buy yesterday. I've not found these that hard to buy in the past but if Harts Range continues to deliver demand could increase somewhat. :)

Regards,

Ed.

SR,

Yes a great deal, better than I was expecting. I thought the best we would get is a carried well, we got cash and further to come, making TRP fully funded. New partner is significantly cashed up too, the previous offer was from an unknown company called Beluga. This agreement is like chalk and cheese. It didn't matter how good the farmout was nor how many shares Mr Asher took in the company there were too many traders waiting to sell the news and killed what should have been a dramatic rise last Friday. But now that the dust has settled and the trading volumes are returning to normal we're still left with assets not reflected in the market cap, CEO up to 25.33% holding and cashed up waiting for the farmouts to complete in Cameroon, Namibia and South Africa. Massively derisked from this time last week and remarkably a lower share price (0.043 to 0.034). As traders get bored and investors move in I can see this changing a lot before spudding NJOM-3.

Regards,

Ed.

SR,

He sure does know what's coming, and also as 50% partner, exactly who is after the South African farmout active and pending. He did also state when talking about the Namibian farmout portion of the recent deal that the asset wasn't reflected in the price. So he of all people will know just how cheap these are right now across all these assets. Also even though he's picked up a lot of shares he'll still be underwater here by a fair margin, his previous holding will be at many multiples of that, right back to the Ugandan drilling days and perhaps before. But he didn't hold 25.33% of the company back then. He has chosen to do so now when TRP is in its strongest position its ever been in, fully funded to drill an appraisal well with $m coming in from Cameroon completion, Namibian farmout completion and a potential bonus of partial back costs from South Africa. Huge vote of confidence to take 25.33% of shares rather than the cash alternative.

He like the rest of us will be hoping this multibags to reflect the current assets.

Regards,

Ed.

Slave,

Likely to be Q2, but who knows if they get the Cameroon approval early it may just squeeze into Q1, but that is likely being hopeful. With completion of the transformational farmout agreements TRP should be covered for mob and drilling costs for NJOM-3 and have millions in the bank. There were also hints at extending the agreement with Prime through further acquisitions in Cameroon, so you never know what JA has up his sleeve. I've communicated with JA multiple times over the past year and he's got a good rep in Cameroon, they've in the past been very cooperative, so things are looking very positive.

"Completion of the farm-out transaction is expected by the end of Q1 2025 given that approvals from the Government of the Republic of Cameroon will be required."

"Completion of the farm-out will be subject to Namibian government approvals and the consent of the other partners in the PEL96 license (the National Petroleum Corporation of Namibia (Pty) Ltd, and our local partner ZM Fourteen (Pty) Ltd.) and is expected to occur by the end of Q1 2025."

Regards,

Ed.

Pete,

South African farmout was in draft stage back last September, could complete at any time. Partial back costs would leave TRP well funded.

Approvals pending for Cameroon and Namibian farmout deal, significant cash boost to TRP on completion. These are good deals for both countries as it brings in a new large experienced producer to these blocks. Approval expected around end of Q1 '25.

Licence extension for Cameroon

Bank funding for early/FFD, likely based around NJOM-3 flow rates.

Rig and service contracts.

Drilling NJOM-3.

I reckon all of these will be complete this year and why JA was excited for 2025 in his most recent interview. He's talking FFD by 2026. So lots happening here this year and next and none of it currently priced in imo.

Regards,

Ed.

Anyone that has been around TRP for a while will realise that the previous deal on offer here was from Beluga who were offering only part well funding. What TRP got this time was a full $15m carry plus they get $4.375m (on farmout completion) from a significant cashed up production company, plus they're after partial back costs on the ongoing South African farmout. So if/when the above complete they should be heading for drilling with a very strong cash balance. Put that in contrast to the previous offer and folks will see just how good a deal this is from Prime Global.

Given how early stage Namibia is, its a good idea to farm down part of that too. Once approved they'd still have 55% and I can't see them going into drilling there with more than 20-25% interest, hopefully carried once they farm out the remainder.

The farmout opens the door to drill a project estimated to produce 16,000bopd from phase II and that would be at 57.5% net to TRP with this current farmout agreement (9200bopd if all goes to plan). So given the value of the carry and the production related payments I currently don't see any of TRP's assets currently valued into the £11m market cap (at current exchange the free carry is worth £12.27m).

Regards,

Ed.

Not sure where you are seeing 2.54bn shares traded today as my Level 2 shows me that the volume is 7.125bn traded so far.

Regards,

Ed.

Jonnie,

Yeah once the traders get cleared out investors will move in as they can see the value of this deal is worth several times this share price for Cameroon alone. Plenty of news to come on rig contract, bank financing for field development/early production, South Africa etc. Massively derisked today with the free carry for NJOM-3, look at the many on the thread desperate to get in. Very good sign.

Regards,

Ed.

Asher,

Agreed, its fairly complex deal but once the market figures out that the cash component of the deal is worth $19.375m ($15m carry in Cameroon), it'll move towards fair value. That means our remaining 57.5% of the asset has a corresponding value of $20m approx. That is for Cameroon only. When I saw farmout agreements I thought it was for South Africa too, also seeking a portion of back costs there too. So lots more news to come from TRP over the next 10 weeks or so. Cameroon massively derisked today.

Regards,

Ed.

Fab farm out deal, for a lower wi to the new jv partner than I was expecting, TRP has almost 60%. Interesting future cooperatin agreement too, sounds like Jeremy has big plans after NJOM.

Regards,

Ed.

Edd12,

Yeah nice to see momentum building into the share price now ahead of the updates. Its now over three months since we were in draft document stage for farmout of South Africa, also clearly should be imminent on Cameroon update too. Evaluation of those Namibian stratigraphic traps should also add some more billions to our prospective oil, overdue news on that one too. Jeremy should have lots of angles to see this potentially multibag from these levels.

Regards,

Ed.