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Ilovesushi,

Which deal are you thinking of? The South African farmout, the Cameroon farmout or the Njonji development funding or rig and service contracts?

Regards,

Ed.

Someone a nervous breakdown today it seems. He's going to have an uphill battle when he realises that folks here are waiting on farmout x2, update on development funding, early production funding, rig and service contracts, Namibian update etc. Volume is amazing today, can't wait to see what it does on the updates.

Regards,

Ed.

Edd,

True, Namibian news could come soon on the reprocessing of the seismic etc. Given Jeremy's demeanor in the last interview I just get the impression that we're much closer to material progress on the other two first. Namibia clearly can have a much bigger impact than the other two combined over the longer term, but we could now be a matter of months from first production in Cameroon, and if all goes to plan FFD financing in place before that too.

Regards,

Ed.

Edd,

Very true, unlike some others, TRP isn't a one trick pony. While the focus is rightly on the farm-out of Cameroon, folks shouldn't forget that they were in draft document stage for South African farm-out back in September. So transformational news could come from either of these significant assets near term. Given that the cap is still somehow only circa £7m we could multibag on either deal.

Regards,

Ed.

Hi Nige,

Yes possibly, hard to say for sure as there was no mention of Mambare nor Canegrass. Perhaps they're waiting for gov approval for the sale, but again guesswork until we hear something from the company.

Regards,

Ed.

Hi guys,

Yeah a lot happening over the next two years. Plenty in that timetable, hopefully the eFTG results when they come (Q4 24/Q1 25 according to presentation) will give good insights into current and new targets, especially on KON-16. Brazil will be interesting in 2025 especially if they pick up some more production and get a chance to bring the expo licence to 100%.

Regards,

Ed.

Good morning guys and gals,

Certainly some interesting points in today#s presentation:

Independent CPR coming after they reinterpret the seismic and the eFTG on Angolan blocks.

2nd Brazilian acquisition potential in Q2 next year

And they have ROFR on the exploration licence in Brazil that they're hoping to buy next year, current owner must what to sell out of that block it seems.

Regards,

Ed.

Prest,

Why do you keep referring to the Wavis Basin in your pots? I assume that you are referring to the Walvis Basin in Namibia? The company needs 3D seismic shot over their block there before they have targets matured to drill ready. That's likely to require a farm-out, so there are no rigs heading to TRP's Namibian block, and certainly not a Jack-up rig.

Its certainly still heading in the right direction to arrive at the Rio del Ray Basin in Cameroon where TRP is preparing for the near term spudding of NJOM-3 (Q1 25). Currently looks like it will be entering Namibian waters soon.

Regards,

Ed.

Hi Nice,

Yeah I agree, looks crazy cheap here to me too on current assets let alone future upside.

Regards,

Ed.

Good morning Nige,

I'm good, hope you are too! Yeah that is a little strange, perhaps its due to the main activities ongoing are Angola oil and gas and soon to be Brazil too. Like you suggest one of the three main verticals is the battery metals and we're certainly due an update there. Like what is happening with Mambare, are they keeping or selling that large Ni resource (given the current Ni price). I guess we'll find out in due course what is happening to all three of those (Mambare, Mt Weld and Canegrass), also in one of the older media SG when in Angola seemed to hint at Angolan energy transition. More updates to come it seems and Mr Jennings is making sure he's in before those currently.

Regards,

Ed.

Good morning guys,

Indeed Mike, Mr Jennings' conversion of those warrants and option to sell at 0.75p was a very good move. Now he can buy those back at a much lower price. He's obviously expecting more good news as the recent interviews suggest. We've yet to hear about Angola and battery metals, then Brazil will be getting underway early next Q. I'd like to see a company presentation around those eFTG results, hopefully they've got the data for KON-11 and KON-12 now too, all we heard about was about completion over our most significant block, KON-16. I wonder if they'll farm down some of that one to help fund drilling, I guess it all depends on how production from Brazil goes next year.

Regards,

Ed.

Interesting, Mr Jennings has increased his holding by adding approximately another 2.5% of the company's shares. At almost 11.3% that's a very decent exposure to CRCL he has now.

Regards,

Ed.

Dealer,

Yeah it opened flat and has risen twice since. Similar nonsense to the Sea Eagle heading for China and Malta even though its now heading for west Africa currently off the coast of South Africa. I'm looking forward to the Sea Eagle's arrival.

Regards,

Ed.

Sienna,

Putting the last two interviews into context I'm not sure just how quiet it'll be here between now and year end. The first interview with SG certainly hinted at more than just the Brazilian acquisition this Q and the GG interview was very positive about what's to come. Lets wait and see. Q1 is certainly going to be busy with the workovers in Brazil and decision on the option for the first new well.

Regards,

Ed.

Good morning guys,

Cheers for the link Luke!

I thought when Nige was talking about a new stock box I thought he was referring to the interview a few weeks back.

Interesting interview for sure, agreed she seems really positive and upbeat about how things are going and great to get more details about the gas off-take agreement and plans for their first acquisition in Brazil.. She was smiling a lot about what's going to come out and to be discussed in the future, Her comments on Tobias were certainly very interesting.

Eyes peeled for these further announcements, great to hear they're active on all the strands of the business.

Regards,

Ed.

Good morning Nige,

Things coming together nicely so far. He sure does look like a good fit for CRCL during our growth phase. He's got a lot of experience running multiple Brazilian assets, that'll come in useful for sure.

Regards,

Ed.

Nige,

Absolutely, they're looking to accelerate their acquisition trail according to their announcement yesterday, followed up by appointments today that follow that same route. Our new COO has significant experience in turning small Brazilian assets into large Brazilian assets. 1350% if he repeats that here would be superb, he might also get some assistance from out Angolan and Australian/PNG assets too!

Regards.

Ed.

Nice to see the latest reshuffle as SG gets his team together. This new COO is very impressive, again further supporting the strategy of expansion in Brazil. He's got significant experience in Brazil and value creation of development assets according to his CV.

"Mr. Richard Lane is an experienced Executive Officer with a strong geoscience and operations background, skilled in Oil Field Development, Geology/Geophysics, New Venture Evaluations, Exploration/Development Drilling, Oil/Gas Well Workovers, and Commercial Evaluations.

Mr Lane was recently Chief Operating Officer at Petro-Victory Energy (TSX-listed E&P company with 38 operated E&P assets in Brazil), achieving a 1350% share price increase and a US$256 million 2P NPV10 valuation for assets that had been purchased for US$2 million. He was also formerly employed at Glencore E&P (FTSE100) working within the subsurface team taking a lead in all E&P related new ventures. Areas of focus include Latin America, Africa, and the Middle East. MSc educated with over 16 years oil industry experience."

Lets be having some of that!

Regards,

Ed.

Nige,

It sure is, the cold weather is coming in now for sure! Well our new partners in Brazil would have to want to sell their share of the cash cow for the ROFR to trigger. Its clear from today's comments from GG that the company have other targets in their sights for acquisition in Brazil. But sure if CRCL get the opportunity to buy the rest of these assets they'll likely consider it especially with well paybacks within months. High netback assets if that target of 1000boepd gross target was net then I'd expect a cap of around £30-40m. But we'd need to see more details on the cashflow, price per Mcf and 2P reserves for the assets.

Luke, yeah the recent high volume churn continues, mm's clearly working through more orders with about 170m volume around lunchtime alone. More assets to get updates from yet, including Tobias and also results were to be known from the eFTG on KON-16 this Q too. Some will lose patience for sure, but from today's news looks like we're going to have a busy 2025 and 2026 and we might yet get a surprise from Tobias, fingers crossed.

Regards,

Ed.

Good morning guys,

I sure did Nige, hope you had a good one too! Yeah definitely interesting comments on Angola as that sounds as if its more than just G&G and eFTG, its sounds more like well intervention of some form, perhaps isolating the water. Hopefully get more on that soon.

Luke, interesting second RNS indeed, even better map to show the location and wells. 2 workover wells and 7 development well targets does show the scope we have on the first acquisition. Going into a very busy period for the company and revenues from early next year if all goes to plan.

Regards,

Ed.