Member Info for Edgein

SP71,

Interesting link as it shows exactly where these assets are in Brazil, near the coast with an old rail link, so not in the middle of the Amazon. :) Also it sounds good due to the high Brazilian gas prices:

"Field production is highly profitable, with high expected netbacks and payback on well investments within months."

If the next acquisitions are as good they'll soon add up. Also we got a little hint today of the potential future role of Conterp in the JV when it comes to the potential financing of additional assets.

"This cashflow and revenue generation from the sale of the gas will create the possibility for providing the investment through debt or project financing at the asset level, as well as potential in-kind investment through the recently announced Conterp Collaboration Agreement, thus minimising dilution to shareholders."

So it sounds like the investment into the workovers and deve drilling will help to secure debt or future backing from Conterp. That certainly gets interesting when you take GG's comments today from the RNS regarding further accelerated acquisition of high potential assets.

Regards,

Ed.

To slightly amend my previous post, workovers are planned in Q1 2025 rather than straight away. Cashflow is expected to start from then too. We now know why they raised that £1.22m recently.

Regards,

Ed.

Good morning guys and gals,

Yes good start in Brazil, its small but has the potential to grow quickly from cheap shallow wells and CRCL is at a standing start in terms of production and reserves. We'll also get steady news flow from this first asset with two workovers ongoing now and a development well to be funded in Q1 and potentially drilled in H1 2025. Also the ROFR on these assets and the expo block is interesting too with the potential being in excess of 1000bopd. With two more development wells planned for 2026. 30% of the cashlfow will help us recover costs quicker too. Sounds like there's more acquisitions planned from that RNS, as expected.

They slipped this one in too at the bottom:

"Reactivation of Tobias (block KON 11) and Galinda oil (block KON 12); Tobias Field re-activation in progress with ongoing engineering work on TO-13 and TO-14 wells ."

Sounds more than geological studies of logs to me, that sounds like they're working on the wells themselves.

Regards,

Ed.

Casper,

Agreed, Cameroon, South Africa and Namibia all priced in here at just over £2m each currently. Their part payment of back costs could be substantially more than that for the SA farmout, moreover the JV company is looking for a minority stake in Cameroon for over $15m and the highest potential of the lot is in Namibia (multi bn bbls potential). So current £7m is currently nuts. Should really be £20m+ right now and even higher on a successful farmout and higher still if they secure FFD financing prior to spud.

Regards,

Ed.

Luke,

Very true, there has been significant volume throughout the rise from 0.1-0.2p, all of those sells are being mopped up for the upcoming news. Remarkably the cap is still only circa £7m, I expect that will change a lot over the next 12 months, that looks really light for Angola alone let alone the other assets.

Regards,

Ed.

Morning Baserite,

Well as previously discussed on here many of us including myself believe that the Vali is heading for TRP and NJOM-3. Borr previously said that its going to a company that previously had a contract with them. The rig slot is for approximately 1 year which also ties in with a potential Njonji development (which TRP is currently in the process of securing bank funding for). So a lot of things line up in terms of the Vali timing. Also TRP needing ops financing too as they're operator and would pay mob costs (we may get a part refund of that from a new JV if that concludes on time). So its quite possibly the Vali as it all lines up, it could also be coincidental and until we see the news releases on JV, funding, rig and service contracts we can only wait.

If the Vali is heading for TRP then there's a lot of news pending between now and year end and would explain the urgency for FFD funding, early production funding and field development phase 1. JV and financing would be the big two. Vali mob now would be ideal timing for a early Q1 spud. But worth noting that JA has mentioned there are other rigs available too. So imo highly likely, but no guarantees until we see the news releases.

Regards,

Ed.

Sebo,

Interesting as that would put the Vali in West Africa late Q4 or early Q1 '25 fitting right into TRP's current schedule. Many have assumed that the Vali is going to TRP and we'll find out in weeks if that is the case. Recent placings would certainly be necessary for rig mob costs.

Regards,

Ed.

Thanks for posting the link Mike, makes interesting reading for sure.

Regards,

Ed.

Interesting Nige,

You could be onto something there. There's not been much mention of that anywhere else, hopefully the upcoming strategy update will make things clearer.

Regards,

Ed.

Mike,

Note sure where the reference to gold came from but its not currently in those assay results.

Nige,

Interesting suggestion for sure, after a quick peek it seems that Angola has copper, manganese and REEs. Uranium is going to be part of this whole energy transition and they have that too apparently. Be interesting to see how they develop the company over the coming months.

Regards,

Ed.

Mike we were both wrong! No Au, no Nb. It was Rb that was found with the Li rather than Nb, luckily its much higher priced than Nb! They did say that there was also potential for Ni and Va associated with the pegmatites too.

"Nickel and Vanadium Potential:

The Shephards Discordant Zone (SDZ), which runs the length of tenement E 59/2119 from north-south, represents a significant break in the igneous stratigraphy of the Windumurra Igneous Complex. This unit, associated with large vanadium deposits (in magnetite-bearing gabbros) at the Atlantic Vanadium Pty Ltd's Windimurra Vanadium Mine to the north, offers very prospective ground for magmatic vanadium and nickel (+/- Cu-Co-PGE) type mineralisation on the Project. Samples CGRX001 and CGRX002 were collected from the upper zone of the Windimurra Igneous Complex in the northern portion of the Project and returned assay values of 600 ppm Ni and 1.18% V2O5 and 230 ppm Ni and 0.51% V2O5, respectively. Notable nickel and vanadium results are presented in Appendix IV."

Results look like they could do with some follow up drilling to confirm the Li and Rb grades.

Regards,

Ed.

Mike,

Don't think so, they did find high grades of Niobium as far as I can remember, I'll check on that soon. Its quite highly priced compared to Li and they have good grades from the chips, as it outcrops clearly shallow too.

Regards,

Ed.

Morning Nige,

Last we heard on Mambare was that it was going to proceed to sale after there wasn't a pre-empt. So is that now waiting to be approved by the PNG authorities or has there been a change. Don't forget we have Canegrass for Li/Nb so that also qualifies as their battery metal asset.

So as well as the Brazilian acquisition, the battery metal update should make interesting reading too after they review their current assets and get their strategy in place. We'll find out then, hopefully they'll complete this review soon and get that strategy update out to market. SG has had plenty of time since taking the helm so hopefully this will all fall into place soon. A new presentation would be useful once they get the results back from the eFTG to let the wider market know just how big the prospective is.

Regards,

Ed.

Mike,

Certainly, its not as if Extraction dumped into no demand otherwise we'd be still struggling to break 0.11p. These shares are in high demand as we build up to this first promised Brazilian acquisition plus the other news due.

There's a number of unanswered questions as yet and hopefully the company will answer those this Q. Like what is happening with Mambare, are they now planning to hang on to that now that the Ni price is through the roof? Will they proceed with the sale and if so what stage is that at? Etc. That and the structure of the Conterp JV on the first acquisition, lots and lots I'd like to see answered in the upcoming strategy update and acquisition RNS' etc. Upon acquisition and securing cash flow will they follow up those positive rock chips on Canegrass with some shallow RC holes? Bring on the updates and presentation, many here will be locked and loaded already.

Regards,

Ed.

Morning Mike,

Lets hope so, we're certainly building in volume towards the promised news flow. Yeah great to see a victory for common sense over there, the Donald looking to tap into the sea of black gold while our local loons are looking to shut down the North Sea and afraid to tap into the ocean of shale gas we're walking on. US O&G and mining should see a good run for the next few years at least. Hopefully Angola and Brazil can join the party too!

Regards,

Ed.

Mike,

Given the 70m volume so far today and the large buys it seems you're not the only one looking forward to those. Someone still keen on hoovering up anything available. 4x 15m reported so far.

Regards,

Ed.

Good morning Nige,

It'll all be in the past RNS releases. I think that some were repriced at 0.21p if I'm not mistake, there were also some others at 0.4p. Not sure if there were any higher priced than that. Quickest way would be contact the company, it'll also be in the financing agreements with extraction etc last year if you have the time to check the old RNS releases.

Regards,

Ed.

Luke,

Absolutely he's still in the game to the tune of almost 150m shares! Also if those warrants come into the money he could exercise those too for another 5% or so. Lets see what happens once these updates come on strategy, Brazil, Angola and the battery metals.

Regards,

Ed.

Dicko,

I would imagine so, the company stated that they are not only confident of concluding the Cameroon FO, but that they also wanted to get the short and mid-term bank development financing wrapped up before the well spud in Q1 25. That's a lot to get done between now and spud early next year. So fingers crossed we could see the most action packed period in TRP's history and that's going right back to the Ugandan wells. Its time now for JA to deliver the goods and given his current holding he'll be keener than us to see that happen.

Regards,

Ed.

Morning Luke,

Those Extraction shares have been hoovered up it seems, more delayed 10m reported today. Once the company updates on the current assets its going to get interesting, that further acquisition of KON-16 alone would make a material impact on our prospective resources and it'll be interesting to read what the eFTG has done to the prospectivity of the entire blocks (results due from that survey this Q too). Can they also squeeze a Brazilian acquisition into this £7m cap, lets see! A good clear corporate presentation would do down a treat imo.

Regards,

Ed.