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Great interview from Mr Gilbert, sounds like we're going to have an interesting Q4 for sure. Looking forward to the strategy update in Q4 and the possibility of the first Brazilian acquisition perhaps too. Good to see the media coverage starting under the new management.

On a side note it seems we weren't alone in the commissioning of the eFTG survey:

Afrenta clearly involved too and no doubt others in the basin:

Kwanza Onshore Licenses

"Afentra made its entry into the Kwanza onshore basin with the signing of a 45% non-operated interest in the Production Sharing Contract (PSC) for KON 19. The PSC for KON 15 has been initialled and license award is expected Q4 2024. The full work program for both licenses is being finalised with the respective partnerships, however the basin wide enhanced Full Tensor Gravity Gradient (eFTG) survey to map the geology commenced in August 2024 with early data being available in Q4 2024."

Regards,

Ed.

You're welcome Luke, news may be a bit sporadic for sure, but still more to come. We have yet to hear the current company strategy from when Mr Gilbert took over, hopefully get that this side of Christmas. Also we may hear in that some sort of timetable for our first Brazilian acquisition. Also we've yet to hear about the completion of the sale of the large high grade Ni assets too. Focus will obviously remain on Angola for now, the reason I still hold is that I want to see KON-16 drilled. If/when they get into production I'd like to see them return to Canegrass too as the surface sampling looked positive from the surface pegmatites.

Regards,

Ed.

Luke,

If I'm not mistaken I think the Tuenza updip target is circa 600mmbbls or around 200mmbbls net prospective to CRCL, so its by far their most prospective block. I guess why the survey has completed on that block first, it will be priority drill for exploration as its updip to a 17m residual oil column.

Regards,

Ed.

Good morning Luke,

Very good to see the data collection finished on KON-16. That's where our largest targets lie and hopefully they'll identify a few more from the new survey. The previous 2D on the block was quite loose so it will be interesting to see if this block wide survey picks up new structures and prospectivity to our current 297mmbbls (across the three blocks). We should know by the end of Q4 from the sounds of it.

Regards,

Ed.

Torre,

Interesting tweet that as it sets out the company's ambitions and can help to define leads on all three blocks, with KON-16 clearly the biggest prize of all. They're even taking a peep at our neighbours.

Regards,

Ed.

UH,

The link that Kever posted on the 17th of Aug suggested that Borr were in the final stages of assigning the Vali rig. Until that has been signed off there won't be anything further said by anyone. We don't know yet for sure that is going to be TRP but the location and timing match perfectly. Until TRP sign off on a contract JA will remain tight lipped. I mentioned Cameroon to JA recently and he said he couldn't say anything while commercial negotiations were going on and when there is something material to announce we'll get it. The fact that Borr are in the final stages of assigning the rig suggests it won't be long until we find out who with.

Regards,

Ed.

Purely coincidentally of course that just happens to tie in perfectly with the timing of the Njonji development given in TRP's June 2024 presentation (page 6) that lasts from about mid Q4 to the end of 2025. Interesting times, lets hope we see some confirmation from TRP soon. JA will have a lot to get tied up between now and the end of the year if that is our rig. No wonder he is tight lipped at the moment when it comes to Cameroon.

https://www.towerresources.co.uk/wp-content/uploads/2024/06/Tower-Resources-corporate-summary-June-2024.pdf

Regards,

Ed.

Aswaldo,

Like an anthill on a cold day, calm on the surface but a hive of activity underneath.

Regards,

Ed.

Luke,

You're welcome!

"Group de Clermont (GdC) is a family-owned international private investment and holdings company founded in 2015. GdC’s portfolio is diverse in both sector and geography, with investments in Energy (Oil & Gas E&P, EPC and Oilfield Services), Manufacturing, Real Estate, Tech and Food & Beverage, covering Europe, sub-Saharan Africa and South America."

I wouldn't be shock if I found out that the Oilfield services investment was in Brazil, it does seem they have many investments given the list on their website.

Regards,

Ed.

Morning Nige,

That's one thing I cannot say for sure. It seems that he joined Conterp once Scott left to lead us. I've just previously researched SG rather than GG. SG has a lot of oil and gas experience and has been very successful in the past in South America and Africa. GG seems to have interests in cyber security so more like our former Chairman. My guess would be no. But it is certainly interesting that they're both involved in Conterp, GG currently, SG previously. We'll find out how the Conterp collaboration will pan out in due course.

Regards,

Ed.

San,

You might find this link useful:

https://www.groupdeclermont.com/founders

Regards,

Ed.

Good morning Luke,

You're welcome fella! Yeah agreed we could get an interesting period for some we're still to see completion of the Wowo gap/Mambare sale and also the first of these Brazilian acquisitions. So eyes peeled for that. Mr Gilbert said when he initially joined the company that he intended to exceed expectations, so lets see what happens, early days yet.

Regards,

Ed.

Afternoon Nige, Luke and the rest of the guys and gals,

I'm good, hope you are too.

You sure did. Well almost, an RTO would be when the assets acquired are more valuable then the company's current assets. So currently the new asset would have to be worth more than the combined value of the Ni assets, Angola and Canegrass. That's certainly possible as all along they've talked about Brazilian gas production, that means reserves (2P). So if the NAV of the new assets are higher than the core NAV of the company its likely an RTO. We'll just have to wait and see the scale of the proposed acquisition(s). They may start with something smaller, lets see. I'd imagine that our new partner in Brazil with its 800 employees will want something of scale.

Regards,

Ed.

The talk of administration that went on back in June was just from a small group of unhinged loons. I can't believe its still being mentioned. Yeah I agree RTO could be on the cards, depends on the size of the assets identified by the new partnership with the large Brazilian service company.

Regards,

Ed.

Torre,

That would be nice! With the pending sale of the Ni assets (Circa $6m) and the 297mmbbls of prospective the cap is still very low. Also there's not be a lot of seimic on our blocks and they may pick up some new undrilled structures from the new survey. So we'll likely get an update on that once its processed.

OFF-TOPIC

I don't know if you guys have noticed, but GBP has also in the process of picking up a mining asset alongside their oil exploration asset. So it seems that CRCL's business model of oil and gas and mining is starting to become more popular among the small oilers. I don't hold there by the way but it makes an interesting combo, CRCL's O&G and lith assets makes an interesting mix.

Regards,

Ed.

Sienna,

Well there hasn't been much to say. Its now a case of waiting to they get the aero grav survey done, it'll still take some time to process. That G&G work is likely prior to any further work on Tobias or Galinda. Also hard to say exactly how long it will be until the asset sale closes too. But in the mean time nice to see it going back up again given the small cap and large assets.

Regards,

Ed.

Torre,

Could well be more to come, clearly was very oversold from the Angolan results and they may complete the sale of the Ni assets any day, its still pending. It may be a bit early yet to hear about Brazilian acquisitions, but you never know as that was first mentioned over a year ago now.

Regards,

Ed.

Kever,

Well done good find, hopefully hear something from TRP soon. Certainly fits with the timetable being given from the company on the drilling of the well. Exciting times.

Regards,

Ed.

They did give a useful tip in that document though:

"Unsecured creditors and shareholders are encouraged to engage legal counsel if they have any further

questions."

Undoubtedly in due course they'll find out that many have engaged legal counsel

Regards,

Ed.

Jamesy,

From what I can remember of the 2014 well I think that Welwitschia-1 well had difficulties when drilling and they already needed to sidetrack it once. So would probably have been running over budget at that time so couldn't get to the deeps. It'll be interesting to see if the Welwitschia Deep target that GBP have (Albian) finds what TRP had been looking for. Repsol could come back for another go and get to the deeper structures, wouldn't be my first choice of partners, but they sure would be acceptable. Oh I reckon once they finish analysis of the 2D they'll get a major onboard for the 3D and drilling, well that's what I'm hoping for, targets sure are big enough to attract the majors.

2/8/24

"The evaluation of leads and prospects has required further time commitment due to the encouraging discovery of a large number of substantial stratigraphic traps, in addition to the large anticlines and other structural traps that had already been identified."

So we already know about the bns bbls of prospective, but we've yet to hear more of this analysis which is substantially complete according to the company. I guess we'll hear about that then about the eventual data room for the possible JV. But I agree its likely to be a major for the seismic and drilling, hopefully one of the yanks. But wouldn't turn my nose up at Repsol, Total or BP even the Chinese could be a wildcard.

Regards,

Ed.