Member Info for harel

The f.o negotiations are at the final stage, its about who will blink first but I still believe its a must deal for both parties.
Repsol and rre have invested about 40m$ in tain and the project is part of the bigger bleo holm project.
I3e has notified the oga about their extension model but the oga hasnt rule on the matter yet and probably leads the discussions.
Repsol is pressing ahead with the tain DP hoping the oga will issue the permit and by that ruling that no unitization needed.
Once discussions are finished with no deal the oga will rule, probably in i3e's favour, and in that case the next discussions will be about how much i3e will be paid for a tain buyout and having the upper hand they will probably ask for 30m$, giving their share is min' 10m barrels.
The toscana deal, if approved, put i3e in a position of having what to play for, so that will probably be the last event to play part in the discussions, so the 29.6 vote is important, lets hope the deal will be approved.
I think i3e asks for the serenity farm in by key valuation of gross value of 100m$, if they will sell 50% for 40m$ we go back to the 30's, i will be happy with 20m$ as long as they will finally deliever.

29.6

You mean potential 50-100m recoverables still needed to be proved, and dependant on a yes vote.

phoebus,
in regard to the sa location, another catalyst could be the total drilling campaign due to start Q3 which is planned to follow the oil migration model to the east, closer to trp license.

Preliminary Results to 31 December 2019

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces its preliminary results for the 12 months ended 31 December 2019.

Highlights:

·    Thali PSC $3.9 million (2018: $1.2 million) exploration and evaluation expenditure.

·    Licence payments securing 80% operated interest in blocks 1910A, 1911 and 1912B, offshore Namibia, together with the National Petroleum Corporation of Namibia(NAMCOR) of $229k (2018: 5k);

·    Administrative costs net of impairments and share-based payment charges $987k (2018: $924k); and

·    Cash balance at year-end of $39k (2018: $331k).

 

Post-reporting period events:

 

·    January 2020: Award of extension to the initial exploration period of the Thali licence to 15 September 2020;

·    February 2020: Completion of NJOM-3 appraisal well site survey by the Geoquip Marine survey vessel MV investigator;

·   March 2020: Cameroon Reserves Report update reconfirming gross mean contingent resources of 18 MMbbls of oil across the proven Njonji-1 and Njonji-2 fault blocks, with an NPV10 of the Best Estimate Contingent Resources of $119 million using the March 10th 2020 Brent Forward Curve, and an EMV10 of $91 million;

·    March 2020: Completion of placing and subscription to raise £500k at placing price of 0.375 pence per share;

·    March 2020: Notification to the Government of Cameroon of an event of Force Majeure in respect of the Covid-19 pandemic, affecting the timing for completion of the Group's work programme in the Initial Exploration Period of the Group's Thali Production Sharing Contract.

good timing,
today's run is just about to start.

With some luck the toscana deal will be approved and the secondary listing will help us rerate.

5.4 paid

Looks like that all week, weak hands sold out and able the big buyer to load cheap, once it starts to move and sellers will keep their shares thats when well fly, any day now.

all week the volume is very high, every day more then 1% of the company is changing hands.
this is unusual in this stock and suggesting someone is doing a great job loading without increasing the sp.
its hard to believe pi's are behind that high and steady demand, its probably the other way around, the pi's are behind the high steady sells as the risk is increasing every day with the noteholders situation and the dolphin agreement in question and the buyers probably have more knowledge of what is going on then us.

Nice summery phoebus, but the tanager-1 well is to be drilled by 13.9.20. From the update rns released by ratio and will td at 8,200m meaning its the deepest well to be drilled in guyana and will take more then 3 months to complete.

Thanks but no need to apologies, good to read different views.
The debt and the asset are two sides of the same coin, its all comes down to f.o or not, if they f.o serenity will be appraised and developed quickly in order to make the most of the short term agreement with the bleo holm.
Took a huge risk on A2, wouldnt do it again!
Learned a lot out of this mistake but paid much more, hopefully f.o soon and we are back in business.
Good luck

I guess a better then expected farm out +/- 25m$.

The only aces repsol has is to leave tain, win the fight and loose the war.
In that scenario the economics of the bleo holm agreement that has just been signed will be in question given the current poo, the short term contract (till 2029), and the money spent on tain (around 50m$).
On a global scale that will not be something repsol cant handle but on a project scale thats a disaster!
Will be much cheaper to pay i3e what it diserves and make the bleo holm project a world class economics project.

Repsol and rre invested in tain so far 3 wells and dp, if they want to develope tain they will need to unitise the field with serenity, that means the one unitised field holds around 100m boe, 80% belong to i3e, so in order to buy out the 13.5m boe out the 18m boe of tain they will have to pay around 13.5m$ and leave i3e with 100% ownership of its licenses.
A pair of 2's jack?
More like a pair of jack's..

On a no f.o scenario, i3e will not drill this year and will not be able to prove funds to develope lib east, hopefully they will complete the toscana deal pay the second payment to toscanas note holders end of year when oil is predicted to rise to around 40$ and get a rbl of around 20m$ to develope the asset which is a money making asset.
The note holders gave i3e another 3 years to pay back, they will have to give i3e a waiver because their loan is based on these reserves that is not worsth a lot these days.
I dont know if they can legaly go for other i3e assets.

*Do own=do not own

Jack, obv loading i3e shares at close to 30p was my worst move ever, i would knock on their door but i live in israel.
For your Q, serenity drills will cost 30m$, if they f.o 50% their net cost is 15m$, dolphin will cover another 6.5m$ so 10m$ will be more then enough to prove serenity and move forward with another rbl.
Dont get me wrong, the fact they managed to fack up everything doesnt mean they do own on of the best break even assets in the north sea, if theyll pull it off to and develope serenity its gonna be a cash cow.

I missunderstood your post on the first read, thought graham was talking about f.o negotiations that are ongoing.

Sounds like it's not a matter of if but of how much...