The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
It is evident that COS is higher on Welwitschia deep due to the 3D data. It is also evident that WD is the front door into the Flagship PEL29.
Success with WD will increase the COS of all the other prospects, just as 3D seismic on PEL29 will de-risk further
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No offense taken.....you forgot to mention that Equinor are adjacent to the east and Exxon are adjacent to the south of TRP's block in S/A and have both majors have pulled out of S/A completely, after the interpretation of the Seismic data
No offence ATB....;)
I am not trying to poo poo TRP.......far from it, as I said before I think the farm out is in the bag
The $10m loan is subject to the results of the well........that's how it works. They need to drill the well, put it on long term flow test and book 2P reserves in order to see a $10m "reserves" based loan
People don't like to think the deal is subject to possible deal out comes from elsewhere....ie Namibia
JA has already said in previous interviews that "WE" have to be flexible as other potential partners may have their own deals to conclude ahead of a deal with TRP
That's enough form so will leave you all to it ;-)
JA said......"Tower Resources noted the discussions have involved talk of a USD10 million facility going to the operator for the NJOM-3 well - which is currently in progress- and, >>>>>>subject to the results of that NJOM-3 well"
First oil, Extended well test or Production .........amounts to the same thing, in other words they need to drill the well and prove production and then book reserves before they can borrow £10m
The point being, you implied TRP would be able to borrow £10m ahead of drilling the well
You said ....." TRP does not have the funds to spud NJOM-3 on its own. It was at first looking to farm out 50% but, as announced in the recent RNS, JA is hopeful of borrowing £10m and therefore requiring only a further £5m from the farm out. Once the funding is in place I guess timing is down to any Cameroon Covid restrictions.
Hopefully the share price will move up on confirmation of funding!"
JA said......"Tower Resources noted the discussions have involved talk of a USD10 million facility going to the operator for the NJOM-3 well - which is currently in progress- and, >>>>>>subject to the results of that NJOM-3 well"
Bishop you really have a hard on for me, for some reason. Maybe its because I am more informed than yourself
However, as I said before in order to obtain reserve based lending you need to have proven reserves.........."2P reserves"
That involves a long term flow test........ever heard of that ??
Cameroon maybe a discovery.......but there has never been any 2P reserves booked, therefore TRP cannot get a reserves based loan .........until then.
Do take my word for it.....listen to JA 22.45 mins in
https://www.youtube.com/watch?v=sqBK0AUOb4U
The problem is you don't like the fact that TRP cannot go forward until GBP conclude their deal.....but it is a win win for both companies
Quiet right brig, missed the fine print on the TRP map. Here is a map from the petroleum agency which seems to show TRP surrounded by the Exxon and Equinor blocks
https://www.petroleumagencysa.com/images/pdfs/Hubmap0720.pdf