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Apart from an SA deal influencing the price, I can't see much movement from here upwards.

This deal and valuation is contingent on state approval. It's not nailed on. JA believes they have the full support of the ministry but the sign off date is aspirational. No guarantees at all. I'm confident all will work out ok in the end but how long it will take is debatable.

Even after sign off it's around 4 months to get everything together before drilling.

Let's hope the paperwork was with the ministry the day they made the announcement or preferably earlier and their part of the process is a formality. Next stop the president's intray and he's not gone AWOL for a few weeks like last year.

Keep the faith.

I think this as good a deal as they could have expected. However, it is conditional on approval by governments and granting a licence extension. I just looked back on the previous extension which was first mentioned in April 23 and granted in feb 24 and required a presidential decree. I think it is unlikely that the Cameroon approval will be by the end of Q1 if a decree is required. As JA said in the interview nothing much can happen until it does. Once granted another 4 months for rig preparation etc. No drilling before Q3 at the earliest and probably the back end of that.

It's not as easy as you think to take over a company.

Given the stakes occasionally quoted on here and JA's stake it would be difficult, if not impossible, to get the 10% required to squeeze out the minority.

Also, I can't see anyone bidding for Cameroon alone only for the potential in Namibia and SA. Any whiff of interest and the SP will reflect the reality. A realistic valuation of all the assets would have to be undertaken in order for the board to recommend the offer. A potential bidder would probably have to build a decent stake first and that would have to be declared at a low level. The price would react accordingly.

'Under a contractual takeover offer, the bidder makes a general offer to all target shareholders. Shareholders are sent an offer document containing information on the bid and the bidder. The bidder must secure acceptances over shares representing more than 50% of the target’s voting share capital to declare the offer unconditional. Acceptances over shares representing 90% of the target’s voting share capital are required to squeeze out the minority (and thereby enable the bidder to acquire all of the target's voting share capital). Given that bidders typically aspire to acquire 100% of the voting rights in a target company, it is therefore usual for the acceptance condition to be set at 90% (rather than 50%), but for the bidder to have the option to reduce this threshold to shares carrying over 50% of the voting rights. Please see below for further details regarding the minority squeeze-out mechanism.'

Suez

The clearance on the suez canal bridge is 70m (229feet) . Max height allowed is 68m. The legs are 517 feet.

There are pictures of similar rigs loaded with legs fully raised.

Tight on the beam too. Maximum is 254 feet. Rig is 226 wide, 246 ft long.

My guess is it is going to Malta for final commissioning/fitting out as it's a new build. They have rig facilities there if needed.

Also the question of a crew and possible training/familiarisation.

They had a contract on the original rig and I think they had paid a deposit so I don't see any need for an RNS as it will transfer.

Don't forget this is a 4 well programme so it is quite possible that it is committed until then. And there may be plans to explore other areas in that timeframe.

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Presumably more than dealing with reported posts.

Certainly a fair amount of defamatory content on here daily.

The company has made it clear there won't be any announcements until there is something to report. I.E. Signature(s) on contracts. Funding in place.

We know there is at least one head of terms with a funder which the lawyers need to turn into contract(s). This will take several weeks/months . Who knows what funder approval processes are needed, if not already done . Board might meet once every two months. And it's holiday time. Everything here is subject to NDAs so you won't hear anything until it's a done deal. No doubt there will be joint announcements..

And then there is the Cameroon aspect. What hoops have to be jumped through to transfer the minority share. Should be simple enough but who knows.

I suggested that 6-8 months was a reasonable timeframe for this to happen. We're only at month 5.

I also suggested that the anonymous booking on the Borr fleet report for February 25 was a backstop position for Tower.

I came across this subsequently. The author could have read it here first of course.

https://www.offshore-energy.biz/borr-drilling-rigs-find-new-jobs-in-europe-southeast-asia-middle-east-and-africa/

Not there yet but it looks positive enough.

To add to that

Page 33 of accounts

Subsequent to the year end, the Thali license in Cameroon was renewed to February 2025 and the group hold a head of terms agreement with a farm out partner.

I would assume that if it is in an RNS that there is a genuine contract. It did occur to me that the anonymous contract starting in Feb next year was a backstop position to guarantee a rig and if it could be accessed earlier all well and good.

It seemed odd that TRP wasn't mentioned on the BORR list, although date uncertainty might preclude that.

I think it reasonably certain that this will come together. My expectation for wrapping up finance was between 6-8 months given the number of possible providers, legal requirements, due diligence, possible approval by finance providers boards etc. Other considerations like jurisdiction, dispute resolution need to be determined.

In the latter part of the year, we contracted a rig, the Norve, one of Borr's fleet of modern high-specification jackup rigs, to drill the NJOM-3 well in Cameroon once the rig has completed its existing contractual obligations. Naturally, the contract is subject to our having financing in place in good time, and it is now already clear that the rig's current drilling campaign has encountered some delays, but we still expect the well to be drilled later this year.

It's mentioned in 2 places. Scroll up to the top which is where I cut and pasted from in my first post.

Both I would say.

TRP aren't mentioned but I suspect that is because they don't have firm dates yet. Or they have moved it out to Feb next year.

Https://borrdrilling.com/wp-content/uploads/2024/05/a91a2415120c28cb.pdf

From the Borr fleet report issued today.

Norve

• Contract extension: August 2024 to October 2024, BW Energy, Gabon

• Contract: February 2025 to May 2025, Undisclosed, Africa

Borr's quarterly update is tomorrow. They publish a fleet status report at the same time.

I've seen some debate about profit % that TRP might get.

As an indicator I suggest you look at the SNH annual report which publishes the % split between all parties on their producing projects. I don't think anyone gets less than 25% from memory and some get more. Tower's % will be reported when it is operational.

This is on profits. Not revenue. Costs are shared in the same proportions.

I believe VOG still own 1/3 of CHL. My gut feeling is this administration was a joint protective measure to block any creditors from going for liquidation. This offers the best solution, if there is one.
I haven't really been following the detail. I'm curious to know what happened to the initiative on Kemerkol. The plan was to go to arbitration if the authorities didn't engage. There's never been any indication this has happened.
Also, is the insurance claim totally dead? They had lawyers involved.
If they can sort something out and get on with Matanda that should be enough to turn this round. Assuming successful drilling. All boils down to funds in the end.
West Med. Looked promising for a while. Maybe again post Putin.

Beluga was a farm out arrangement which required partial transfer of ownership of the licence. This transfer was subject to approval at the highest level in Cameroon. A process that takes many months normally and hadn't happened. Clearly patience and time ran out and alternative options had to be persued.

This deal involves buying into the company through purchase of shares but the ownership of the licence remains 100% with Tower. Subject to any possible SNH options to buy in later.

There's a presentation on the website on Namibia. Mentions this.

Problem sorted (for a while)
Post-reporting period events:
14 January 2022
Placing for cash to raise £1.5 million (gross) via a subscription of 576,923,077 new ordinary shares of 0.001p each at a price of 0.26 pence per share;