Member Info for kagsy111

Give an interview if you have something to update, not to go through the areas of work and employee/director roles and responsibilities ffs

Really strange timing given interim results should be out this week which should portray working areas to investors in more detail. The Q&A was a complete waste of everyone’s time, including my 30secs reading time

True enough, however, who is going to sign up for finance/drilling without a credible licence in place? From a business perspective there is too much risk to commit to anything concrete, as any contract documentation will require a licence to be in place. Glass half empty, we technically have no asset requiring funding to drill as we stand. The longer it goes on, the less time we will have to mobilise before having to renew again.

"Furthermore, the operating company, Tower Resources Cameroon SA, has applied for a 12-month extension of the First Exploration Period of the license to May 2024 and has been informed by the Government of the Republic of Cameroon that this extension is being processed. Final formal confirmation of the extension has yet to be received but is expected during Q3 of 2023."

Not long to go before the end of Q3. JA will need to reapply for an extension till May 2025 at this rate.

Is the reason for no placing currently planned because there hasn't been any movement? £2m odd in the bank from May to keep the lights on until things do move. Would love to be wrong GL all

Finally action time? Outside shout from me ... The Adriatic I platform is currently moored and isn't too far away from the Cameroon drill site. It has had some attention from a supply ship in the last couple of days and looks like a crew boat is on its way trailing behind another supply ship. It's there to see if you know where to look! GL all

The interim results next month won't take long to write up. Highlights ... naff all.

Millions of pounds raised over the last couple of years with movement on each fronts inching forward at best as each year passes. Great work if you can get it, mind.

Shelf drilling rigs are becoming available. Trident VIII rig mentioned by JA a while back is no longer being used by Hans&Co and has headed west from its most recent site back over towards Cameroon recently. Three Shelf rigs down as 'undisclosed' and Q3 almost upon us. Has the time finally come?

What makes matters worse is JA gave it the big licks in recent interviews … only to crash the share prices a few weeks later

I'd prefer it to land in the next hour, too. Just trying to put some rationale behind the timelines stated. Which news release states 6months max for group level approval? I seemed to have missed that ...

Forward movement in SA & Namibia is anyone's guess. There has been no new information on either project as all focus has been towards Cameroon. My guess would be bank financing to be signed off in late March/April in line with the new financial year for the bank. The wording in Jan's placing allows JA access to additional placing funding three months after the initial tranche (ie. April onwards) - he does state this is structured to fit alongside the approval of the bank financing in the RNS.

I'm not totally disregarding the other two projects. There is mention in the previous raise that some funds are being used for SA and Namibia, it would be useful to know where and why.

3months since the last loan update. Less than 3months remaining on the licence. Bonkers

Nice to claw back some for those that have been here for a while. Here's hoping JA can move to get Cameroon over the line now. Should be a short turnaround to drill as indicated by Bedrock Drilling who managed the project prior to Covid - "The project was taken to a month before spud and then put on hold"

Maybe, although I am enjoying the chap on Twitter with 7 different accounts is busy switching between them all doing his best to ramp it up! Funny to see. Have a good Friday all

Some progress, slowly but surely ... complexities of working within Africa, I guess!

Hope I'm wrong and JA has delivered but it's probably the start of the re-occurring 6week pump and dump from the Twitterati

Agree with you both to some extent. However, with funding still unconfirmed and no specific drill date - ie. it could the last fortnight of Q4 for all we know, I doubt it is for us in this moment. Don't get me wrong, I'm all for our drilling to start 1st Oct! Re-watching the Proactive Investor presentation has reminded me of what we could potentially be onto here. GL

JA said the intention was to use the Trident, however, it is to be used on other work prior to use for Tower's well. https://www.youtube.com/watch?v=CRVQkDS_6WI - He explains this from 12min 40ish. Drilling potentially in Q4 not Q3 as we are in now. Few more weeks yet chaps

Needs to after the carnage yesterday. 8weeks for JA to deliver

Further activity this morning - "crew boat" just arrived at the rig https://www.marinetraffic.com/en/ais/home/centerx:8.424/centery:4.575/zoom:16

Interesting. That could potentially be the last of the placing shares (246,153,846) it crossed my mind yesterday until I realised the initial trade ended in 864 when I checked.