Member Info for lsetown

Yes, a great find jdosso. Thanks!

Wow, two posts that were sent without me checking - apologies

RECUSE

: to disqualify (oneself) as judge in a particular case. broadly : to remove (oneself) from participation to avoid a conflict of interest.

Ecuse

: to disqualify (oneself) as judge in a particular case. broadly : to remove (oneself) from participation to avoid a conflict of interest.

I read it that they are trying to negotiate the legal difficulties of Mr Karam being seen to be a provider of convertible debt to a company Mr Karam is the Executive Chairman of.

So I do I hope you are right conrad02: "Yeah Sure!"

This situation is difficult because of this conflict of interest. I personally think any more convertibles should be at a higher rate now, otherwise it does like exploitation.

Assuming the wells are producers, has anyone a guess at how much from here in £ terms it would take to get to production?

The initial drills and now tests must have cost quite a bit already. Am I right in assuming that the cost to get to EPS would be less than we've already spent?

" raise to keep equipment, as he put it, in 'drill-ready state"

Yes. We were going to get T-shirts made with the slogan: "The Long-Lead Items" !

Thanks for the volumetric reply Ed. Very enlightening.

If it is recharged from a source then we could be looking at 16 million barrels instead of 11 million. (Though I'll await the news!)

Great posts. Thanks.

The Corcel website says that at Kon11-Tobias historic production was 29 mmbbls. And it suggests that unproduced prospective oil resources are 65 MMbbls.

https://www.corcelplc.com/project/onshore-kwanza-basin/

With the recent RNS news that the reservoir may have been recharged, how much (if any) of that 29 mmbls can we expect to have been recharged?

JAllis. You said "The note goes on to describe how attempting to raise the full $13.4M from a farm out partner will be too dilutive and this approach has previously been decided against by TRP:"

That isn't right if the alternative is 50% dilution to the shares. Giving 70% to the farm-in partner to fund the drill would be cheaper!

I hope there won't be a gap in funding - at least for the drill. It would be better for Tower to offer more percentage to the partner(s) rather than doing a pre-deal placing at massive discount.

He doesn't own a controlling interest - only 7% I think.

The funding offer Mr Karam provided was generous at the time and is probably a major reason our share price is where it is.

However, if the company further draws down on this it would in effect be selling 1.4p shares for 0.8p. That is a stupid thing to do if there are alternatives.

I do hope that he will revise any future loans into a higher conversion price, because otherwise he is plainly exploiting the fact that he manages Corcel.

But most of the funding isn't taken yet and there is no obligation for the company to take any more from it.

Why would an independent company not look for the best funding option when its circumstances allow?

I know that there is an existing agreement for funding to Corcel via Antoine Karam's company for up to $8m at 12% interest which are convertible to shares at 0.8p.

The current share price at 1.3p is 62.5% higher than 0.8p. An Open Offer or even a share placing would offer the company a much better and cheaper way of raising money now.

This conflict of interest and the future chosen funding solution may show us the integrity of the BOD.

Maybe we shareholders should let the BOD know this?

If they can get back to those sort of production figures then I make our 20% to be over a million barrels per year.

What does that net after brownfield taxes? $20m+ per year for 10 years??

There is upside on the block and elsewhere too.

3^4 = 81p!

Maths doesn't see spaces.

3-4p

= -1p

lol

HL offer free trading on child ISAs.

I guess in theory you could buy a fraction of a penny's worth for nothing!?

EECP are still due around $800k worth I think, so 20%+ dilution from here.