Member Info for lsetown

I personally get the feeling Sam is not canny, shrewd or sharp enough for this business.

Our original farmout partner PMO said they won't be able to put a time limit to the deal.
Our reply: "Really? Okay."

Premier say unexpected fees are due for FEED.
Our reply: "Really? Okay."

FIG say CGT taxes are still due for an irrecoverable Carry.
Our reply: "Really? Okay."

Soon Navitas will want 51+% for nothing, with no time limits and I am sure we will be required to pay for something or other soon afterwards.
Our reply will be: "Really? Okay."

An OM award could be squandered really quickly here with our current management.

Our company needs a complete reset of management in my opinion.

So there are effectively no Institutional Shareholders left here!

Sam is clearly trying to get this going but is he shrewd or creative enough??

Deferring salaries? - They'll get it all back when they give 51% to Navitas for nothing won't they.

No restrictions on those share options offered.

I think Cyan may be sadly right - they may fundraise soon.

Rockhopper should wait for OM arbitration news as it isn't very much priced into the shares now anyway.

Glenrothes's resolutions should continue.

There are enough of us now to actually do something - and that is very important.

Glad to hear you finally joined in Godders!

Okay. It was a big claim and a few things would have to come right!

Cameroon - on the Njonji alone there could be 20 million barrels resources net to Tower. That's several hundred million dollars if the oil price stays high. There is also another 100 million barrels prospective on the block and even larger deeper plays.

South Africa - we might expect a 5% oil production Royalty if a producer farmed-in. 5% of over a billion barrels would be 50+ million barrels.

Namibia could be similar?

Perhaps I was wrong - a hundred bagger! - lol.

This could be a 50+ bagger IMHO if a few things come right.

I agree. We mustn't let Sam squander any OM award nor let him dilute our shares.

Glenrothes proposals of a combined shareholder's group are now vital IMHO.

Do the BOD appreciate that a significant amount of shareholders are unhappy with the company's performance to date?
If so, how do they propose to remedy this?

Rockhopper say they have been talking with Navitas - could they outline what options they have been discussing with them?

Thanks. Putting it through Google Translate it is still hard to read.

Have Harbour already got someone to sell their rights to I wonder?

I believe if Harbour are out then there will be no 'Carry' from them to us, so no CGT is due to FIG.

Harbour leaving could be a good thing - especially if the licences revert to us.

The volume is low so is it just Smithy selling his 20 million?

Nice 3/4 page article about Fulham Shore in the Sunday Times today.

https://www.thetimes.co.uk/article/franco-mancas-secret-recipe-the-price-8nwl8jjt5

They are apparently close to signing a Greek franchise.

I'm really hopeful for this partnership with Beluga Energy. They specialise in selling and developing West African oil and gas, so if all goes well I think our block could really be exploited here to both partner's benefit. The deeper stuff on the block could be huge too and if there is the revenue from production then it must be explored.

Tower deserves some luck for once and if we also get some luck with SA and/or Namibia then even better.

We really just need some production cash to get going - hopefully Njonji will be the start!

You could be right as I guess half of the recent fund raise went on the Pegasus loan.

But how much would the 3D for SA cost I wonder?

JA said in the recent presentation that the 3D seismic in SA may not cost very much and rather than farm-down for it we could pay for it together with New Age instead and keep our percentages intact.

The recent fund raising makes me wonder if JA plans to use part of the money for this 3D seismic. I do hope he does as a Dataroom with good 3D seismic will be very attractive if the 1.4 billion barrel prospect is apparent.

Anyone else agree? How much would this seismic survey cost I wonder?

There's a load of costs in there so you can't just do that sum.

It's something like $100m+ profit to Tower over 5 years if the top part on Njonji comes off and $200m profit over 5 years if the bottom does too. Of course there's still upside elsewhere on the block and SA and Namibia.

Beluga Energy look like they are adept at sales and development deals so it will hopefully be a win-win.

I do like these and hold a bunch of them.

Yes, I agree - I've re-read Peter Lynch's books only recently.

He's a sharp guy and I think he'd like FUL. Especially with the international franchise idea.

5+ bagger from here sounds quite possible.

Great results today:

"Creation of new team to explore and progress the international development of both businesses"

"We plan to open 10 locations during the current financial year and have identified more than 150 additional sites in line with our medium-term plans".

There are 300 million shares coming soon, so I wouldn't be surprised if we stay around these levels for a while.

I still like TRP from here though.