Member Info for Moneymunch

Well we'll just have to wait and see....any prospect with an 80% COS and with Brent at $86 plus and rising is a very attractive proposition to those who invest in oil exploration. Both parties want the farmin according to JA, and so I reckon the delay will be resolved soon...watch this space...the smart money was mopping up on Friday and I fully expect to see upward momentum this coming week. Gl ;-)

Hi micru, if Cameroon is commercial as per Envoi's summary, then Tower moves from small cap to mid cap regardless of who is at the helm. Gl ;-)

Nope, I've only been invested hee for a few months this time around...and the last time was probably Uganda. I bought a shed load on Friday and my average now sits at 0.34p.....any good news which could drop at anytime now will see this test 1p and more ...the Cameroon drill has an 80% Chance of Success which is remarkably high and Brent sits at $86 and is forecast to hit $100 plus...any commercial discovery would see this multi-bag in a blink from the current $6m m/c....in the meantime this sp will rise significantly on Cameroon Farmout completion and good news from offshore Namibia.

Now Brent is $86 a barrel, I reckon Envoi need to adjust their cashflow forecast...Gla holders...Excitement building!!! :-)

Envoi oversaw the farm-out process for Tower. It said the planned well would flow test oil in the Pliocene sands.

A four-well development on the northern resources alone would be commercial, Envoi said. Production of 8,000 barrels per day would provide annual cash flows of more than $100mn.

There is also an undrilled deep exploration play on the Thali block. This is on trend with the Isongo fields to the southeast.

Lol...utter nonsense, it doesn't matter how many shares are in issue, any significant upside will be commensurate to Tower's market cap which stands at £6m....the $15m Farmout completion confirmation would no doubt push the market cap into double figures and then off the scale maybe 5 times, 10 times and more if commercial volumes are encountered at their Cameroon drill, especially now that Brent sits at $86.4 and rising and in the meantime if Total and or Shell hit the motherload, then Tower's Namibian assets, given that they're targeting the same source rocks, despite being different basins will become very hot property. Gla holders...small cap to mid cap oil producer potential....bring it on!!! ;-)

Lol...each to their own, but I bought a shed load yesterday in anticipation of a significant rise on good news from Cameroon , as well as Total and Shell....the smart Money was mopping UP ....news on several fronts expected anytime now!!! Gla :-)

14/1/21

Jeremy Asher, Chairman and Chief Executive Officer, said: "We are working to finalize the Cameroon farm-out, which both parties wish to see completed, and we are also encouraged by recent news reports of drilling operations underway at Graff-1 and Venus-1X, operated by Shell and TotalEnergies, respectively.

"However, while waiting for the farm-out to complete we must continue to prepare for drilling operations and to maintain the current equipment inventory in a drill-ready state. We also want to keep moving forward in Namibia and South Africa, so that we can capitalize on both the improving economics of our acreage positions and also further positive news around us. This does require us to raise capital at this time, though we continue to seek to keep share issues to a minimum."

14/1/21
Jeremy Asher, Chairman and Chief Executive Officer, said: "We are working to finalize the Cameroon farm-out, which both parties wish to see completed, and we are also encouraged by recent news reports of drilling operations underway at Graff-1 and Venus-1X, operated by Shell and TotalEnergies, respectively.

"However, while waiting for the farm-out to complete we must continue to prepare for drilling operations and to maintain the current equipment inventory in a drill-ready state. We also want to keep moving forward in Namibia and South Africa, so that we can capitalize on both the improving economics of our acreage positions and also further positive news around us. This does require us to raise capital at this time, though we continue to seek to keep share issues to a minimum."

This will bounce big just as soon as the dust settles and bounce very big on good news from Total, Shell or Cameroon, they were short on cash and now have enough to await positive news. Gla ;-)

Deepwater turbidites offshore Namibia shown to provide high-quality reservoir sands

April 12, 2017

Exploration wells operated by HRT during 2012 and 2013 offshore Namibia have significantly reduced the uncertainty on distribution of oil mature Aptian source risk in the Walvis basin Wingat-1 and Murombe-1. Both wells encountered thick Aptian source rock above the Breakup Unconformity.

The Aptian source rock is ubiquitously distributed over the deepwater Walvis basin, although some variation in thickness is evident, as Spectrum mapped two main depocenters divided by a northwest-southeast trending Outer High basement ridge. Above the source rock, there is a significant variation in thickness of Late Cretaceous and Tertiary sediments, which delineates where the Aptian will be mature for oil generation. In the deepwater parts of the basin, the source rock is buried below 3,000 to 3,300 m (9,843 to 10,827 ft) of sediment, pushing the Aptian into the oil window.

Here, a summary of Late Cretaceous high amplitude turbidite sand channels complex play is presented, suggesting a high potential oil discovery in the deepwater Walvis basin is only an up-dip seal away.

The presence of mature oil generative source rock below (and therefore likely to be charging) thick clean quartz rich sands is proven in this basin. All that this basin requires is the proof of trap - an up-dip bypass zone for the deposition of sediment or fault bounded. The hunt for this last risk element is on and the prize will be spectacular.

https://www.offshore-mag.com/geosciences/article/16755987/deepwater-turbidites-offshore-namibia-shown-to-provide-highquality-reservoir-sands

Not want we wanted but we all knew they were low on cash, and so the £1.5m raise no doubt was prompted by the delay in the Cameroon Farmin, although at least the RNS suggests it is still on and so confirmation of completion will be very well received.
In the meantime, good news from Venus-1 and/or Graff-1 will add significant value, given that Tower's block is targeting the same Aptian source rocks. News from Total and Shell expected in the next few weeks and so the sp should recover in the coming days imho in anticipation.. Gla ;-)

South Africa Poised for Exploration Greatness

South Africa has already astonished the world with its recent discovery of large volumes of gas condensate in its southern Outeniqua Basin. Now, the Orange Basin is poised to erupt as the world’s next exploration hotspot with the drilling of two new paradigm-changing deepwater plays. These two wells are being drilled late in 2021 in Namibia by the border with South Africa. If either is successful, the on-trend extension of these plays will decisively confirm southern Africa’s rightful place in the spotlight of the exploration community.

The Graff-1 and Venus-1 wells, located on adjacent acreage, will be operated by Shell and TotalEnergies respectively and represent a culmination of exploration efforts that were sparked into life by the results of three deepwater wells drilled in Namibia by HRT in 2013. Each of these wells encountered thick, mature Aptian source rocks, and in one case recovered light oil to surface, proving the northern extension of this source rock system which had previously been encountered in the southern margins of the Orange Basin by DSDP well 361. The HRT wells (Wingat-1, Murombe-1, and Moosehead-1) have gone down in exploration folklore for their bravery in proving the existence of the important ‘source rock’ piece of the exploration jigsaw. Whilst this is one part of the hydrocarbon system that is associated with the earliest moments of the opening of the Atlantic – next the reservoir and trap need to be proven as well. The legacy of the HRT wells was that the industry saw that with a thicker overburden than that encountered at the DSDP 361 location, this source will be an effective generator of oil, ushering in a race to find the final pieces in this puzzle: the wells where all the hard-won elements of the hydrocarbon system come together.

Source Rocks Provide the Key

The Aptian source rock can be mapped on a regional grid of modern 2D seismic data that extends from the Luderitz Basin of Namibia to the Orange Basin’s southern margin in South Africa. Like many ‘magma rich’ passive margins, the crustal architecture of this margin changes as you move offshore.

https://www.geoexpro.com/articles/2021/11/south-africa-poised-for-exploration-greatness

Needs must, "pending completion of the farmout", and we knew they were low on cash. Gla ;-).

14 January 2022



Tower Resources plc

Placing to raise £1.5 million and Director Dealings



Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, is pleased to announce that it has raised £1.5 million via a placing and subscription of 576,923,077 new ordinary shares of 0.001p each (the "Placing Shares") at a price of 0.26 pence per Placing Share (the "Placing"), a discount of 29% to the closing share price on 13 January 2022.

Novum Securities Limited ("Novum"), has acted as sole broker on this Placing.

As part of the Placing, the Company's Chairman and CEO, Jeremy Asher, has entered into an agreement to subscribe for, in aggregate, 9,615,384 new Ordinary Shares in the Placing for £25,000 (the "Subscription").

The Company will use the net proceeds to advance its portfolio and to cover working capital requirements going forward, including:

· Funding maintenance and planning expenditure in Cameroon to maintain the long-lead items inventory ready for the commencement of drilling and testing of the NJOM-3 well, pending completion of the farm-out, and to make payments and pre-payments to contractors;

· Work programme costs in Namibia (for license PEL 96), where Tower plans to conduct a basin modelling study based on the latest data available from recent drilling in the areas adjoining the PEL96 acreage;

· Work programme costs in South Africa (for the Algoa-Gamtoos license operated by 50% partner New Age Energy Algoa (Pty) Ltd, which adjoins the Total-operated blocks 11B/12B) where the license partners are preparing for 3D seismic data acquisition in 2022/23;and

· General working capital purposes.

Lol Jackanory, I've made plenty and lost plenty, but i take full responsibility of any share that doesn't come in , and unlike you, do not become the resident bitter and twisted deramper...ha ha ha....what's your real reason and agenda for your incessant negativity??? :-)

Yep, it's like a comedy Jackanory episode ...ha ha ha :')

Ps punters, do the opposite of the failed investor...ho ho ho :-)

Lol ...could be wrong??? .....ha ha ha...so if punters had of invested in the things you thought were going to do well, they would have lost all their hard earned cash as well...ho ho ho ho....which probably means if they had invested in things that you thought wouldn't have done well, they would have made enough cash to buy your house...now let me think....you reckon Tower won't do well is that right??? The buy signals of buy signals if you say yes, judging by your previous losses...ho ho :-)

Lol , obviously touched a raw nerve with Charlie Boy, the self-proclaimed sanctimonious oil expert know it all ...ho ho ho...the dipstick with his own magic divining rod, knows exactly where the oil is hidden and where it's not...ha ha ha...what a clown!!! Gla holders....any good news in the coming days and next few weeks from Cameroon and Venus-1 and or Graff-1 will see this fly...On and UP!!! :-)

Lol Charlie boy, let's wait for Totalenergies and Shell's drill results rather than your jaundiced opinion...we should all know whether Venus-1 or Graff-1 are commercial in the next few weeks, and if they are , Tower's Namibian assets will significantly increase in value along with the current lowly £7.5m market cap...good news from Cameroon could drop at anytime which will add significant value, especially now that Brent has hit $85 a barrel...Gla holders...massive upside potential from this rockbottom low on several fronts. ;-)?

Shell hits oil in Orange Basin… too early to assess commercial viability

Hydrocarbon exploration in Namibia was given a massive boost, with word spreading fast within the industry that Shell’s high impact Graff-1 exploration well offshore Namibia has discovered light oil. 

A social media update by Welligence Energy Analytics, a firm focused on the energy sector, confirmed the discovery with a cautionary statement that it is too early to tell if there are commercial quantities of oil. 

The Graff-1 well is one of two high profile wells within the Orange Basin, the other being the TotalEnergies Venus-1 well. 

Success in either or both of these wells could make the Orange Basin one of the hottest exploration destinations in the world.

“It is too early to say whether the well has found commercial quantities – but at the very least, a working petroleum system is likely,” reads the Welligence update.

In the update, the energy analytics firm stated that even though this is a success case, it will greatly encourage other explorers with acreage in the emerging Orange Basin: “Not least TotalEnergies, which is drilling the Venus-1 well in neighbouring Block 2913B (PEL 56). Tullow Oil, Maurel & Prom and Galp are some of the other companies with positions in the basin”.

When contacted for confirmation, petroleum commissioner at the ministry of mines Maggy Shino said the ministry only saw the social media updates on the discovery.

She clarified the ministry will give a clear confirmation in the coming weeks.

“We saw the updates, but no official communication came from Shell or Namcor, so we will engage and have a clear communication to the public at the later stage. What I’m aware of is that we are busy with the operations,” she said.

Neither Shell, nor partners Qatar Energy and Namcor Namibia were available for comment; they are yet to release details on Graff-1, but operations and testing is in the process, with more information expected this week on the alleged discovery. 

https://neweralive.na/posts/shell-hits-oil-in-orange-basin

Lol..Charlie boy, how old am I....ha ha ha....you're the one who appears wet behind the ears, hanging about a share forum where you're not invested , desperate to deter and undermine. Offshore Namibia, North and South is one of the last few billion barrel frontier plays, relatively unexplored with only a handful of wells drilled. Tower's Welwitchia-1 was drilled to a shallow TD and if Repsol had decided to go deeper, then they would be encountering the same source rocks that Totalenergies and Shell are targeting at Venus-1 and Graff-1 in the Orange Basin, although you've already stated that they will not be successful, despite reports of Shell hitting oil on the way to TD . If either or both hit the mother load that the seismic results suggests, results expected in the next few weeks, then the value of Tower's Namibian assets will rise dramatically along with the sp....there are no guarantees of course, but their lies the undoubted Transformational upside from Towers lowly market cap , a risk reward that those invested are happy with especially with potential good news from Cameroon expected now, but the risk reward appear to be a problem for you and those who have no pocket money left..ho ho ho.....Off shore Namibia covers a huge area and the seismic data suggests it has multi billions barrel potential, and will be a game changer for the whole area if Total or Shell come up Trumps. It took dozens of wells drilled before the multi billion barrel North Sea oil and Gas was found, and plenty were on record that no oil or Gas would be found, infact there was one BP executive on record who said there was no chance of finding any oil or gas, perhaps you're related, and stated that he would drink every barrel of oil found in the North Sea...ha ha ha...of course he ended up choking on his words . Gla holders...massive upside potential on several fronts...a rare opportunity for Transformational returns. :-)

Lol....just looked in since my last post...ha ha ha ....that Charlie is obviously a proper Charlie.....ho ho ho .........Total and Shell are drilling two highly anticipated mega potential prospects offshore Namibia, and there are reports that Shell has already encountered light oil on the way to TD, both results are expected end of this month/early February and will have a dramatic effect the value of Tower's Namibian assests if either or both are commercial....in the meantime, BW Energy's development of the Kudu Gas field is now underway, the very one that Charlie boy reckons will never be developed....ha ha ha ( anyone would think he's trying to deter and discourage along with his like minded mates ) ....Gla Holders.....news from Cameroon well overdue, confirmaion of approval and farmin completion will see this fly.....and good news from Total and/or Shell will send this into orbit...a multibag in a blink from this rockbottom lowly £7.5m market cap.....a rare opportunity for transformational returns......On and UP!!! ;-)

.........................
21/10/21

Kudu bucked up as BW buys rig for use as floating production vessel

Operator of Namibia gas scheme also eyes plan to enter power business in southern African nation

Norway’s BW Energy has struck a deal to buy a semi-submersible that is set to be the hub of a gas-to-power project designed to exploit 1.3 trillion cubic feet of gas in its Kudu field offshore Namibia.

The acquisition is part of a revamped development plan for the shallow water field that could eventually see Oslo-listed BW become involved in the power generation aspects of the project.

Kudu was discovered in 1974, since when many operators including Shell, Chevron and Tullow Oil have tried and failed to get a commercial scheme off the ground.

The base-case development plan has always been to send the gas to a newbuild power plant at Uubvlei near Oranjemund, but the sticking points have always been about the size of the onshore plant, as well as the challenges of forming commercial arrangements with power offtakers and securing finance.

Many African countries with their own natural gas resources are looking at how to cost-effectively commercialise these resources for domestic use.

News that BW has now acquired a semisub for Kudu offers much-needed impetus to a long-delayed project and could offer a way for a host of other gas-to-power projects in Africa to be brought online cheaply.

Lol Charlie....classic....so what about the  about the Kudu Gas Discovery, which at long last is going to be developed by Norways BW Energy. Gl :-)

Kudu Gas Field, Orange Sub-Basin

Kudu gas field is part of production licence 001, located about 130km off the shore of Namibia near the city of Oranjemund, West Africa. It lies in the Orange Sub-basin.

Water Depth

560ft

Discovery

1974

First Oil

2014

Reserves

1.3 trillion cubic feet of proven natural gas reserves and nine trillion cubic feet of possible reserves

Kudu gas field is part of production licence 001, located about 130km off the shore of Namibia near the city of Oranjemund, West Africa. It lies in the Orange Sub-basin at a water depth of 560ft. The field’s proven natural gas reserves are estimated at 1.3 trillion cubic feet and possible reserves at nine trillion cubic feet. The field’s life is estimated to be 22 years.