Member Info for Moneymunch

Through its wholly-owned subsidiary, Rift Petroleum Limited, Tower Resources holds a 50% interest in the Algoa-Gamtoos licence, offshore South Africa. Tower acquired its non-operated interest in the Algoa-Gamtoos licence through the all share acquisition of Rift in April 2014.

Overview

The Algoa-Gamtoos licence covers 9,369 km² and is operated by New Age Energy Algoa (Pty) Ltd (“NewAge”) (50%). This acreage straddles the Algoa and Gamtoos basins on the shelf, and the outboard slope edge of the South Outeniqua Basin, where Total has made its Brulpadda and Luiperd discoveries in its Blocks 11B/12B, which are adjacent to Algoa-Gamtoos to the West.

21/2/23

TotalEnergies hasten plans to spend $3bn on South Africa’s gas discoveries despite hurdles

Despite a group of experts calling on financial institutions to stop supporting the French major’s oil and gas expansion in Africa, TotalEnergies has, for the first time, revealed the scale of gas resources it has discovered in Block 11B/12B offshore South Africa, which it plans to spend $3 billion to exploit.

According to BusinessDay’s findings, the French supermajor has been noticeably reticent to discuss the scale of these resources in a public setting ever since unveiling the Brulpadda and Luiperd discoveries in 2018 and 2020.

“But there was never a doubt these finds were big, otherwise the operator would not have forged ahead with a project in such a harsh met ocean environment — epitomised by huge waves and fast currents — based on the results of only two exploration wells,” Upstreamonline, an energy intelligence publication said.

The Luiperd and Brulpadda fields are within the Paddavissie Fairway, a hydrocarbon-rich area in the southwest corner of Block 11B/12B.

Luiperd is estimated to contain 2.1 trillion cubic feet (tcf) of gas and 112 million barrels of condensate, while Brulpadda is estimated to hold 1.3tcf and 80 million barrels of gas and condensate, respectively.

Upstreamonline noted that a joint venture encompassing TotalEnergies EP South Africa (TEEPSA), QatarEnergy, Canadian Natural Resources International (South Africa), and South African consortium MainStreet 1549, held an exploration over Block 11B/12B.

Findings showed the development of the block could potentially revive state-owned PetroSA’s 45,000-barrel-a-day Mossel Bay gas-to-liquids plant, which has run out of feedstock. South Africa also plans to use the fuel to transition away from coal that’s used to generate nearly all of the nation’s electricity.

TotalEnergies spokesperson Stéphanie Dezaunay, said: “In South Africa, TotalEnergies is positioning itself as a player in the evolution of the country’s energy mix as part of the necessary transition from coal to renewable energies and gas”

The Placee has agreed to certain substantial limitations on its ability to resell or otherwise dispose of the Shares it receives. The Placee is also contractually precluded from shorting the Company's Shares.

https://www.lse.co.uk/rns/TRP/institutional-placing-of-up-to-us6-million-udsjc3357l48rsj.html

Ps Broad thanks for the map. If I was Exxon, planning a multi-million dollar drill, I would do my utmost due diligence to make sure the piddly little minnow below, wasn't infact sitting on a potential prolific transformational prospects than there's??? Gla :-)

 Or maybe not...Gla holders, a truly rare risk reward for eye watering UPSIDE....FAST Approaching!!! :-)

Tower's new $6m institutional investor on board, no doubt is a prerequisite for BGFI bank approval imho, both parties highly confident of commerical success at Njom with its industry 90% COS, and the added collateral of Tower's hottest exploration blocks around in Namibia and South Africa. Gla holders....game changing news fast approaching imho!!! Exciting times and transformational UPside potential and prospects ahead!!! ;-)

BGFIBank Cameroun adopte un budget ambitieux pour 2023

The Directors of the Cameroonian subsidiary of the BGFIBank Group during the last Budget Council, displayed the ambitions of the bank in the continuity of the implementation of the “Dynamic 2025” business project.

It was the last meeting of the year for the Directors of the Cameroonian subsidiary of the BGFIBank Group, meeting in ordinary session of the Board of Directors to adopt the Budget and the Action plan for the year 2023.

At the end of this work, a three-part specification is submitted to the Cameroonian subsidiary of the BGFIBank Group. Henri-Claude OYIMA, Chairman and CEO of the BGFIBank Group made the presentation: “For 2023, we have adopted a very ambitious budget. It encompasses the commercial axis, since in 2022, we pushed the bank towards Small and Medium Enterprises which are the foundation of our development here. We will also proceed with the construction of 9 new branches in order to be present in the 10 regions of Cameroon”.

New commercial spaces that lead us on the path to recruitment. "We have planned to recruit around forty people next year," said the Chairman and Chief Executive Officer before returning to the last point of BGFIBank Cameroon's 2023 action plan "In the 2023 budget, there is a line that is dedicated to supporting small and medium-sized enterprises,” added Henri-Claude OYIMA.

Also, the question of the redistribution of dividends was addressed: "Already what you need to know is that the result of 2022 will be well above that of 2021 knowing that last year we made more than 8 billion in net income. When the time comes, the Board will define the amount of the dividend that we will distribute to shareholders. For the past two years, we have complied with the indication of the Banking Commission which had prohibited the sharing of dividends; shareholders can be reassured that in 2023, a large dividend will be paid to them in this respect. » Statement by the Chairman and CEO of the BGFIBank Group.

Overall, the ECCAS zone is doing well with regard to the satisfaction expressed by the Chairman and CEO of the BGFIBank Group with regard to the conclusions of the Boards of Directors of the other subsidiaries, which are: DRC, Congo, CAR and Equatorial Guinea.

https://www.leconomie.info/bgfibank-cameroun-adopte-un-budget-ambitieux-pour-2023/

As well as the exciting planned production and development of Totalenergies South Africa mega gas discoveries, adjacent to Tower's SA acerage, which will transform SA's energy security and will unboubtedly add expontential value and Major JV partner interest in Tower's block, the rapid scale up of upstream oil exploration activity in Namibia, also offers the same Major JV partner potential, given Tower's Namibian acerage, one of the largest, straddles Exxon's acerage in the Walvis basin and shares similar analogous geology, structures , featues and traps to the mega oil discoveries of the Orange basin, sooner or later a Major will make a move.

In the meantime , BGFI bank loan approval for Njom-3 in Cameroon is expected imminently, and now looks like a done deal with Tower's new $6m Institutional Investor on board, and no doubt both incentivised by the fact that Njom has already flowed oil, and is now considered an industry 90% chance of commercial success, and also extremely encouraged that Tower also hold two of the hottest post codes in town in Namibia and SA. Gla holders....a very rare risk reward opportunity for truly transformational upside, from this miniscule market cap and rockbottom sp...On and UP!!! ;-)

With Namibia’s energy sector on the precipice of rapid transformation on the back of recent oil and gas discoveries, the African Energy Chamber (AEC) (https://EnergyChamber.org) will establish an office in the country dedicated to promoting local content development efforts. The AEC will engage with various stakeholders across the Namibian energy industry, including national and international oil companies, the government and service companies, utilizing a multi-tiered approach to scaling up local talent and capabilities. The office will serve as the foundation to which local content across the Namibian energy market can be improved, thereby significantly contributing to the creation of a globally competitive workforce in Namibia.

The establishment of the office could not come at a better time for the Namibian energy market. In 2022, the country witnessed its first two major oil and gas discoveries made by global majors TotalEnergies and Shell in the Venus and Graff-1 wells, respectively. Potentially holding billions of barrels worth of reserves, these discoveries have not only made clear the sizable hydrocarbon resources available in the country’s offshore basins but have laid the foundation for widespread sectoral growth as new players flock to the promising market. Shell has announced another potential discovery in the Jonker-1 well which may complement previous finds.

Following TotalEnergies and Shell’s discoveries, a number of other exploration campaigns have kicked off, with frontier explorers hoping to mirror the success of Venus and Graff-1. Canadian oil and gas explorer, ReconAfrica, is conducting upstream activities in the deep Kavango Sedimentary Basin in the northeastern part of the country while independent French explorer, Maurel&Prom, is set to join the Namibian upstream drive with a potential five-well drilling campaign, kicking off with the spudding of the Aurora wildcat this year. Additionally, Canadian oil and gas company, Sintana Energy, has approved the extension to its Petroleum Exploration License (PEL) 87 in the Orange Basin – expected to contain similar characteristics to that of the Shell and TotalEnergies discoveries were made – energy major Chevron acquired an interest in PEL 90 in the Orange Basin in October 2022 while ExxonMobil is increasing its exploration acreage in the country with an agreement for Blocks 1710 and 1810, as well as farm-in agreements for Blocks 1711 and 1811A.

https://www.zawya.com/en/press-release/africa-press-releases/the-african-energy-chamber-aec-to-establish-office-in-namibia-to-promote-local-content-capacity-building-fja5e7j0

Get UP there!!! Gla :-)

Tower's SA acerage straddles Totalenergies world class gas discoveries, the SA Government is determined to push through approval for production and development which will transform SA's energy security, and the greenlght, expected soon, will be highly significant for Tower and its shareholders. Gla Holders....BGFI bank approval for Njom-3 Cameroon, fast approaching with Tower's new $6m institutional investor on board. ;-)

...........

17/2/23

TotalEnergies reveals huge scale of its South African gas discoveries

Development of Luiperd and Brulpadda finds will have to deal with second strongest current in the world and rogue waves

17 February 2023

TotalEnergies has, for the first time, revealed the tremendous scale of gas resources it has discovered in Block 11B/12B offshore South Africa, which it plans to spend $3 billion to exploit.

Ever since unveiling the Brulpadda and Luiperd discoveries in 2018 and 2020, the French supermajor has been noticeably reticent to discuss the scale of these resources in a public setting.

But there was never a doubt these finds were big, otherwise the operator would not have forged ahead with a project in such a harsh metocean environment — epitomised by huge waves and fast currents — based on the results of only two exploration wells.

https://www.upstreamonline.com/exclusive/totalenergies-reveals-huge-scale-of-its-south-african-gas-discoveries/2-1-1405510

No doubt a done deal with Tower's new $6m institutional investor on board....Tick Tock......Gla holders, confiramtion of bank loan approval will see this fly!!! ;-)

Not so sure about that??? Shell are the operator with their 65% interest and have complete control of the data room.

Get ready for the bounce...no way would Shell allow Deltic to announce a significant gas discovery, unless Shell deemed the results of the 30 day flow test, a significant/ commercial gas discovery. Gla :-)

Shell, Total appraisals off Namibia in progress

Namibian petroleum commissioner at the Ministry of Mines and Energy, Maggy Shino

THE whole off-shore Namibia, including the Orange Basin, the Lüderitz Basin and the Walvis Basin, is ready for deep-sea oil exploration as is onshore Owambo Basin and the Karoo.

This was said by the Namibian petroleum commissioner at the Ministry of Mines and Energy, Maggy Shino, at the Africa Energy Chamber (AEC) event being held in London on Friday night. She announced that Shell's Jonker-1 exploration well is “going very well”.

According to Energy Voice, one of the leading global energy publications, she said all of these basins have possibilities.

Shell and Total Energies made discoveries offshore Namibia at Graff and Venus last year.

“I am proud to inform you we have commenced appraisal work on these two discoveries,” Shino said, highlighting the country's energy potential.

Shell spudded the Jonker well last month.

“I am not saying anything apart from that it is going well, it is going very well,” Energy Voice quoted Shino as saying.

The Deepsea Bollsta is working on Shell's Jonker well, while Total has charted the Tungsten Explorer for its appraisal work. The French company has also chartered the Deepsea Mira – the sister ship of the Bollsta – to begin work in Namibia in the second quarter.

According to Energy Voice, PGS and Searcher Seismic companies are working on acquiring data in the area, suggesting there were more discoveries to come.

“We are able to give you our commitment to accelerate and develop those fields at a much faster pace,” Shino continued.

“Shell and Total are using the port of Lüderitz as a hub for their activities,” Shino said.

Cheers Broad and Gary, a great post and thank you. Probably no coincidence the majority of criticism comes from those that are generally negative or derogatory on proceedings, especially the resident share bashers, all good shares with muli-bag potential have them, and probably more pertinent to ascertain their motives, which are usually highly suspect, dubious and underhand. They can't all be sad pathetic creatures with nothing worthwhile to do, bitter and twisted blaming others for their investment decisions and hanging about share forums they're not invested, bleating and whining. ...ha ha ha...Anyways, Iet's hope JA has got some very good news, very soon....Tick Tock!!! Gl :-)

Sooner or later the Majors will turn their focus on other Namibian offshore blocks that share similar geology and multi-billion barrel prospective potential as the mega world class discoveries in the Orange basin.Gla :-)

Stars align for Namibia to break into hydrocarbons and renewables big league
Namibia has an opportunity to break through into the big league for both hydrocarbons and renewables

2 February 2023

OPINION: Optimistic signs from the latest exploration well offshore Namibia have ignited wider excitement about prospects for hydrocarbons in Africa.

The Jonker-1 probe by Shell on Block 2193A in the Orange basin may have found another oil and gas play to complement the supermajor’s Graff-1 and La Rona-1 finds. Drilling on this wildcat is continuing now to reach deeper targets.

Jonker could also represent an eastern extension of TotalEnergies’ Venus-1 discovery on adjacent Block 2913B, hailed by experts as one of Africa’s largest ever offshore finds.

https://www.upstreamonline.com/exploration/stars-align-for-namibia-to-break-into-hydrocarbons-and-renewables-big-league/2-1-1397113

Lol...don't be such a d1ck....:-)

Ps I was the one who took issue with the very misleading twitter post on Monday, claiming there was an imminent JV with Chevron for Namibia, which I highlighted here and Advfn the very same day that it was a re-hash of an article I posted in October about Chevron taking a $100m stake in the Orange Basin and had nothing to do with Tower, but you think what you think Mr Paranoid...ha ha ha :-)

Lol ***wood, are you for real? Wherever I'm invested I will research and accumulate as much relevant information on prospects and upside potential, you should try it sometime instead of bleating like a sheep.

There are no guarantees and so when things don't go to plan , it's hardly surprising that you might cut your losses and move on to the next.

In the case of Tower, their current rock bottom bargain low offers a tremendous upside opportunity, given what we know ( what I know ) about their current prospects and potential. Their new $6m Institutional Investor essentially cements the likelihood of BGFI Bank loan approval for the drilling of Njom-3 with its 90% industry COS, and so confirmation will see the sp rise significantly on the approval and then market interest will ratchet up as they get closer to drilling. They also have two of the hottest exploration post codes in Namibia and SA, that are very likely attracting Major JV interest, and the announcement of a partner or either or would be transformational for all concerned.

I'm happy with the risk reward ratio and will hold and accumulate for all eventualities....Watch this space....ho ho ho :-)

THE Namibia Petroleum Operators Association (Nampoa) elected a new leadership at its annual general meeting held on 24 January 2023.

According to a statement issued by the association in Windhoek on Tuesday, the general manager for the Norwegian oil company BW Kudu, Klaus Endresen, was re-elected as the chairperson of the association.

“With the encouraging exploration results announced in 2022, Namibia has now become an international hotspot for the global oil and gas industry. The interest for exploration opportunities in Namibia is significant.

“The leadership capacity of Nampoa has been expanded to enable the handling of the increasing workload for our association,” Endresen said.

National Petroleum Corporation of Namibia (Namcor) upstream exploration asset manager Martin Negonga was elected vice chairperson, taking over from Brigette Verner of ExxonMobil.

“It is an exciting time to be stepping in as board member. Namibia has long been seen as a potential source of hydrocarbon deposits. Now we have further proof,” Negonga said.

Tironenn Kauluma of Eco Atlantic will chair the legal committee, while Maria Mbudhi of Rhino Resources will chair the public relations committee.

Rachel Msiska of Namcor is the coordinator for Nampoa management.

The new leadership began its term on 24 January 2023 and will serve for two years.

Nampoa is a not-for-profit association established in 1992 to represent the Namibian upstream oil and gas industry, and serves as a forum for professional interaction. The organisation provides an interface for the industry with the public and the government.

Nampoa's membership is made up of BW Kudu, Eco Atlantic, ExxonMobil, Galp Energis, Global Petroleum, Maurel and Prom, Namcor, Reconnaissance Energy, Rhino Resources, Shell, Totalenergies and Tower resources.

https://www.namibian.com.na/119468/read/Petroleum-association-has-new-leadership

Lol, higher lows then....a sure sign this is going to re-rate big time very soon....Perfectly poised in anticipation of game changing news...Gla holders...On and UP!!! :-)

Lol, woolywally of the Cul de Sac thinks he's Warren Buffet, ha ha ha....what's your prediction for tomorrow Brain of Britain??? Ho ho ho.... :-)