Member Info for Moneymunch

All looks set for some serious UPside on good news from Cameroon, placing shares all mopped up in a couple of days, and JA is now in a much stronger position for any partner negotiations with £1.5m cash in the bank . Gla :-)

1 x 110m & 1 x 162m late reported from yesterday....looks like the majority of placing shares are gone. Gla :-)

I'm very pleased with it, i've bought a shed load at a discount and Tower were running on fumes and now have £1.5m cash in the bank which will make JA's task of sorting out Cameroon a lot easier, news of which is expected anytime in the next 8 weeks.......news on South Africa could also drop at anytime.....Totalenergies ( or another) will no doubt start buying into neighbouring blocks as they start to develop their massive gas discoveries adjacent to Tower's acerage....and news at anytime on Namibia in the coming months.....Tower's market cap is only £5.4m and so massive transfomational UPside potential.....the sp will be heading in one direction from now on and will rise by multiples when JA delivers!!! Gl ;-)

With still an hour to go, half of the placing shares already bought!!! Gla ;-)

PROJECT

 26 July 2022

Luiperd-Brulpadda Gas Condensate Fields Development, South Africa

The Luiperd-Brulpadda project has the potential to transform the South African oil and gas industry.

https://www.offshore-technology.com/projects/luiperd-brulpadda-gas-condensate-fields-development-south-africa/

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.

This pretty much encompasses Tower's entire SA exploration acerage. Gla :-)

Working in collaboration with oil and gas exploration management firm, the Petroleum Agency of South Africa, Searcher Seismic has released a multi-client 2D and 3D seismic dataset covering the Outeniqua Basin complex offshore South Africa, as well as its Bredasdorp, Infanta, Pletmos, Gamtoos, Algoa and Southern Outeniqua sub-basins, with the survey currently standing at approximately 110,000km in 2D and 15,000km2 in 3D seismic data.

https://energycapitalpower.com/searcher-seismic-to-return-to-south-africa/

 Tower Resources raises £1.5mln as it looks to make drilling headway in Cameroon

2022-08-02 08:40:00

The proceeds from the placing will be used as the company prepares to drill the NJOM-3 appraisal well offshore Cameroon

Tower Resources PLC (AIM:TRP) said it had secured £1.5mln of equity funding by issuing new shares at 0.175p each. Chairman Jeremy Asher bought £250,000 of new stock in the fundraiser.

The proceeds from the placing will be used as the company prepares to drill the NJOM-3 appraisal well offshore Cameroon.

The company’s local subsidiary, Tower Resources Cameroon SA (TRCSA), is working on the final details of a US$7.1mln loan from BGFI Bank Group while assessing additional funding options in the “US$5-10mln range”.

"We are as confident as we can be about the completion of the TRCSA loan financing and other asset financing to complete the NJOM-3 well,” said chairman Asher.

“We are also paying attention to the tighter markets for rigs and services, and we want to keep the operational discussions moving in parallel with the financial discussions. I have offered to participate in this placing myself to underscore my personal confidence in our reaching our goals with the NJOM-3 well."

All buys so far this morning and a lovely chunky top up for me.....back to 0.2p plus and more before you know it .....JA's obviously extremely confident with his £250k and the market will be impressed.....Game changing news coming soon!!! Gla Holders ;-)

£250k's worth....he must be very confident of a successful conclusion on Cameroon....Fill ya Boots at this rock bottom low. ;-)

Jeremy Asher taking 142,857,143 placing shares increasing his holding from 14.4% to
21.5%........more skin in the game than most!!! Gla ;-)

2 August 2022

Tower Resources plc

Placing and Subscription to raise £1.5 million

Cameroon Financing Update

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 announces that the Company has raised gross proceeds of £1,499,999 through a placing and subscription of approximately 857,142,286 new ordinary shares of 0.001 pence each (the "Placing Shares") at a price of 0.175 pence per Placing Share (the "Placing Price") (the "Placing").

As part of the Placing, Jeremy Asher, Chairman and CEO, has entered into a subscription agreement to subscribe for, in aggregate, 142,857,143 new Placing Shares in the Placing for £250,000 as further detailed below.

Cameroon Financing Update

The Company and BGFI Bank Group ("BGFI") are continuing to work on the documentation and final approvals for the loan to Tower Resources Cameroon SA ("TRCSA") towards the financing of the NJOM-3 well, as set out in the Company's announcement of 29 June 2022. This process is currently expected to be complete by the end of September 2022. In the meantime the Company is continuing to discuss additional financing options at the asset level, as also disclosed on 29 June 2022, for additional amounts in the US$5-10 million range with various parties, in order to complete the well financing or more. The Company is also progressing rig and service company contracts and would like to be in a position to make advance payments in respect of such contracts if required, in order to ensure rig and service availability.

The Placing

While the financing discussions in respect of the NJOM-3 well are concluded, the Company has raised approximately £1.5 million for the preparation of the drilling of the NJOM-3 well, including payments on account of services associated with the well, and for working capital purposes via the Placing and subscription. A small portion of the funds raised will also be used to advance the Company's other 2022 work programs in Namibia and South Africa, including the basin modelling work currently underway on the Company's Namibian license PEL 96.

The Company has also issued a broker warrant in favour of Novum granting it the right to acquire 10,588,228 ordinary shares for a period of two years at a price of 0.425p per share.

Jeremy Asher, Chairman and CEO, commented:

"We are as confident as we can be about the completion of the TRCSA loan financing and other asset financing to complete the NJOM-3 well. We are also paying attention to the tighter markets for rigs and services, and we want to keep the operational discussions moving in parallel with the financial discussions. I have offered to participate in this Placing myself to underscore my personal confidence in our reaching our goals with the NJOM-3 well."

https://www.londonstockexchange.com/news-article/TRP/placing-and-subscription-to-raise-ps1-5-million/15566323

The sixth policy conference at Nasrec saw delegates debate the mining policy and formulate interventions for the energy crisis this weekend.

While it is unclear how the ANC would politically confront opposition to oil and gas exploration and subsequently avoid litigation, environmental groups have warned the move could stifle the ongoing debate around oil and gas exploration.

In its discussion, documents before the conference, a call was made “to continue to encourage increased minerals and gas exploration, for current and future growth of the economy and job creation”.

The discussion documents on the mining policy further propose increased exploration for oil and gas as an intervention to high fuel prices.

“It is through increased exploration activity that the South African mining sector will continue to grow in future years. It is also through mining exploration that South Africa and the wider region will be able to ascertain the strength of its participation in the production of energy minerals required to power the world's ongoing energy transition, such as vanadium, copper, cobalt, nickel and platinum,” the document read.

To mitigate this and the soaring fuel prices the proposed interventions include: increased exploration of oil and gas by South Africa finding its own sources of crude oil through opening its offshore acreage to domestic and international oil companies for exploration of oil and gas.

https://www.iol.co.za/weekend-argus/news/anc-weighs-up-oil-and-gas-exploration-policy-proposal-4777bd32-f718-4ecb-a334-547bb717d993

Yep, but hopefully will within the next 2 months....game changing news at anytime. Gla :-)

We are continuing to look at financing options at the asset level within TRCSA, including with Beluga Energy and its investors, though obviously for smaller amounts than discussed previously. We are also keeping an open mind on other financing alternatives, but whichever path we follow, as we explained in May, we expect the result to be considerably more favourable for shareholders than the farmout structure previously contemplated. We plan to conclude financing discussions in the third quarter of this year, as previously intimated, and then to press on with the well.

Exactomondo, not everything good comes to those who wait, but occasionally it does. Tower has a hot Post code in Namibia, albeit almost a 1000km from the Orange Basin where Shell and TotalEnergies have made world class discoveries of what looks like mega volumes, but Tower's vast acerage is awash with similar geology, and so sooner or later it will be drilled, we just need Exxon to get a move on their adjacent blocks. Cameroon is fast approaching, and the green light for funding etc will be game changing, as they target what is very much like an appraisal well, on a proven oil producing basin with an industry 80% chance of success....Place your bets!!!...and what could be the jewel in the crown is the SA acerage that lies adjacent to Totalenergies massive gas discoveries.....if Total are going to spend a few billion on the planned development and production, then no doubt they will be buying up surrounding acerage very soon.....Tower's £7m m/c has the potential to rise exponentially, for those that are patient, no guarantees as usual, but truly Transformational upside on anyone of their prospects. Gla holders!!! :-)))

Q4 is 2 months away, we're expecting confirmation of Loi for the drilling platform along with JV funding details and loan finalisation within the next 2 months, and if all going to plan, then hardly surprising that there's activity at the Trident. Gl and watch this space.....Game changing news could drop at anytime!!!...Tick Tock...:-)

Yep, the Omenma crew ship, hopefully a sign game changing news could be close. Gl :-)

Tower's SA block lies adjacent to Totalenergies significant gas discoveries. Gla :-)

PROJECT

 26 July 2022

Luiperd-Brulpadda Gas Condensate Fields Development, South Africa

The Luiperd-Brulpadda project has the potential to transform the South African oil and gas industry.

https://www.offshore-technology.com/projects/luiperd-brulpadda-gas-condensate-fields-development-south-africa/

There's a Tug/Special craft along side the Trident drilling platform today, and a supply ship which appears to be heading towards its location...Tick Tock. Gla ;-)

Game changing news on Cameroon could be fast approaching with any luck. Gla holders!!! ;-)