Member Info for oilmanmike

Dow through 27,000
S&P through 3100
Nasdaq through 9000

All very encouraging for what is unfolding here.
Not wanting to blow my own trumpet, but I will,
I did say a couple of days ago that 2900 on the S&P
was key. That at least for now has proved correct and
should allow this to head for 0.75p. The buy price two
days ago was 0.46p.

this will have a nice move 50%+ over the next two or three sessions.
Tea leaves say so. A large helping of Texas Tea 4 months down the road
will see this at 4p IMO.

don't give him any air

don't need this to glow in the dark when just the light of day will be enough to make decent money!

whereas upon a success drill the license is worth
18m x $4 0 = £55m of which Tower retain 51%,
remain as operator and have the first drills cost
covered. Come on JA pull the second rabbit out!!

Gooday Diggit!!

Market conditions are terrible and the large spread indicates the MM are operating in fast market mode. This is the situation across the entire AIM board. Having said that this is holding up well IMO
and this led me to wondering, so here goes! Widening of the spread has allowed MM to hide the real
trade activity here. It was only Monday that we learnt about the partial farmout and we have been steady over a big drop. This means accumulation has been going on in the background under the cloak of the wide spread.
Digger are you down under or UK based. Meed more info on OilLR Pty , Greg Lee and Art Malone and who is backing them for the $7.5m.

This looks like it will pick itself up and start it's climb soon IMO. Too much of a good deal for it not to IMO. The one thing playing at the back of my mind is why JA had to announce part farmout quite so soon in a very poor market. Maybe Greg and Art felt they should not be insiders as it would limit any further/increased exposure. i.e. they can buy shares if they wish. If it were me, given that OilLR are paying £5.8m for 25% of Thali, with the entire company capped at £5.1m I would buy additional exposure via TRP equity. It seems as clear as the light of day to me.

Something going on behind the scenes here.
OilLR Pty will be depositing $7.5m in early
April. Why would they commit the cash without
the funding for the balance of the well? The only
way that they are going to do that is if they are
confident in the second party following through.
It cannot be long now.

Gary is still does not explain why both trades were delayed an hour.
Any ideas on that?

why delay the trade then?

I think this has more to do with current market conditions than anything else.
Should be trading at 0.85p for where we are now but you gotta have faith in
JA bringing home the bacon to go with the eggs for the whole experience.
Bacon in the pan cooking at the moment!! Come on Jezzer!!!!!
Downside almost zero from here 2 to 3 bags on Farmout completion.
You can buy down here and not have to worry about CV and the rest markets
secure in the knowledge that when the drill kicks off sp will be multiples of
current level.

yes looks like 2 delayed 3m purchases.
Someone wanted in for £30k in a hurry
this am.

I agree this should have responded more positively to yesterdays Farmoutz RNS.
In a more normal market it would have been reasonable to have got half the rise for half the
farmout with the promise of the balance on the way. The sp on that basis should be 0.875p
right now with a move up to c1.25p on farmout completion.
The market is viewing this the other way round as the balance of the drill finance is still unclear
even though they are halfway there. Second tranche of funding could drop at any time here
and then we will see the performance expected here.

US futures on the up.
Key level is 3000 on the
S&P. Could have a good
move up when broken
IMO.

Another way of looking at how cheap this is,
is to consider the fact that they just got £5.8m
for 24.5% of one license which exceeds the
market cap by a good 0.5m.
Once they get the second investee then their
remaining 51% is entirely risk free at these levels
IMO

There will be no placing here Asher has already made that clear.
Infact with a second partner stumping up the same amount for
the same percentage interest there will be a $3m surplus for Tower.
So not even a small placing for cost overrun and working capital
will be needed. Well done JA now wheel out the second partner.
Looks like he was able to evenly split the farm out in two suggesting
good demand. Just a question of time now. This will start it's climb
from current levels as soon as the markets show signs of stabilisation.
Which should be soon enough.

or tomorrow.
Just a gut feeling.

The sp performance this week displays confidence IMO.

we have activity in the middle of nowhere, except it was the last position of our drill platform COSL Seeker. Better than no activity.

leaving the site now heading back towards Nigeria/Cameroon currently.
Clearly someone has been out the visit the COSL Seeker.
Looks like some kind of inspection to me.
Still good to see some signs of life

Over the next few days we will be able to see if the Chinese vessel ,which I suspect is some sort of tug/support vessel , having arrived at the last known position of our drill platform COSL seeker,
is going to be moving towards Nigeria/Cameroon. Interestingly two other vessels have now arrived the vicinity. They may just be passing we shall see. One is a Tanker the other a Cargo vessel.
They appear to be way outside the regular shipping lanes in the area. It could be that hey are planning to move the drill platform closer to the drill site for maintenance work.
The fast moving Chinese vessel is the skeleton crew, supply vessel as stated and the tanker can tow the platform into the niger delta for some maintenance before picking up a cargo.
BrigOd00n I done my thinking work there with a little help from uncle Jack!! Now it is up to you
to check plausibility. I have seen tankers towing platform before as it is an economical solution if you have one passing. Point is the Chinese have them passing all the time but now with oil demand down short term they are redundant. If it were me on a nod and a wink I would be moving the rig into port for maintenance!!
Back to the man in the spot light Brigadoon well done on the scoop.
one last thing may be nothing (just uncle jack having a joke) but I did spot a fishing vessel on the exact spot around a week ago and it seemed an odd place to be looking for fish when there are plenty nearer home!!!!
Well guy that's it I will be closely watching the Chinese vessel over the next few days. This could be a very very significant handle on events as/before they unfold!!!