Member Info for oilmanmike

TRP farm out 49% of the Thali in exchange for drill costs of £12m.
This immediatley rerates TRP to 1.2p
Even if Asher still has to raise a balance for the farmout he would
be stupid not to wait until he had the deal sealed before he announced
the details. If TRP did have to raise say £3m at 1.2p this would not dilute
the Cameroon asset at we would retain an extra 12.25% of the project which
at $4 a barrel is worth an extra £6.8m in the success case.
Well that is what we are all here for isn't it for success!!
So as Asher is no fool there will be no raise at current levels.
The boat sat for so long because we were waiting for the Green Light from our
potential Farm out partners that save the survey they were ready to go.
So now that the survey has not revealed any problems the farm out should be
ready to go IMO. Whether or not Asher still has to raise a balance of c.£3m dosn't
really matter IMO because the sp will be over a penny if he does and the drill schedule
should be confirmed.
ALL MY OWN THINKING but I think I am correct going forward.

net buying here is over 7m share so far today.
with buys outweighing sell by 2 V's 1
Lets see how we close!!

No placing is due here we are funding the entire well costs via a 49% farmoutz.
I suspect our partner in SA who got $800 recently will be up for it.
If our read the above link all will become clear.

Note that New Age think TRP have both Oil & Gas in the Njonji structure.
Maybe this is an error and could be ignored but it would make a good question
at the presentation on the 18th!
My other takeaway from the new age maps and development plans is that the area
is a lot more prospective than people realise and secondly how close we are to the
existing infrastructure and the proposed pipe line into the Limboh refinery.
Economies of scale are one thing but a nearby pipeline 20 km direct the refinery would
improve the project economics significantly. New Age are already in the Cameroon and planning
on expansion, they also appear to have the key to a future project bonus!!
I wonder.......

http://www.newafricanglobalenergy.com/cameroon/

The maps and development plans reveal how prospective
the area is and look how close it is to Towers block.
Remember we are 50/50 joint venture with New Age in
South Africa. They look to be very well connected.

Buys V's Sells tell the true story here.
And that is after all the cloak & dagger!!

mm tried to take it down and hit volume buyers.
LoL

It will bounce back up soon enough and when it does it will be rapid.
MM cannot keep it down here much longer. Lets just say it's pretty leaky
here as evidenced by the last two rises ahead of the RNS. That cannot all
be PI's buying based on marine Traffic movement. Someone knew the
survey results were as expected and that we can now move on to the next
stage.

The 4.5m share purchase delayed an hour won't help them and is probably the reason for their high jinx this morning. Asher will be priming the Farm out partners as we speak Imo now that the preliminary survey results have signalled the all clear for the Jack Ups intended position.
Head up to all concerned IMO.

Thanks for the input Brig0

38m traded on Friday with a 20% upward move.
positive RNS (survey complete no issues) early
morning trade of 7m pretty even with buyers slightly
outweighing sellers.
MM opened up at 55 to 60 ran into some buying and moved
up to 60 to 65 after the first 15 mins. After 5 mins and sales(?)
of 425,000 shares they moved them back down to 55 to 58.
Trade then continues for the next hour with a majority of buys.
Then out of the blue they drop it to 50 to 55 and expect to collect
stock at that level.
Well only an inexperienced investor will fall for those games.
MM want stock here quite badly as suggested by their blatant
attempts this morning to cool the action as well as the rate
at which the sp climbed on Friday.

got the feeling this is move to 1p or near enough next week?
All we need is a trigger as the spring now seems fully loaded.
I think there was some insider buying early yesterday, day traders
got on board pushed it a little but the underlying action was net
buyers.

Rocket Asher has a deal in his pocket. "Don't worry about a thing... every little thing is gonna be alright" .......BM

Nice, as I said on another thread the cup & handle and the 5hr candlestick patterns support a move higher. It is no surprise that all the technicals turned bullish after Fridays move.
Looks like this could finally be set for the big move we have all been discussing.
IMO the trading over the last month or so supports insider buying as the situation has moved forward.

COSL Seeker our drill platform is in the Gulf of Guinea about 600 miles from the NJOM-3 location.
Being a Jack up rig a ocean going Tug or Heavy lift ship will be needed, probably the latter given the distance. At a speed of 5 knots it would take just 5 five days for the rig to arrive from it's current location. So the next target on MT becomes COSLseeker and any vessels approaching her.

Right on cue then Brig0
secret Squirrel buying
first thing. We only found
out survey ship had left
site 10 hours after it happened
due to use of 'cloaking' on the
Traffic site. Someone obviously
knew in real time but also more
importantly realised that the ship
leaving the drill site will lead to greater
things. i.e. farm out then drill.

I am guessing you bought at the very top then.
Well this is the very bottom still. I respectfully suggest
you write off your First purchase and start again at
current levels. This can easily move up to between 2p
and 3p over the next few weeks and months.

got all excited last night thought I had found
a 1974 2.7 911 over in Japan worth £100k+
selling for £25k. Turned out it was a US car
exported to Japan and not the sought after
ROW(rest of world) mfi engine. only worth
£35k but still a nice 11,250 mile example.

again thanks for the intel CAR3Y

ps are you a piston head by chance?

0.61 to sell.
MM struggling now