Member Info for oilmanmike

potential for a legal claim against FLFL.

Lord Alli, 55, stepped in when the business failed to find alternative sources of funding, but only after it went into administration. He blames Future and is said to be willing to help fund a legal claim against it.

Lord Alli said: 'It is always tough building a business, particularly in a new and developing market. I deeply regret this outcome for equity investors as a result of FLFL defaulting on its commitments.'

Too busy and didn't lose all that to organise it. But perhaps Alli will help in this respect.
Don't expect to get more that you 3.5p market price back though IMO.

The work will comprise three boreholes, each with cone penetration testing (continuous PCPT), and is a necessary prerequisite to COSL drilling the NJOM-3 well in line with the LOI which has already been signed with COSL as disclosed in August 2019. The cost of the survey is in line with the budget previously anticipated, and the time required for the work is approximately 7-10 days on site, plus any off-site testing and report preparation.

This will be the final operational step before commencing drilling operations at Njonji.
Ashers plan to farm out the Camaroon License to pay remaining drill costs AND retain a majority
interest will then unfold. NPV of the Camaroon discovery (after dev costs which will be funded via reserve based lending) is c$180m. Our retained share is around £72m.
Then there is the 27,000 acre Prime Namibian block in the Northern Walvis basin.
Tower are surrounded by Exxon and Asher has been in discussions re a farm out for
the last 4 months. We are due to hear something soon.

Lastly we have a 50/50 JV with new age in South Africa in the Outinika basin where Total
have recently discovered 1BN bbl of condensate. Reprocessing of the 2d and 3d seismic
has just been completed.

There is plenty of fuel in the tank once this takes off.
Cameroon will get us to over 1p. Namibian farm out
and news on SA and it will be multiples.
CEO and Chair Jeremy Asher has recently doubled his
position to 27% (12th Nov) which is a very confident
move.

go to live map.
the blue dot is our ship.
hover and click for vessel details.
when this moves out of port the
survey, farm out drill process begins.
Asher recently doubled his stake to 27%!!!

hopefully the link works.
The ship has been moored at the oil services yard for 3 days now.
it will be leaving soon.
then farm out and drill.

https://www.marinetraffic.com/en/ais/home/centerx:9.673/centery:4.015/zoom:17https://www.marinetraffic.com/en/ais/home/centerx:9.673/centery:4.015/zoom:17

suggest all tower watchers do the same.
3 trigger events all coming soon.
Asher holds 27% recently doubled his
stake.
1) Camaroon Survey about to start. this is the last step before farm out
to fund appraisal well with90% cos NPV $158m+. Assuming a farm down
to 55% this alone is transformational fort the company. This appraisal well
will also pave the way for reserve based lending to develop the asset.
2) Namibia firm out to Major ( I suspect Exxon) news expected December.
3) South Africa reprocessed seismic data due. our 50% jv partner seems very
excited about this. They have also just received $800m from an asset sale.
I also suspect that they will JV with us on the Cameroon asset.

on closer examination of the marine traffic map in satellite mode reveals that the ship is now moored up outside the offshore services yard in Douala. Loading will only take a day or so then
a short trip to the drill site. Current position is 4.012212 / 9.670756 Status moored.

Is the equipment being loaded in time for a return to Port for Christmas.!!!
The survey is the last step before the farm in and drill. $12m funding for the drill an
still 55%+ interest. I expect news soon.

As soon as the RBI give the go ahead the £6m of funding will be coming but at Putney has pointed out the price equivalent cannot be reduced to the current market price as this would push FLFL over 30% and trigger a bid. Perhaps this is what the RBI are concerned about. Once they have been reassured that the funding will be done at the same level as previously and will therefore not exceed 30% they there will be no objection from RBI, the sp will rise to around 15p and Koovs will be on it's way again. I also suspect that the upcoming trading update will be good and therefore support a recovery in the sp to more reasonable levels. i.e 12p to 15p.

same will happen again.
Alli will put up some cash.
sp will move up to over 10p
very very fast. PI's will be
unable to buy. To triple your
money in two weeks you have
to be in now at 3.4p.
Many other fashion retailers have
been at this juncture before.
Next in the 80's and ASOS in it's
infancy. Get in and hold for the
recovery.

When funding news drops here you will not see the sp for dust. Even a £3m bridging loan from Lord Alli will send this skywards.

I was under the impression that Koovs have a binding agreement with FLFL so when the RBI decide to allow the investment
the sp should rise back to the 15p level.

Alli has a net worth of c£200m.
He will not let Koovs fail now
that after a run of bad luck things
are turning around. Why give it away to
Private Equity when you have the funds
yourself.

Both Men involved (Alli and Biyani) will want to protect their reputations at all costs.
Indian business ,despite the high tech nature of todays playing field,
still operates on a 'my word is my bond' basis.
Besides Koovs Plc has a binding contract and would be able to sue FLFL for damages.
In either event short term funding to bridge the gap should be forthcoming particularly
at this currently very attractive price. If I were Alli I would take this opportunity and load up
via a further Loan Notes with a conversion option. He has already rolled over £2m of loan notes
for 18 months, now would seem like a good time to put up another £2m until the RBI issues
fresh approval. I suspect that Amazons 49% stake in Future Coupon has affected things with
Indian approval but IMO this is just a glitch. With Amazon onboard I do not think we will have to wait too
long.

As we have seen this moves very very quickly.
If you believe Koovs will be able to sort out their
short term financing issues now is the time to
buy here. Lord Alli's net wealth is estimated at
at £200m. As somebody said recently Koovs is Alli's
baby and he is hardly going to starve it as he has
just started feeding it.

In the most recent interview with Jeremy Asher by Malcy at Africa Oil Week down in JoBurg it seems odd, that with all the buzz about Namibia, it hardly gets a mention. In previous interviews Jeremy Asher has indicated he is in discussions with Major Oil
re farming in to Towers Namibian average (27,000) in the Northern section of the Walvis Basin. Whats more is the Major approached him. I suspect we are on the brink of a very beneficial partnership with Total who are under represented in Namibia relative to the rest of their W.Africa offshore portfolio.