Member Info for Polyboy

I checked the case status and all I could find was pending and next listing date stated as 07/07/2026 so could have been put back yet again.

Https://www.snh.cm/images/Appels_doffres/VA_R%C3%A9sultat_AMI_Licensing_Round_Neuf_09_blocs_libres_.pdf

Agree this is definitely Addax's rig..... as the tugs have remained on-site this is not a long stopover or planned maintenance visit and looks likely this will be towed straight back to Addax's drill site. Says a lot about Cameroon processes that you need to tow a rig 90 nautical miles to a port so an official can board it, inspect it and sign off a tick sheet leaving you to tow it straight back 46 nautical miles in the direction you came from.

Anyway we have a legally binding LOA with ADES for a rig for a specified drill period and a deposit/ performance bond will have been executed when this was signed binding both parties. As and when the approval arrives rig availability is a discussion to have at that point and I am sure a rig/ slot will be made available.

ADES are by some distance the largest rig operator in the world with 83 jack up rigs, 11 of which are currently in West Africa. 2 of these are available now, 3 further will become available at various points mid to late 2026 although as JA says this will all change month to month. For instance just a week ago ADES were awarded 3 new rig contracts in Nigeria for commencement in 2026 and on the back of this they have stated they plan to bring at least two more rigs to West Africa in 2026 as a result.

Tomorrow will see the publication of the results of the above and although not specifically stated exactly when and where I presume these will be published on snh's website on the following page where most of their Tender results are posted

https://www.snh.cm/index.php/en/publications-2/open-invitation-to-tender

Unsure of the exact Cameroon process but I would presume all bidders have already been informed in advance of these results although are unable to inform their shareholders until the public results are released.

Yes it is interesting that it has been towed to Limbe/ Limboh as it is now a good bit further away from the Addax drill site than the point it was towed from in Nigeria.

Currently 30 nautical mile from TRP's drill location and 48 nautical miles from Addax's. The ball is clearly in ADES/ Addax's court but just maybe the intended drill sequence hasn't changed. Maybe the presence of the rig in Cameroon waters will give the government some immediacy.

So Towers intended rig is currently parked up in Limboh....do you think the Cameroon Government/ MINMIDT get the irony.

Based on the current direction, speed and stated 1 day 9 hour journey time to destination of the lead towing vessel it looks to be heading to Luba in Equatorial Guinea its base before the Nigerian contract. Presumably it will stay here next to ADES other rig High Island II until Thali is ready for one (or other) of these rigs.

Sebo you cant beat or change the behaviour of a narcissist as they lack empathy and self-awareness. The most effective strategy is not respond to provocations, emotional baiting, or personal attacks.

Block Silence Relax

One 47million share trade maybe not significant but the the (8.5 billion shares) £2.2million pounds worth of stock bought by PI's in the last 14 days worth of trading since placing was announced is not insignificant. This current placing overhang is running on fumes.

Glasses require dpend - 'More likely a Pension given the amount.'

The two 275m trades logged today dated Friday are are neither buys nor sells.

They are simply someone who had purchased 275m shares on Friday transferring these 275m shares into a tax vehicle such as an ISA or Pension. More likely a Pension given the amount. Its a process that takes 3-5 days so would have been logged on Friday and completed today. So first the shares are sold at market price in the dealing account (hence the minus sign) and then repurchased at the exact same share price as the sell from within the ISA or Pension.

Its known as a 'Bed and ISA' or 'Bed and Pension'

The Public Opening of bids was yesterday at noon on front of all bidders/ their representatives. Assuming Tower/ Prime did submit a bid as they stated was their intention then they should currently know whether their bid was the most competitive on paper or not.

Results publication 24th April.

Https://simplywall.st/stocks/gb/energy/aim-trp/tower-resources-shares/valuation

Bond San...this is the couple you meant.

https://www.thisismoney.co.uk/money/markets/article-6355935/Builder-wife-hit-38m-jackpot-making-slick-gamble-North-Sea-oil-firm.html

If 2026 is the year that TRP will 'finally' make the leap from small UK independent explorer to producer. It is worth having a look at a few other UK Independent Oil Explorers who have made the same leap, what it meant for their Market Caps and also how the leap from explorer to producer with its resultant injection of revenue rapidly turbo charged their expansion.

Serica Energy

In 2015 had a market cap of £10m (same as TRP currently)

In 2017 just prior to first production market cap of £90m (intended 3000 boepd)

In 2018 production increased through acquisition market cap of £220m (3000 boepd to 24000 boepd)

In 2022 production increased through acquisition market cap of £1b (30000 boepd)

In 2026 market cap of £1.05b despite reduction in output (26182 boepd)

Solely UK based oil assets all subject to UK Governments 78% windfall tax meaning on paper Serica still makes a loss.

Afentra PLC (Best on paper equivalent to TRP)

In 2019 had a market cap of £19m

In 2020 just prior to first production market cap of £60m (intended 6000 boepd)

In 2024 market cap of £105m (6350 boepd)

In 2026 market cap of £179m (6350 boepd)

Assets mainly in Angola, not subject to UK windfall tax, profitable and investing up to £220m per year to up production to 16000 boepd and into its further exploration acreages holding 3 billion plus barrels (similar to what TRP have identified in Cameroon, Namibia and SA) plus planned additional acquisitions

Circa £1.625 million in shares bought since last Mondays placing RNS. Assuming all placing shares are being forward sold there cant be much of an overhang left based on discount v sale price. I reckon the overhang will clear at some point later today all in time for a Monday/ Tuesday RNS. GLA

There will definitely be an RNS tomorrow at some point to confirm the repayment of the bridge loan....just depends whether there will be 1 or 2 added bonusses also included. GLA

Worth realising who our partners are in Cameroon and the parent companies behind them.

Prime Global Energy (from 2025 accounts)

Cash at Bank - £35million

Turnover - £29.5million

Total Assets - £95.29million

Their Parent Company is Prime International Oil & Gas Company Ltd (PIOGCL) which is in turn owned by The Hub Power Company Ltd (HUBCO).

HUBCO (from 2025 accounts and 2026 Q2 financials)

Cash at Bank - £90million

Turnover - £222million

Total Assets - £1.1billion

Step 1 - Constitutional change process due to commence at todays Parliamentary session in Cameroon. This might be instead of the previously stated Cabinet Reshuffle or a forerunner to it but at least things are finally moving.

https://www.bareta.news/yaounde-regime-plots-fresh-constitutional-change-as-biya-moves-to-re-engineer-power-structure/

Njom-3 Well, Cameroon - Risked PMean recoverable resources of 35.4 million barrels of oil. With oil prices currently at $77 per barrel and forecast to spike towards $100 per barrel in the near future, Towers assets values are rising.

@$60 - Total Value: $2,124,000,000

@$70 - Total Value: $2,478,000,000

@$80 - Total Value $2,832,000,000