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I am sure either ADES or TRP (or even Addax) will be more than happy to pay for 1 days wet tow given the alternative.

Transshelf location is correct on Marine Traffic (not Vessel Finder), as of 16 minutes ago its 86 nm off Recife, Brazil zig zagging from shore to sea at 2 knots in a holding pattern since the 24th August.

Dont rise to the bait CMG....just put them in the green box......the worlds worst boy band... 'No Direction'

CharlieHarper mannnan BUYSELLREPEAT tony_month JerryJerryJerry Shytetalk

Dont get the fixation on the Admarine 510 rig by so many!!

Tower has contract with ADES to provide 'A Jack Up Rig Q4 2025 for a three week contract'.

Addax has contract with ADES also to provide 'A Jack Up Rig Q4 2025' for a 12 month contract with two optional six month extensions'.

ADES suggested the Admarine 510 rig at that time for both of these contracts but this is merely suggested rather than being contractually binding. Both companies contracts are solely with ADES to provide a rig to suit the agreed timescales.

Since then ADES as confirmed in the press will buy out Shelf Drilling on the 6th October 2025 giving it 33 additional rigs, 2 of which are available and located 1 day from Cameroon.

ADES had contracted the Transshelf heavy lift to take Admarine 511 to Brazil. This was then scheduled to return on the 7th October to Mina Sulman Port in Bahrain presumably to take the Admarine 510 to Cameroon if needed. Currently the Transshelf has been in a holding pattern off Brazil for a month rather than returning to Bahrain. I think that this has everything to do with the Shelf takeover and suggests now that both TRP and Addax have been verbally offered one or other of the alternative Shelf rigs and agreed to this scenario or the Transshelf would have set sail as planned if this was a deal breaker. Clearly neither will be able to disclose anything until after the formal shareholder vote on the 6th October 2025 when ADES is then able to make this offer formally.

He was speaking yesterday, cant find an audio as yet

https://www.instagram.com/p/DOtiSbbjUkq/?img_index=7

Shelf Drilling EGM postponed today after ADES increased their takeover offer in order to secure Majority shareholder pre-approval. New EGM now a formality to rubber stamp the takeover deal on the 6th October 2025. Following this date ADES will have 2 new rigs available for us 1 day wet tow from Njonji.

https://www.offshore-energy.biz/ades-sweetens-shelf-drilling-merger-deal-with-enhanced-cash-offer/

https://www.offshore-energy.biz/ades-sweetens-shelf-drilling-merger-deal-with-enhanced-cash-offer/

Big day elsewhere today to expand our ADES rig options.

https://www.shelfdrilling.com/wp-content/uploads/2025/08/SDL-EGM-Notice.pdf

CMG - Both rigs are still showing as available as per latest fleet report dated August 2025

https://www.shelfdrilling.com/wp-content/uploads/2025/08/Shelf-Drilling-Fleet-Status-Report-Updated-Aug-2025.pdf

I expect Ades are going to keep Admarine 510 in docked in Bahrain until after the 16th Sept when Shelf Drilling Shareholders vote to ratify their takeover. They will have already looked at and identified overall fleet/ contract synergies and if they have'nt already will commence discussions with parties following that vote. This clearly then gives ADES in their expanded fleet the currently free SD Victory and High Island II rigs just 1 days wet tow from Njonji and either would relieve any inherent time pressure. I still think this seems the sensible option if I was Ades/Tower/Addax and would expect a rig confirmation rns after the 16th Sept and still expect drilling Nov-Dec 2025.

In saying that Admarine 510 could still leave on the 18th Sept and take the 27-30 days by sea to reach Njonji and then begin drill prep around the 20th Oct and be ready to drill at end of first week in November, allowing 3 weeks for drill then demob and onward journey to Addax for end of December. So tight but not by any means unachievable.

CMG love your enthusiasm but Zuluf is an oilfield owned by Saudi Aramco rather than a port and the 19th August was presumably the date this rig was due to be mobilised to this field before Saudi Aramco pulled the plug on it. The AIS has never been updated since this move was originally planned and has been in since day 1 we contracted the rig probably before.

Personally I am not worried about the rig timescales or time pressure from Addax.

I think the 'proposed' was inserted by Ades for purposes of giving Cameroon Government a named rig for approval process with one eye on their takeover of Shelf. The takeover is due to be ratified on the 16th September in 4 weeks time. Following this they will have two new Jack up rigs SD Victory and High Island II currently free and docked in Luba just 1-2 days wet tow from both ours and Addax's drill sites. I expect after conclusion of these deals Addax will be offered a greatly discounted new rig minus 30 days dry tow fee and us one or other. Why would you incur expensive transport costs when you now dont have to and Saudi is reopening Zuluf expansion so more rigs will in the near future be needed in the gulf.

The only frustration is the length of time the Cameroon process is taking and lack of any tangible update although history shows us to expect this.

This would give Ades more rig flexibility if it goes through including a few currently available in West Africa

https://www.offshore-energy.biz/ades-makes-380m-takeover-bid-for-shelf-drilling/

Time in the market beats timing the market ...

On the rig it takes 25-30 days from Bahrain by sea round the cape to get to Cameroon. So rig needs mobilised for transport last week in August to reach Cameroon for the start of October.

Petrobras in the hunt for new partnership opportunities in Namibia and South Africa as part of their recent Strategic Plan to refocus future exploration on Africa after missing out on their Galp bid in the Orange Basin...that would be a good phone call to make JA.

https://africanminingmarket.com/petrobras-explores-oil-gas-expansion-opportunities-in-southern-africa/20339/

Seaway Eagle just arrived in same Bahrain port as Admarine 510

Shelf Drilling Victory Jack Up just arrived in West Africa which company states is for new contract opportunities, currently at anchor 15 miles from Njonji off port of Luba on the island of Bioko. Currently showing as available but long way to be transported without something in mind.

Shelf Drilling being previous partners with Tower on Njonji back in 2022.....approval and available drill nearby would be good.

For Gods sake Jeremy give us some awful news....all this positive good forward looking news is killing our sp!!

Norseman...the state if it took up its option it would need to pay its proportion of back costs and exploration costs incurred within 45 days as per below clause.

12.3.4 Without prejudice to the provisions of Article 12.4.2 hereafter, within forty-five (45)

Days following the date of which the Exploitation Authorisation is granted, the STATE

shall reimburse its contribution, free of any interest, as per its Participating Interest

share of the Development and Exploitation Costs incurred by the CONTRACTOR until

the effective date of the STATE’s Participation in the conduct of the Petroleum

Operations in relation to the Exploitation Area.

This is the only news article that puzzles me which is either simply lazy journalism or suggests Cameroon were in some way consulted during the farm out agreements....Cameroon finalizes....Cameroon welcomes!!

https://energynews.pro/en/cameroon-finalizes-a-15-million-dollar-oil-agreement-with-tower-resources/

Seaway Eagle and Vali Rig currently off Jeffries Bay South Africa...9 days sailing from Njonji Oil Field.

That's your RNS window JA...