Member Info for Rktech

The move from Exploration to E&P ( Exploration and Production ) seems more like a good move the more you look at the detail.
I agree with FX_Wizaed that capital raises do indeed freak out everyone and especially when they look a bit cynical when the SP is on the climb.
The dilution seems worth it especially if this turns out to exclude further raises on equity.

Three possibilities as far as I can see
1) Cameroon will not approve and are just waiting for the license to expire so they can sell it elsewhere.
2) Beluga can not or will not raise the $15m ( Most likely IMO )
3) Cameroon will not approve Beluga ( A Nigerian Company ) having a 49% interest.

In the meantime the meter is still running on the fixed costs of keeping the long lead items and general company running costs.
Asher has to make some kind of statement or this will just drift down.
I still think this is a great opportunity for anyone with a spare $15m and they have a few weeks left as license expires on May 11th.
Any which way it's down to the wire.

When people consistently de ramp a stock with verbose pseudo analysis and implore others to sell up and leave ............ all in the name of altruism , then you know there's a an agenda.
Brent crude at $97 as I write and will probably bust $100 within the next few days.

Cynical cash calls never go down well but now that's one thing over as it was well known it had a high probability.
The delay to March of spud is another negative that's undeniable.
Some update on progress should improve sentiment and the only point is that from now on the next news should be positive.
The dilution was not proportionate to the drop and I think most of the share flip has already taken place and so the admission next Tuesday shouldn't have any great impact although the mm's will try and take advantage for sure.
GL All for a good week to come.

Look guys........I'd like to see Namibia take off again with a JV but the real deal is with the Cameroon Thali project.
A short cycle , almost X marks the spot, shallow appraisal well that would make Tower a cash positive company for the first time ever.
Then we could negotiate from a position of strength and not have to think about the next dilution.
It really is time Asher updated us all and told us what he's doing for his large CEO salary as it's quite clear that something has gone wrong on the approval/funding and I'd like to know what and more importantly what's being done about it.
Saying that it'll all be sorted this week/ next week means nothing as none of us know.
Communication from the management is long overdue.

The prize here is NJOM 3.......if we get the funding and approval in time.
When Tower were in Uganda, Tullow were right next door and discovering oil for fun.......How could it have possibly gone so wrong........a lesson from history.

I wasn't going to comment further about scotty's rant as he clearly has an agenda.
It's very generous of him to be so benevolent and concerned about the fiscal welfare of anyone invested here.
His facts or whatever are based on the nominal value of something placed on an asset by some creative accounting beancounter.
Simple logic dictates that if the values he ascribes were true then the market has been well and truly fooled on a grand scale to then attribute the Mcap it has to a company with no oil and a finite COS on the Merlin2 drill.
Cynical cash raises are always an annoying characteristic of AIM companies and right now we're still feeling the aftermath of the latest. That's about as bad as it gets. Many will leave before target depth but the Mcap alone is sufficient to know that a successful result will mean many multiples from current SP.

Well that would explain why the market has this company valued at hundreds of millions right now.
Just think what it'll be worth on a success case with oil in the ground valued at 10c.
What a complete crock of shi_te !!

I think you mean MINMIDT but you are of course right.
If we can't get a reliable JV partner with oil price at this level then it looks bleak.

License Expires on May 11th this year.
Good chance it would be renewed or extended but more cost and more delay.
Need some update and need some funding quick.
Those are the facts.

Would you like to expand on "co ordinating with Jeremy "............it implies you have some active part in the company more than being a spectator like the rest of us.
Asher has said in all his recent presentations that the focus of the company is towards the Production part of E&P and specifically drilling the NJOM 3 appraisal well.
Namibia and SA are all fine and good but are just a bonus and NOT the focus of the company.
We are now 90 days past the nominal 60 day period as set out by the company in an RNS and the silence on Cameroon is deafening.
If we got an RNS to say the approval, funding and JV are all in place with a date for rig mobilisation and spud then SP would be back over recent highs. Everything else is just random noise as far as immediate prospects for the company.
If Asher has something to say he should and I think would say it to everyone in an RNS.

I know of two shell companies that were set up with an address in Adeola Odeku street from involvement in another stock.
One of them was certainly just an address with an answering service and that's why I suspect Beluga is trying to play outside their league.
$15m is not chump change and unfortunately Tower were not, in the past negotiating from a position of strength.

The RNS said that there will be no announcement until the company has both approval from MINMIDT and Beluga,
So Beluga shareholders have to approve it. Why does a company who are already onboard have to approve something they've so called signed up for already ?
We need some kind of update from Tower as we're all just guessing anyhow.

Clearly somethings gone wrong.
Tower have historically had good relations with the Cameroon Authorities specifically in this case MINMIDT.
Beluga on the other hand are a bunch of mickey mouse traders operating out of a boiler room from a dodgy address in Lagos.
On the balance of probabilities which do you think is the cause of the delay ???????
Also the opportunity to farm in to Njonji is an excellent one, especially right now with oil price where it is and projected to go higher.
Time for Asher to find a credible JV partner and quick. That's his Job.
I've always thought if he got the funding this was a winner and I have zero confidence in Beluga.

Just bought back in after many years and I can't see why there would be a problem with the permit.
We're not dealing with some failed corrupt state where permits and licenses are issued on a whim and are subject to a brown envelope culture.
Any problems will be with the drill itself and that's always a chance but I think this could be 88E's day in the sun.
Good Luck All !!

It's highly unlikely that Arthur would have spent over £200k of his own money on equity if there was going to be a placing, which is reason enough to cause a buying frenzy.

Th deal the envoi dude was talking about was the one for 24.5% with OilLR and not Beluga which was supposed to be for 49%
OilLR dropped out of that deal a while ago and that video is a kind of promo for Envoi who are I think a one man band deal finder.
New Age Energy our partners in SA are also on their client list.
This opportunity for 49% is a great deal given the oil price right now and it's about time Asher got something moving.
I can't see Beluga transferring 15m from a dodgy address in Lagos so it's about time Asher earned his money and also kept shareholders updated instead of this ongoing guessing game.

Envoi were the one's who got Beluga on board and who I wouldn't rely on for a number of reasons and on a few different levels.
Something has clearly gone wrong with the JV/farmout, whatever .
20th November was the day we were looking at and the RNS expected it before.
It's 1st February tomorrow and so something has clearly gone wrong and I think it's Beluga.
Asher should be actively looking around for a credible JV partner and should update the market on what the current state of affairs is. The smart money is not going to buy into a company on the chance that suddenly the Thali project gets all green lights up when there's clearly a problem and the company is silent.
SA and Namibia are just a possible bonus but the focus is short cycle production in Cameroon.
In the meantime the cash burn goes on with the long lead items and general running costs so how long is the last placing cash going to last ?

It's worth keeping in mind that the many Tower failures have all been on exploration drills.
Asher has gone to some lengths to make the point that the company is now focused on Production and Njonji is an appraisal well with contingent resources.......the contingency being to drill a a hole and test the flow rate.
With the oil price as it is then this farm in opportunity looks like a no brainer.
It would have been a better choice to use a company like COFARCO to get a finance deal.

I just think Beluga are a bunch of chancers and I'm not impressed by Envoi.
That's not an agenda.........just an opinion.
Having said that the chance of a 49% interest in an 80% Cos Production project like this especially with oil @ current prices and rising is attractive.
If you knew that approval was imminent you would wait and raise at a higher SP.
Asher does want this to succeed but he needs a credible JV Partner to make it happen, I don't think Cameroon are the problem.