Member Info for SecretSquirrels

Thanks, that’s very interesting. You assume they’d bid with Prime and, if so, one would expect they’d want to tie up the existing assignment around the same time ??

Hi ChessG

Did you email Jeremy recently re the below. If so, its positive that at least they are now trying to find a workaround…

Thanks

I dont believe there is a plan to move to under the new Law, but approvals are dependent on the cabinet change. My understanding is that the new cabinet announcement is in turn being held up by the constitutional reforms, so this news is significant imo.

Cameroon: Paul Biya prepares constitutional reform with major implications

In Cameroon, the idea of revising the 1996 Constitution is now taking concrete shape. According to several converging sources, the technical work has been completed and the government is preparing to launch the political process in the coming months.

The initiative is being led at the Presidency of the Republic by Secretary-General Ferdinand Ngoh Ngoh, supported by a small group of legal experts. The draft reform envisages a significant transformation of the organization of the state. It follows the path of the decentralization process undertaken in recent years, with the possible increase in the number of members of parliament and the creation of new municipalities through administrative redistricting.

The reform could also alter the balance within the executive branch. Among the options under consideration is the creation of a Vice President of the Republic, appointed by the Head of State. Such a provision would replace the current mechanism that assigns interim presidential powers to the President of the Senate.

Other adjustments are also being discussed, including a reduction in the length of the presidential term and a revision of certain electoral rules.

I'm not sure how he'll cope once the approvals come in.

I thought Tower were considering Admarine 501?

It's clear to me you are not an investor in TRP

You mean 2x18 million ?

That's nonsense, given Prime and Tower visited top officials in December.

I think the reality is somewhere in the middle. It seems that TRP’s Cameroon approval is pinned on a Cabinet reshuffle and the appointment of a new minister, but having exchanged emails with JA I don’t think that is dependent upon ‘major constitutional change’.

In terms of the rig, the suggestion was that Admarine 510 (which Addax and TRP were slated to use) was to be replaced with 501 as per press articles posted. We have seen no indication that 501 has been reassigned, so it could still be available. But of course, that may change.

In terms of timeline, I agree, it is a how long is a piece of string situation. I suspect Jeremy or someone at Tower reads this board and so, consistent with my earlier posts, it would be good to get some feedback on how things are going (not only in Cameroon but also Namibia and even South Africa) and what Tower staff are doing in the meantime. I appreciate a lot is outside Tower’s control, but ultimately Tower staff are still getting paid and so, setting aside a snippet update to justify a placing, it would be nice to get a ‘corporate update’ on where the focus is across all three licences.

Agreed Chess_G.

From experience, sometimes you have to ruffle feathers or do a lot of behind the scenes grafting to get these types of slow burners over the line. Otherwise they just sit there. I do hope Jeremy and team are really pulling out all the stops here…

Agreed, it is getting very frustrating. Jeremy has been saying since last September have patience and expressing quiet confidence. I accept matters are largely outside his control in terms of approvals, but that said he has approvals in two different countries that are now running significantly behind schedule which in my opinion raises the reasonable question as to whether Tower could be doing more to push these over the line?

Yawn...

I suspect Addax are awaiting for some form of approval like Tower, otherwise they would be drilling by now. So, pressure will be on from multiple directons to get things moving

Hi CMG

I have emailed hin in the past and agree he's very responsvive and warns against reading what online posters have to say. I asked primarily as I don't want to hassle him too much (for the reasons you state) and was hoping there may be some more colour on where we are at asides from just being patient.

Hey, CMG. Did you receive any useful feedback from Jeremy?

The market cap is clearly no. of shares x current share price.

I agree MC is not particuarly relevant, but also noting you were the one that first raised it!

Yes, but google is clearly wrong if you do the maths. Let's stick to facts

There is debt over the assets though - that's the killer here. I honestly can't see this ending well for current shareholders

That makes sense I guess, buy another 3 to 6 months in exchange for a lower conversion. I do admit I was quite pleasantly surprised by the current high threshold