tpt to takeover jka at 11.2c per share, page-25

Crows,

I'm guessing you are a TPT holder so you will know more about this than me, maybe you can clear up a few things. I'm trying to find out but there's a lot of info to take in.

Have TPT said how much this well will cost?

I'm thinking around $30M maybe? The government's interest is free-carried, apparently. Does this mean that both TPT and Galp have to cover it equally? If so TPT would be up for 33% of the well costs which is $10M.

There is probably at least an 80% chance of that $10M being lost, as I said before.

Jonno07,

I read plenty of broker reports like that about PCL, RIA and countless other junior African oilers who destroyed shareholder wealth through no real fault of their own other than drilling a bad prospect.

This is no different. All the holders were bright eyed and talking it up before spud, the smart ones sold out before spud, and the rest watched as the wells failed to intersect commercial HCs and the SP plunged.

Like I said, TPT clearly know this which is why they want JKA. Good management by TPT, full props to them.

On the prospectivity scale of things, this rates well below Aje, below Hammamet and somewhere above Somaliland.

If some of these wells currently drilling strike commercial HCs, then that'll be a very good sign and will de-risk Tarfaya a bit. But if they're wet or sub-commercial, watch out.