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DesPrado
That will be Q2 2021 then...
Eytan confirmed Saffron 2 would be drilled by the end of the yesr or latest early 2021.
Tiburn
Sometimes due diligence involves ticking boxes you need to tick so you can make a decision you’ve in fact already made on much flimsier grounds. It’s not unlike when someone who is long a share posts their “research” on a BB. Always positive, never a negative - folk see what they want to see.
“the drill company has farmed in”
Interestingly, the question whether the drill company is still bound by its farm in now that CERP has been taken over was one of the questions that I put to BPC yesterday. No reply yet.
Hope to catch up with the conference video later.
Petrodollar
Not a con job, a sales job.
Potter completed extensive due diligence on the CERP assets - he wouldn't just go by Koots say so and spin but evaluate all hard data. CERP may have been one of a few merger company options evaluated at the time, they were selected for good reason.
The past broken promises made to CERP holders is fair enough, but they made material progress this year with Saffron discovery, they have a the drilling company partner funding the second drill - if you believe nothing else, the drill company has farmed in because they like the asset, they know how good the geology is better than any by now.
Good luck and best wishes to all the lth's of both BPC & PRD of which I am one :)
Thanks to The Chancers & Flagstaff posts over on the PRD bb.
https://www.malcysblog.com/2020/10/oil-price-predator-solo-zephyr-tms/
Predator Oil & Gas
PRD announces that with regard to its CO2 EOR operation in Trinidad that the Energy Ministry has granted approval for the use of the CO2 Recovery system, installed and commissioned by Predator and Massy Gas Products, associated with the CO2 Pilot Project at the FRAM Exploration Gathering Station #4 in the Inniss-Trinity field.
The company also states that the carbon dioxide injection and delivery system and site layout has been independently inspected to ensure that the highest HSE standards possible are applied to enable operations to continue uninterrupted during the COVID-19 public health emergency.
Paul Griffiths, Chief Executive of Predator, commented:
“This is an important development that allows us to separately process enhanced oil production from CO2 EOR operations for sale and export through the existing pipeline infrastructure.”
So this is further good news from Predator, indeed the company has had a good week with positive comments in Ireland with regards to its LNG plans and with ConocoPhillips buying Concho Resources (see above) indicating that it proves they are well and truly putting oil and gas at the forefront of their plans, having just bought a substantial piece of acreage adjacent to PRD in Morocco, gas is also a big part of their future.
rossannan obviously just can't let the Koot thing go - a flutter of those eyelids and everyone except rossannan is taken in by him ! Get real rossannan BPC have experienced oil and finance people on board they aren't just playing Fantasy Oil & Gas Manager, level 1 ( that's the one that builds in no allowance for future increased production - see my previous posts !).
Lancy - good post at 12:50 - who to believe discredited rossannan or BPC rns - ooooooooohhhhhhhh I've just seen Koot flutter his eyelids so BPC BOD wins it again !
Tiburn
“Why did BPC bother with the merger?”
A good question. I think it may have been down to a very effective sales job by Leo Koot. It is amazing how many BPCers, former CERPers or not, have bought into the CERP “story”, so why not the BPC BoD? I do though wonder whether Potter & Co now have buyer’s remorse.
A few of us have heard one too many versions of the CERP “story” over the years though...
The dog might just bite back :)
from the BPC Interims back in June.
'In terms of profitable production growth, producing assets in Trinidad and Tobago (as at when they were incorporated into the Company consequent on the merger with CERP being completed in August) were averaging production of between 400 to 450 barrels of oil per day ("bopd"). The Company is targeting achieving a stable and sustainable production level of approximately 500 bopd (net) by the end of 2020, and programs to deliver this outcome have already commenced. This objective is, in our view, readily achievable, based upon further leveraging of the existing well stock by increasing the number of wells online. This in turn is a function of the number of workovers undertaken, and our plan is to return the annualised rate of workovers completed to that last seen in 2018. For example, in 2018 there were 180 workovers completed on the Goudron field, compared to 51 in 2019 and a similar amount completed to date in 2020. With such a heightened level of activity we will ensure that wells will remain offline for a shorter period and combined with increased operational oversight, enhanced data collection and improved pump and completion designs, equipment, materials and technology, the period between the need for workovers will be extended.
In order to extend production beyond this base target a range of other incremental production projects exist, and similarly the Company is already in action. These activities are designed to enhance reservoir pressure and hence oil recovery (through water and CO2 injection), and raise the oil recovery factor by improving reservoir access and connectivity (targeting bypassed pay, undrained reservoir compartments and reducing water cuts / sand infiltration) whilst completing well stimulations, acid washes and deviating existing well bores. All of these projects are targeting known reservoirs in already producing fields. It is the depth and range of these 'self-help' initiatives that gives us the assurance our initial targets can be met.
Beyond this, our production target builds to 2,500 bopd (net) by the end of 2021, to be realised through further evaluating and pursuing production from already known discoveries in both Trinidad and Tobago and Suriname. To this end preparatory work has already commenced on the plans for the drilling of the appraisal/development Saffron #2 well in the South West Peninsula (SWP) of Trinidad and Tobago, and an extended well test in the Weg Naar Zee licence of Suriname. '
If Saffron asset is really such a dog and no fund raising can be gained from it as some maintain, why did BPC bother with the merger?
Because Saffron is a discovery and a great prospect -past performance or current bopd today is irrelevant - they just need to develop the field and need $3m to do so.
The board believe they have prospects of 230 mmbbl
Major offshore oilfield Soldado 12km away
detailed evaluation to be done post 3D seismic reprocessing
potential for 4000 bopd
they need to drill Saffron 2, complete appraisal and can go into a production expansion cycle, each well costs $500k, production pays for the next one, RBL access increases as reserves proven up.
slide 13 and 14
https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2020/08/19180949/BPC-Management-Presentation-August-2020.pdf
New funds access post merger are viable imo - they would not have mentioned this as an option if zero basis.
Tiburn
What’s the RBL case for a producer of at best 500 barrels of probably still unprofitable oil per day? What other reserves can it establish this late in the day? All the testing at Saffron has (apparently) been done and no material positives seem to have emerged from that while Saffron 2 clearly isn’t going to happen before P1 and the same can presumably be said of the EWTs in Suriname...
If merging with CERP was mainly for access to alternate funding when combined, as stated by the board, then these funds/RBL could be earmarked just for CERP asset development - they may need this to be enabled before any P#1 drill result in Jan in case of no drill success.
If it is to be a viable insurance option - BPC need to make sure they have the funds to develop Trinidad, come what may.