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PSRUS thank you... makes sense
I view it differently ... in the exploration stage profits lead to tax bills and are a waste .. use oil traders forward payments and Kuats $4m flexible loan as your buffer zone overdraft facility, then you can reinvest all income into the drilling programme and create debts / losses carried forward to leave the tax bill as close to zero as possible.
Adrianz the sales and COS are identical..if we had shown a trading profit... which we could have done then the BOD may have been required to seek traditional funding for the rigs, land and boats. It suits them to say that traditional funding wasn’t available and that exchanging assets for shares was their only option. TBO I think it stinks, however it has become clear to me that their appetite for collecting shares, whilst diluting my holding ultimately will give me a good ROI and I suppose that’s all that counts.
Eragon petroleum fze own the rigs, the money for Eragon was washed through the ac's and $13m was reduced to $1 before the transfer to EUA with a $17m bad debt... nicely done .... still 100% owned by Caspian Sunrise but in Dubai and not Kazakhstan .... no tax bill.
So this is MJF covered for the infilling programme which will take 2020 to 2021.
The deeps with Sinopec, the point has been made that Casps own drilling crews now have more knowledge than Sinopecs on the Ayrshagyl structure especially with the mud weights .... what Sinopec do have are 5000 m rated rigs, what we could really do with if we were to start running the deeps on our own ( this meets Kazak rules on training up Kazak nationals ) we would need a deep rated rig or two ??
You may not see any more Bico Tenders for many of the future drills ..... cost of a deep 10 - 15m dollars ... cost of the boat in harbour for a year ?
Mo did say that A9 ground was being cleared it got me thinking .....
Jd, the main expense was the deep drilling which is with sinopec. The other is MJF but now we own the rigs and the crew are employees. So no money is being skimmed. You can see all the tenders, it's all kosher. Don't forget ce loaned us money not the other way around.
Clive at the meeting clearly said they will continue to buy assets like the boat and 3AB in exchange for shares. Which I think is a good thing. So what else does our major shareholder have we can and will be buying? I was personally at the meeting and feel very good about the future of casp.
Everything that the BOD has done since the original discovery at A5 has increased the shareholding in CASP... they have chucked every they have money, assets and boats into the company in exchange for shares...the only concern I have at the moment is that the sales and cos in the last two sets of accounts mirror each other. Are they skimming the profitS into the drilling companies they co own or at some point does CASP return profits and pay dividends. A breakdown of that COS would show that the company had the intention at some point if giving the pis a ROI
Thanks mate.
Do you and anyone's else think there's a chance if Dunga oil field comes up for sale we would have a chance . Of course we would need a few of our deeps flowing and mjf doing well and we do own all round Dunga at 2500 and below. One well this year on that license and if we strike oil it would certainly help us.
Or do we think they would just sell the asset to whoever would buy it. To me it would make sense to actually buy it if we find oil below the field from them.
Interesting year ahead that's for sure..
Hi Smasher, to date they have used 4000m and 5000m plated drilling rigs and struggled with drilling pressures and mud weights ... I think A9 ( being cleared according to Mo's last research) will be drilled using a 6000m plated rig .... there was one of these land based units available in Poland ... some specialist deeps drilling crews in China .. I am sure if they could get their hands on a 6000m rated rig they would go have a look at the deeper layers at A9 and then possibly at 3AB after they have struck their deal with Total for the Dunga field.... nothing on Bico tender for drill rig contracts so where will they come from ?
Well If A5 comes online from what some here are say you we be gone and you have had enough but I'm sorry I just don't believe you as you will be thinking they have got the solution for the deeps and there's 3 lined up straight afterwards to been done and could they have ready started them.Now if people are that p.ssed off you would be out either with profit or take that lose or like Alf get out with profit and then jump back in even though he hates the company. So you've been here years and had enough but will go on the one thing that's keeped most here in the potential of them deeps . Think I'll stop around for the four deeps to come online and a very nice CPR on what we have because I believe they have found a huge amount of oil . 4 deeps drilled and all 4 have 100mtrs plus and that's without going deeper and all around us have oil at the deeper levels.I get we are a bit p.ssed about Caspian but it still holds our interest because the potential is huge.58km and 100 plus mtrs of oil and that's at 4100 to 4500mtrs is a huge find but any below that would be off the scale. I do have a question....... A9 next to be drilled but to prove up 58km would need how many drills as 4 on Aryshagal after a9.