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Still working your way through the RNS I see LLL.
What I found petty & irksome was Eytan's paragraph on how badly the company was run before the merger.
If that excerpt came from an independent source or a group of employees, then it would of held weight. Coming from Eytan it just read as propaganda. No one has verified that claim so it was a pointless paragraph.
More importantly it will now be the defining paragraph in which his tenure will be judged on.
CERP may have been gliding on fumes in 2019. But since the merger and new aircrew, the plane has nose dived. And from what I can see, it doesn't look like anyone can pull the nose up.
" Indeed, at times during the last 18 months production has gone as high as 500 barrels of oil per day, but then we have not been able to be sustain it at that level for the long term: wells go offline, power supplies get disrupted in inclement weather, and so on.
Our objective for 2022 is thus to crack that particular nut: how can we add 100 barrels or more per day of production from existing fields on a sustainable basis and increase cashflow even further? This will inevitably require some trial and error as we continue in our work to maintain and optimise field performance alongside remediation activities, but we are confident we will get there. We also hope that in 2022 the various Enhanced Oil Recovery (EOR) initiatives that have been tested and trialled through 2020 and into 2021 might ultimately provide some incremental production, too."
Eytan's left jab he keeps throwing lol
"On assuming control of the Columbus assets in August 2020, we found a business that was showing the effects of being cash-starved for a very long time under previous management. This was manifest in terms of low field activity levels, poor morale amongst staff - many of whom had been suspended or put on half pay at the start of the Covid-19 pandemic, inadequate policies and procedures, poor record keeping, local suppliers who had not been paid for some time and a business reputation in-country that was suffering."
Everyone should read the PRD RNS today which includes the innis trinity CO2 development. Clearly there has been a fall out.
The lapdog follows not far behind... woof!
Hi Star, for you are a star. Look forward to your riposte to the nonsense being posted here, and also look forward to you popping down to Ferring, in the local pub, the Henty, when we can chew the cud and ruminate about where Boris has got it all so wrong and where the trolls on this board have also got it so very wrong.
I, am many others, are on your side. Do not give up. That is not a plea - it is an order. fc
yes, definitely not going up anytime soon - that's for sure!
I honestly don't know why this SC individual believes they have the right to be taken seriously - total clown investor who posts like they are authoritative. The facts and their bank balance speak for themselves!
Doesn't take much for this bb to descend into personal squabbling. I don't know why users are more interested & place more value on what Starchild has to say rather than what the company has to say or what results it produces.
Perhaps the company should be renamed Starchild Energy Group lol
...and may God have mercy upon your soul.
JB, I'm actually looking forward to SC's sermon tomorrow just to see how he can put a positive spin on that dreadful rns especially the "extra $15M funding needed or we're going bust" bit.
The SP is not really going to move much until the Interim Results and/or the coming dilution.
Yes, a close second to how unpalatable your inevitable thesis (that no one is asking for, or frankly deserves) that you plan to publish tomorrow will be in attempting to justify why this is an utter s**t show!
correction to my last post....'October' not 'September'
GLA
Starchild
I’ll give my feedback in the morning warts and all. Two initial speed reads of the 2020 financials did not cause me to self-flagellate in despair, nor open a bottle of the best wine Lidl can offer in celebration. The fact of the matter is, shareholders will probably not know the up to date position on various fronts until the interim financials are produced end of September.
What I find unpalatable, is mostly disgruntled ex-shareholders and someone who has openly stated s/he is shorting CEG, immediately extracted the worst possible permutations from the RNS to further their agendas.
GLA
Starchild
https://www.lse.co.uk/profiles/starchild
I agree it's all history now.
Antha I think to continue to push that rhetoric is asinine. But if you feel it's necessary, ok. It's your opinion which you a free to hold on to & express.
The data said the was no commercial oil in that location. Even if drilling continued.
If Eytan had claimed re-enetring the well to drill to a deeper depth with a Farm In/Out partner for another Well. Ok that would certainly support your opinion.
Every update on #P1 has said the acreage still contains other targets worthy of exploration. Not in the same location.
Hope my opinionated reply doesn't cause you any offence.
A higher oil price throughout 2021 should improve current financials, however I maintain. A company can only operate for so long with expenditure being greater than income.
Its one thing to pay the going rate for qualified personnel to match industry positions. But if the wage bill alone is greater than income, one has an insolvent business.
If only the company had the balls to go to Terminal Depth at P1 as planned and proved the field, it would have been all so different, more debt yes but everyone would be in substantial profit now.
I did not notice a paragraph to indicate where the proceeds from the latest gusher S2 would now allow the BOD to return to business class travel or even first class.
Certainly hasn't addressed many of the outstanding questions. The $15m hole is bigger than I expected yet we have no clear guidance on where it comes from. Likely the P1 bills are not getting agreed as favourably as they'd hoped.
Apparently one of the T&T licences has a commitment to drill 5 wells on it by year-end, but we aren't told which. Worst case, could it be I-T, which would put a third of production at risk? Is the 5 well cost in the $15m (actually that looks too low if it were)?
And I notice that Robert Riley is gone from the website so that appears the end of his "pending" appointment. Who is going to give this company $1m let alone $15m? What were the promises last time they put the bowl out: Bizzell putting in $3m (which CEG then "decided wasn't required"), S2 lower cruse low risk appraisal, new director. I'd say it was a string of failures but actually more like a string of falsehoods.
Which in turn jono increases the ROI for S2 and if one extrapolates that over the field development of the SWP, it no longer looks like this operation will save the company. In my opinion it will do the opposite.
all old news: all about 2020, 2021 is almost over by the time
these guys published their accounts.
S2 was budgeted at $3m as was stated on here and by the Company.
It cost $4.8m.
60% over budget by $1.8m.
Significant for a small company like ceg.
I would also find this a bit worrying
"Production testing of the well has indicated that commercial volumes of extractible hydrocarbons are likely to exist, but further exploration drilling will be required to fully delineate the extent of the resource and quantify the reserves present."
DYOR
There is so much information in that RNS that it's impossible to make sense of it all today.
I am assuming those travel costs are purely from helicopter & short flights for personnel to facilitate #P1 operations, so will not read anything more into it than that.
ShouldveSold - Check out the Admin Expenses - Staff costs -cash 1,521,000, professional fees - cash 3,324,000, travel and accommodation 206,000. CASH? who pays cash nowadays? Employees 1,182,000 (not directors), Other staff costs 417,000.
This company is run like a charity and PricewaterhouseCoopers are the undertakers and will probably announce next year that the company is bankrupt.