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jono, of course I didn't mean to infer Star was ramping, but It is too late. I am now in a cage at the rescue centre. He has abandoned me for a more disciplined lapdog. and I didn't even have time to bite his leg.
My post was having a pop at the website, that infers anybody posting well researched opinion, that is positive in its outlook, is condemned as a ramper.
Not sure that you realised I was being satirical.
You do realise you just accused SC of posting ramping gobbledygook, and your right, well done.
Move up to 2nd place.
Blindfolded of coarse though :)
I was thinking more herder leading the mass to the slaughter house
I have used that very same phrase, pied piper, a few times to describe SC. We are on the same page.
It amazes me how this guy keeps on with the same agenda, just Roald Dahl at best, and gets away with it.
Better not say to much or I will be suspended again.
According to pumpdordumped.com, with regard to CEG, you are the number one ramper.
I am only 9th!
Carlf1990, deltalo, Bohemia, ZagEgypt, Srdoddy, anonymity, LayLadyLay, are all ahead of me.
Surely this cannot be correct?
Please advise what ramping gobbledygook I should post to move up the chart a bit.
It seems it losing value everyday. What happened to S2????
[LLL: I never owned ANY LGO/CERP shares until July 2020. In fact, in June 2020 prior to the BPC merger I did a tongue in cheek AI experiment, by posting the following TWICE in a week on the CERP BB. Copy below]
An open letter to an Artificial ‘Intelligence’ Bot re CERP
Dear AI Bot
According to the website pumpdedordumped com, I am number 178 in the all time list of ramping or de-ramping CERP. Apparently, and I quote from the above,…. ‘Ramping data is collected via Natural Language processing - Sentiment analysis - Keywords - copy paste posts - repetitive content and is fully automated AI code. No humans keep lists’
You must be a highly intelligent Bot, however clearly have a few screws or binary bits missing. I wish to bring to your attention the following:
1. I have never owned, directly or indirectly a CERP share in my life. As such why would I ramp or de-ramp CERP?
2. I have never posted any recommendation to buy or sell a CERP share in my life.
3. I only started posting on the LSE CERP forum approx. 1 week ago due the proposed BPC merger.
4. I note you automatically and cunningly analyse ‘sentiment’. Unfortunately, if I typed what I felt about you, I would be banned from this forum for life and likely end up in jail.
5. Do you have a bot lawyer? If not you better get one, as I’m considering suing your sorry little bot ar+e (bot bottom).
6. Go back to bot school.
To test your bot intelligence, the following five statements are to see if I can get in the top 100 in your CERP list with just ONE POST which I will copy/paste once:
(a) I think CERP is the most amazing stock in the world. It will soar in value this week. Buy now before it is too late otherwise you will cry.
(b) I highly recommend this wonderful stock. Buying CERP now will make you a millionaire.
(c) Any person (such as me) NOT owning CERP shares is clearly an idiot or mentally deranged.
(d) If CERP was alive and a woman of childbearing age, I would want to father its lovechild. We will call the baby CERPY.
(e) I am related to Brigadier General Balawanga Bo+lockpeedongo (retired) who has genuine CERP insider information, and gave me this incredible share tip, so hurry.
[PS LLL: Some persons on public forums manipulate sentiment to pump then dump, by jumping from ‘strong buy’ to ‘sell’ depending on their trading strategy. They often post multiple times a day. Some get banned for life and risk prosecution. The only times I have marked my posts ‘strong buy’, is when I believed it to be true. IMHO it will not take much good news, to move the SP back above 5p and more, quite quickly, however CEG is a speculative share and not for widows and orphans, so always DYOR DYOR DYOR. FTR, I bought another 101,000 shares yesterday and willing to take the risk.
I repeat again: I am not paid to post by CEG or anyone. I have never posted on LSE prior to doing so as ‘Starchild’. And to be labelled a pied piper is offensive]
Srdoddy - back in LGO days, before the company was renamed CERP, Honest John was in contact with Neil Ritson. He posted daily bulletins and built up a following, such that he was later described as the pied piper. We now have another pied piper who states on 16th June, "Furthermore, I have and do continue to email suggestions to senior CEG execs and have spoken confidentially to two BoD members and one senior exec over the last few months.". Make of that what you will.
Who know what they owe,10 to 1 they owe LSE some money along the line,hence they stopped printing their RNS’s
Strange saying SC (Honest John.’ It’s the sort of name a somewhat dodgy used car dealer in the suburbs of Melbourne would use) and that’s the sort of saying someone living in Sydney would use. You don’t post in the day because your busy as you say (my foot your asleep) No wonder you greet us each morning with the full page you,and the BOD’s have had all day to put it together tut tut.
Aside from Stena (and possible subcontractors), and LO, does anyone have an estimate on what is still outstanding on payments to Bahamas govt? I can't imagine other countries like Uruguay will permit CEG drilling in the future if they see a track record of non-payment of license fees to Bahamas.
Although Chalenger energy has many assets in its portfolio it just will and probably never generate enough cash so share holders ever benefit.
The company cannot continue much longer with its business model.
All its wells which came over from Columbus energy just wont produce enough oil. Its cash flow negative definitely know after its last wasted venture. Its 100mill gamble just didn't pay of, i can see a change of ceo once again unfortunately.
Challenger unfortunately isn't cash flow positive and will probably go bust. It washed up all its cash on a stupid 100mil drill which wasn't successful.
All its other assets won't do much either especially one bought over from LK.
Most shareholders which came over from Columbus energy are down considerably some as much as 94%.
Best you all take your loses and moved whats left over to Crypto.
Anominity, but it has to make a difference, otherwise its worthless, seriously what difference do you think the next Rns will make? I think absolutely no difference. What are you looking forward to that you think will make a difference. Whatever it is let me assure you it will make no difference, and as such is worthless and not worth looking forward to.
Is this really an attempt to work out what CEG is worth? Where’s the answer - it’s more like a list of supposed positives followed by but not quantifying to the conclusion CEG ex-Saffron is worth more than £14m.
1. Stena don’t want shares. I’m sure they are capable of making investment decisions if they want oil company exposure. They’ll have all the cash there is left, so they’ll be no leftover cash. In fact CEG are $7m short on their bills as best we know.
2. CEG is not making a meaningful profit. $8m less $4m, if that is what is being inferred, completely misses at least another $4m in royalties and extraction costs. There isn’t a multiple of (zero) earnings that would put CEG over £14m.
5. You’ve already valued the tax losses. They are only available to offset the profits from CEGs own fields, so If you considered already ongoing profits with zero tax, you already included their valuation gain.
6. Likewise you already valued the 2P. The earnings (or non-losses) come from extracting the 2P. 425bopd is 150k per year - i.e. all the 2P barrels during the 10 year licenses.
So what’s it worth. Well TRIN recently bought 85bopd for $3.5m so you could multiply that by 5. Or TRIN itself has 3000bopd, seven times CEG’s production (and 20mbbl of 2P) so you could divide TRIN’s $75m EV by 7. And then adjust for CEG’s net debt position...
As always, I am in broad agreement with posts by S/C. However, I remain concerned about the legacy of debt from P1 which has never been headlined to shareholders in detail. We know in general that the BoD are disputing or negotiating such debts. Does anybody know what is owed for the rig or companies providing the logistic support during P1 including Halliburton?
DavidBrent - I'm looking forward to it because I'm invested in the company so whether good or bad or meaningless it's in my best interest to know what's going on.
Otherwise why stay invested in a company you don't want to know anything or care about?
I assume you're posting on this board because you still care, whether that's out of love for the company or hatred for the company I will leave that to you.
Next RNS should be production rates for the successful well the company has just drilled, surely all investors are looking forward to that after the last one being a duster?
Looking forward to the next Rns??? Why? When was the last one that did you any good? The idea the next one will is just another example of the alternative universe some live in.
Thank you Starchild - good points put across.
Again to put forward another perspective.
1. Why should the BOD consider alternatives to self funding S3 to S9? S3 to S9 will only go ahead IF S2 was a success. In the instance S2 delivers, why give away a good thing? Arena has already said they will fund the first tranche of the Saffron field development and the second tranche of money will come in subject to the first tranche being a success.
As an investor the potential to drill 30 wells that are all successful says a lot more to me to stay invested / keep buying into CEG over a farm out where we will see one huge surge in SP then gradually decline again until the next "good idea" comes along.
Like I mentioned in previous posts, CEG drilled 2 Saffron wells now. Their drilling risk will be mitigated by the knowledge and technology they already have. The only risks now such as amount of oil and oil flow etc are outside CEG's control, farm out or not.
If all goes well, the Saffron fields will allow them to consistently generate large amounts of cash to fund further projects i.e. stand on their own two feet.
2. Re the Arena deal. Why are the BOD not providing investors with an update about whether that funding has finalised? The exclusivity deadline was end of July. A simple sentence this morning saying yes it's signed, no we extended it or even we are looking at other options will show investors that CEG is on top of things.
Right now investors can take this 100 ways with the worse being Arena pulled this deal and CEG has no funding to take things furthers.
Going back to the Arena terms, it's simply the case of beggars can't be choosers. Let's not kid ourselves into thinking CEG isn't literally knocking on every funders door asking for money to fund the Saffron project. The only thing keeping this company afloat right now is the fact that the field has potential.
3. You mentioned the point about if P1 was successful, that investors would have kicked off that we didn't farm out and instead spend $60m on taking it one step further. I agree with this but the difference between Percy and Saffron, is that the Saffron fields cost relatively nothing to drill one well compared to Percy.
BOD and investors can drill one well at a time and play it by ear.
Like everyone, looking forward to the next RNS.
The budgeted total cost for the Saffron-2 well is $3 million, with an anticipated drill time in the range of 25-30 days.
The Saffron-2 well was spud at 7:30pm on 23 May (Trinidad time).
The final section of the Saffron-2 well (at 8 1/2") is currently being drilled out, to a final target depth of 4,557ft. This hole section will include the primary reservoir targets of interest in the Lower Cruse, which will be logged and (assuming positive results) sampled via MDT (a wireline formation testing tool). This process, which should be sufficient to provide an indication of the aggregate resource and production potential, is expected to be completed on or around 23th June 2021, which timeline remains consistent with an overall 30 day expected drill.
Thereafter (and assuming positive results), the well will be lined and readied for production testing. It is expected that the process of preparing for production testing (including perforation) will take 2-3 weeks, such that initial production could occur in around mid-July.
Drilling is continuing to target depth of 4,557ft, at which both Lower Cruse sections - the primary reservoirs of interest - will be logged, and thereafter the well will be production tested; the inclusion of an intermediate casing string has extended the schedule for completion of drilling and logging by approximately 7 days to 30 June 2021, with production testing remaining on track for mid-July.
Prior to intersecting the first of the Lower Cruse reservoirs, at approximately 3,890ft, a mobile shale zone was encountered as prognosed, starting at a depth of 3,630ft and continuing to 3,770ft. As compared to Saffron-1, the impact of this zone on drilling has been significantly mitigated by the use of synthetic oil-based mud. However, based on conditions encountered while drilling, the decision was taken to set intermediate casing at 4,118ft before drilling on to TD. This will serve to better secure the already drilled horizons of the Middle and upper Lower Cruse for production testing, whilst at the same time allowing unencumbered drilling of the remaining Lower Cruse reservoir sections.
The impact of this decision to set additional casing (and associated additional logging runs) is expected to be an additional 7 days of rig time, and associated additional cost. Accordingly, drilling and logging of Saffron-2 is now expected to be completed on or around 30th June 2021. Thereafter (and assuming positive results), the well will be lined and readied for production testing. It is expected that the process of preparing for production testing (including perforation) will take 2-3 weeks, such that initial production is still expected to occur in around mid-July.
Eytan Uliel, Chief Executive Officer, commented:
"The objective of the Safffron-2 well is to understand the production potential from the various reservoir units identified by both the Saffron-1 and Saffron-2 wells, starting with the Lower Cruse intervals. "