We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
This is one of my concerns about a spike, the herd arrived at Rock last most are probably trapped there. There isn't the amount of money in Aim that there use to be.
On the brighter side more reserves/ assets at Saffron will convert the Nav to a positive and making the market share price worth a lot more than it is at present.
Goudron and Innis have both got 4m barrels of reserves with no uplift, where Saffron has 11.5m, with plenty of uplift.
ATB:))
Yes Magoo.. you’re correct in saying it’s gonna fly..
however, I want PREM to come in at 0.7p so I can smash all that prize money in here .. I’m happy waiting a bit longer so I can buy cheaper here ...
GLA Faz
My nerves are on a cliff edge
I listened to an interview with the boss of Ukog yesterday and he was saying the same thing as I've been posting about re the reserves.
He said you have to look at the recoverable reserves as a money pit, a pit that you can borrow money on.
Every barrel for them is worth £15-18 making it worth £250,000,000 on roughly the recoverable reserves as Saffron but our take is probably double the £18.
He went on to add his aim is to find more reserves so that he doesn't have to dilute shareholders any further.
We are sat waiting for a huge prize maybe only a week away. My nerves are on edge
ATB:))
Its never wise to put all your fisheggs in one basket...............!
All the best (news this week :)
My grandson plays Metallica on his drum kit, I'm halfway down the road before I can't here him. Apparently he's very good :))
I'm still into the "Faces" and my Lambretta
ATB:))
lol!
On a serious note (we are talking Metallica), this is still the one for me, Faz!
https://m.youtube.com/watch?v=WM8bTdBs-cw
https://youtu.be/Yey5MtACi3g
For all you Metallica fans out there !!!
Hi Peter
I'm no good with horses either, the chap you sat next to did a bit of book making and had a share with Montys Tan . It only won one race at Stratford. He goes racing with the x chairman of 32Red.
If I have a favourite day it's got to be Friday 13th, it's always lucky for me
ATB:))
Hi Bamps
I know you are a betting man, well farmer wise anyway
We should run a book on the RNS date
5 to 1 against Monday
Even money Tuesday - that's my bet, but then I have never won on the horses either
Hi Peter
I suspect Tony will be working on that . To get ministerial approval you need a forward plan FDP submitted for approval. This should include proposed drilling locations , infrastructure requirements, environmental issues and health and safety items among other things.
I don't believe this will effect work over wells.
This is why I believe Bonasse will have the next drill site, maybe Clove but that is small enough for a work over rig.
I'm hoping their looking at a horizontal well at Saffron that will give 3+ times the rate of the vertical
All my fingers and toes are crossed waiting for a good result , I hope they don't eak it out for 2 more weeks this is nerve racking
ATB:))
Hi Bamps
I can't believe it will take a further 12 months to get ministerial permissions
Looks like the follow on drills for next year on the SWP will still be on Bonasse.
As ministerial approval is still required (as of September ) for Icacos and Cedros.
Would probably make sense to concentrate on Bonasse to get the Saffron field producing to its full potential
ATB:))
Game changer no more rats & mice or words to that effect.
I would have thought no news after hours we should slowy see a climb next week until news comes. I wonder where the sp will be when oil news is declared.
No news after hours lie lady full of **** so I guess it’s not a duster.
LayLadyLay - just because I've recently compared you favourably with the wannabe trolls doesn't mean I'm not going to critique your performance!
Those who read the funding rns carefully would know the Lind threshold was $25,000,000 not £25,000,000 so that the cushion is a bit fatter than you may have wanted people to believe. The threshold appears significant for the further tranche borrowing whereas under the BNP loan the covenants applied from the outset and left them calling the shots over management when Ritson ploughed on regardless with non commercial drilling.
Having said that if Saffron is a duster I would expect further softening of the SP so that Suriname would likely be financed by a Placing . At the moment no one knows - you seemed to be hinting Schroders knew something but it seems their selling is more down to Corporate Strategy !
We all wait and see now - a decent result here should lead to a much easier ascent to new levels of MC!
If Saffron is non commercial or a duster, I would expect news after hours today rather than continued silence.
PRD has successfully landed at 5p on the back of upcoming Innis Trinity CO2 injection due next month! CERP has to follow PRD at some point since Innis Trinity is owened by CERP ...
Strange AiM
GL all
The sp is looking very weak at the moment and any prolongation of the news blackout on Saffron could see this slip below the 3p mark. It seems to me that if there is any positive news at Saffron then this should be conveyed to shareholders without delay even if it's just in general terms. Either they have found some sections(s) of oil pay or they haven't and if they have what is the likelihood of this being commercial? Shareholders need to know what's occurring, if anything, at the drill site.
LK has talked about his willingness to say it like it is and give you the good, the bad and the ugly. Radio silence tends to suggest the latter as surely good news would be announced without delay in order to shore up the sp which is critical in maintaining the minimum MC defined in the Lind loan agrrement. The current MC is only just above the minimum threshold set by LInd and continued decline could see CERP unable to make any further drawdown on the loan facility unless Lind relaxes the conditions which it may not agree to do. Remember the BNP Paribas oil swap deal back in the LGO days?
It seems to me that the Saffron result is geared to negotiations on the possible extension of the Goudron IPSC as any extension would include a minimum work obligation and CERP needs to be sure it can fund the required capex before committing to renewal conditions. That would explain why a decision has been put off until the new year.
Good luck to those who have been here years waiting for the SWP to be the gateway to the future. One way or another I think it will be a crucial element in determining the ultimate fate of the company.
seller won't last forever Pete, they will be overtaken by the buyers at some point. PRD has gone further up now, 4.67p, surely the MMs/seller can't keep it down forever :)
GL
Someone is very happy or determined to keep selling at 3p or thereabouts
Hi Bamps
It was fun to meet
Always nice to make persona;l contact
I continue to keep everything crossed. Surely it must e good news coming? I think we would have already heard if it was bad
Hi Peter
Hope you enjoyed last night was good to meet up. You missed an amusing discussion with farmer David on the ITM bet.
Is this the reason for Saffron being a tight well, from April RNS " Following the completion of the first well, the company may seek third parties to farm in to the SWP when justified by cost or risk sharing"
Personally I hope they can carry on alone but probably want a farm in to help with the substantial capex required next year on the Saffron field
ATB:))
Could it be Monday? Anyone's guess.
It begins to look like a game of chess.
Their next move could be to write it then.
Publish Tuesday but if not Tuesday, when?
Wednesday would be 43 days,
Since the promise of 30 to 45 days,
To have the result of the Saffron drill.
But if not Wednesday, Thursday still
Could be a possible making 44.
If not, then Friday, but I'm not sure.
There could very well be an overrun,
Before this saga is finally done.