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Razorman - as the trolls are taking a rest at the moment can I congratulate you on creating an arch ramper in disguise - Tony Hawkins - if the loan repayments require a base level of production which they are already achieving I'd like to know where from as Saffron is nil currently and from the MEEI figs Goudron is pretty uninspiring. Looking at the accounts losses are still huge when G&A is included!
I can see CERP drilling one well at South Erin in due course, probably not this year - if the result is lousy I envisage non renewal of the licence, subject to full investigation of any legal ramifications.
But, with some decent positive momentum from Saffron, other possibilities may open up for South Erin.
Irene - most people on here, given the COS for Saffron, wouldn't have predicted 0 bopd, but you did, in fact, according to your sweepstake, which you are very quiet about these days, most people predicted a positive outcome!
Most investors here understand the speculative nature of the business and don't seem to require an assurance of a minimum bopd figure before investing as CERP are unlikely to ever give such an undertaking !
I certainly wouldn't subscribe to any site that's inculcating such ludicrous notions to you ! If your opinions are self generated I'd recommend you consult the Government sponsored financial advice site to improve your knowledge!
Willec Optimistic Rises from hereon in one would hope for, as imho I think we touched the bottom last week - with all the news to unfold I think the only way is up! Co2 is very imminent now in addition to the roll out news on Saffron while it is being evaluated....
He made a big point to me that he is not a ramper and by nature is prudent and will always seek to underpromise, to improve the probability he can over deliver. A rarity on aim. I think the RNS Friday is the first example of Tony’s influence
I spoke recently (last week) with Tony Hawkins. I calculated the repayments at $148k and asked about the companies ability to service that. He said that the repayments require a base level of production which they are already achieving. Also not all the funds from the two draw downs have been spent on saffron. Although he obviously wouldn’t tell me figures.
Bamps, that was the plan re loans BUT in view of the massive overrun in time, equipment hire, manpower etc what's left in the kitty is pure guesswork, we don't know what they started with, we're never privy to cash in hand info.
I would rather err on the cautious as far as WTI price is concerned and our subsequent net revenue.
ATB to you too, looking forward to additional news this week.
Hi Bamps. The two Lind tranches must be close to fully used on Saffron and come April there'll be a monthly repayment of $163,000, the equivalent of nearly 150bopd at $40 net. Production level of course remains to be seen. I really do not see any choice when it comes to developing the SWP other than enlisting a farm in/JV. Apart from the fiscal benefit it would speed things up dramatically and hugely assist bringing Leo's 5 year plan to fruition.
I can't see the cost of Clove staying around $500,000 Now they know what to expect I think it will be cased with a larger dia drill but that's only my opinion.
After the successful completion of the well a farm in or joint venture is the preferred option. This has been stated a few times by Cerp Other options for finance can also be used including forward selling, corporate debt to continue operations
I would preferably see additional wells happen around Saffron as it's in the centre of the P90 contour and Clove is outside - I totally agree. Clove was just referenced as a likely costs for similar depth wells in better locations
“The interpretation for the Upper Cruse and Middle Cruse (the tertiary and secondary targets) are expected shortly.” Shortly I would hope to be next week. Remember there was oil seep at the surface, there is a chance the oil is shallow at the SWP. If that is the case drilling costs would be much reduced to access it. Possibly we could avoid a JV or farm out. Ministry requires production from the lowest levels first, so all they would need to do is drill to the middle (or even upper) cruse and stop - making that the lowest point. Clove I think was estimated at only £500k to get to 2,200ft. I have a feeling there could be a strategy change once we see the logging results, hopefully next week.
Peter - just remember .... Saffron will please the best of the sleaze that habit our board Daily we hear their tales of woe, without needing to the shout of NO from the ones in the know!!! With all our might and sheer plight we listen to their daily s h I t e.....
With the results to fruit soon - we wanna swoon with the sheer volume .... Lord Leo will guide us through the next stage with aghast rage and valour to such heights and plights to the finale ....
Co2 will deliver soon, around 31 Jan - Noon..... Suriname is next, although no where near so complex - as it is situated to deliver the next big hitter!
So just sit back, have a Gert Lush Snack, pack a Mac and sit tight and let Leo deliver the might!
Two years on and Fifty Pence, no more backs on the fence, we have the space to cruise, plenty of booze, enjoy and be merry - no more bile and just keep remembering to just SMILE........
ALL THE BEST LONG TERM HOLDERS - have a good run - ‘there’s a pun - Eat ya big fat bun and have a fart on the nearest tart....