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So am I....long as it takes us into the new ISA season:-)
Depends for what reason they are testing a well. Could be flow rates, bottom hole pressures, gross and net pays, water /gas content or pressure build up tests after initial flows. The first 2 could be immediate the last one months.
Cerp aren't just testing one layer but numerous layers and will take sometime to complete. Each layer will have to be isolated before continuing to the next.
I believe the objective for these tests are of course the flow rates and commercialism but the water free oil seems to be the priority.
Oil and water mixture requires more surface tanks for separation therefore additional costs, causes more condensation and waxing, more work overs and maybe steam EOR
When they announce the test results the best phrase to look for is clean dry oil water free and no sand but I wouldn't be surprised if there's a lot of sand
So "how long is it going to take"
it will be as long as it takes so long as it's commercial I'm ok with that
OMG! I know u r a trader but if this is ur argument then I don’t know what to say! If u call CERP speculative then BP, Exxon mobile, Total and the rest of the O&G companies, big or small are ALL SPECULATIVE!
Companies present their targets and if they are achieved the NAV goes up. I know you troll 24/7 when u r short and go quiet when u r long but atleast say something credible!
But then again somebody once posted on 16th July 2016 that s/he won’t be posting again on this BB but surprisingly started posting again just after few days, who was it again? O ya, it was u LieLadyLie! lol
Anyway keep doing whatever you are doing but remember what I told rossannan once,
“what goes around comes around”
"Presentations are speculative"
Oh really so company presentations are based on conjecture or lack of knowledge.
Are you suggesting they are putting together false information.
Suggesting that quoting from presentations are ramping is absolutely absurd.
This is just showing that you have only negative views for this company and your deramping is becoming ridiculous
Does anyone now how long it general takes to test a well?
neon - I didn't say that CERP shouldn't include a cautionary statement on their presentations. It's standard practise to do so. I'm simply highlighting the fact that CERP presentations are speculative and you should exercise your judgment as to how much you rely on the information provided.
Forward looking statements are not fact but some rampers keep referring to the presentations as if they are fact.
I don't think there's much we really know about the success or failure of the Saffron well. CERP says they encountered hydrocarbons but I'm not aware of them stating how much net pay, if any, has been discovered at each of the targets other than a general belief that the secondary target may produce commercial quantities of oil. I look forward with eager anticipation to the results of testing and some facts and figures, including how much it has cost to drill this well.
On google maps satellite in the search bar type in Bonasse, Trinidad and it should go to Bonasse. Blow the image up on Bonasse and find the Cedros Health Clinic on the St Marie Road, follow it down to a turning to the East then fork right. Then there is a turning east, easy to spot it looks as if it has just been cleared. Saffron is just on the end if you blow it up you can see the shadow of a mast possibly a rig but it's not that clear. Go further down and you come to the old Bonasse wells.
My internet playing up I will send it when I can
IF BP can put stuff like that on the RNS then why is it SO important for CERP not to put anything like that on it's RNS?
You once claimed you worked in the O&G insdustry for 8 years, surely you MUST know the practice, unless you have nothing negative left to say lol
Like we call you, LieLadyLie lol
To LieLadyLie aka LayLadyLay:
In order to utilise the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA') and the general doctrine of cautionary statements, BP is providing the following cautionary statement: The discussion in this announcement contains certain aims, ambitions, targets and other forward-looking statements - that is, statements related to future, not past events and circumstances - with respect to BP's new purpose, ambition and structure.
"These statements may generally, but not always, be identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'ambitions', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see', 'is committed to' or similar expressions. In particular, the following, among other statements, are all forward-looking statements: BP's new ambition to be a net zero company by 2050 or sooner including its aims regarding emissions across operations, the carbon content of its oil and gas production; a 50% cut in the carbon intensity of products BP sells, methane measurement at major oil and gas processing sites by 2023 and subsequent reduction of methane intensity of operations, and aims to increase the proportion of investment into non-oil and gas businesses over time; aims to help the world get to net zero; plans for incentivising BP's global workforce; plans for a wide-ranging restructuring of the business; the aim to build a more agile, innovative and efficient BP; continuing commitment to safe and reliable operations; commitment to continuing to perform as BP transforms; continuing commitment to the investor proposition including with respect to growing free cash flow and distributions to shareholders over long term, deleveraging the balance sheet, capital discipline, delivering 2021 free cash flow targets and focus on costs and pursuing efficiencies; and commitment to transparency and advocacy for a low carbon world.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of BP. Actual results may differ materially from those expressed in such statements, depending on a variety of factors, including: the specific factors identified in the discussions accompanying such forward-looking statements; societal shifts in consumer demand; delays to the pace of change; development and use of new technology; timing of bringing new projects on stream; ability to exploit growth or investment opportunities; changes in public expectations and other changes to business conditions; .."
Long time since I have looked in here
Can you send me a screen print off the Bonasse map of Saffron as I have followed your directions but can't find it
The small print removes accountability.
All companies need plans / objectives/ forward looking statements that doesn't necessarily mean they will stick to them whether that's for economic reasons or outside forces.
As far as I am aware that latest progress plan is their latest objectives and the small print is what it is small print
Yes, I think you are right. Just reread the corporate deck again :-)
Its only just been tested have patience, all of the rest of you same thing patience.
Bamps - "Everything I've mentioned is in the presentation unless I've remarked in my opinion"
If you skip to the last page of the presentation you will see the following text which warns the reader that the information is speculative.
"Certain statements in this presentation are “forward looking statements” which are not based on historical facts but rather on the management’s expectations regarding the Company's future growth. These expectations include the results of operations, performance, future capital, other expenditures (amount, nature and sources of funding thereof), competitive advantages, planned exploration and development drilling activity including the results of such drilling activity, business prospects and opportunities. Such statements reflect management's current beliefs and assumptions and are based on information currently available.
Forward looking statements involve significant known risks, unknown risks and uncertainties. A number of factors could cause the actual results to differ materially from the results denoted in these statements, including risks associated with vulnerability to general economic market and business conditions, competition, environmental and other regulatory changes, the results of exploration, development drilling and related activities, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company.
Although these statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that the actual results will be consistent with these forward looking statements."
There is a reason that LK prefers to make presentations rather than RNS which must be fact based.
Everything I've mentioned is in the presentation unless I've remarked in my opinion
I have the impression you guys are reading a lot more into the RNSs re Saffron than is actually communicated.
RNS Number : 8288C
Columbus Energy Resources PLC
13 February 2020
Leo Koot, Executive Chairman of Columbus, commented:
"The Company is currently testing the Saffron well in Trinidad and will update the market as the testing progresses. "
Update the market = RNS not sales presentation.
So far there has been no official update on progress of testing.
well if we were "told" end March, it is certainly going to land during the new Isa season :-)
There are pro's and cons with the oil price at this price $48. The main one it will bring the average 3 monthly price down hopefully below $50 and then there is no spt to pay.
This could keep the CO2 project going even with lower prices
The revenues for Bonasse are still fairly high at around $38
Goudron without the spt is a much better prospect than with it.
With lower WTI and consumption some more global costly projects will get cancelled or put back. When the economics gets back to some normality I can see a surge in the price due to restocking.
Bonasse is still Cerps best fiscal asset and should concentrate their efforts on it rather than spend monies elsewhere in my opinion
I have plenty of shares in this as well as ISA - GIVE US THE NEWS AS SOON AS ITS READY ..... I think we were told end of March - therefore that will be fine with me.... although tomorrow will be good too....
As far as I am concerned they can wait to issue any RNS until the new ISA season starts. They made us wait long enough, now they can wait until April 6!
(DO YOU HEAR ME LEO?!) :-) :-)
Then again you mentioned in hindsight of drilling Clove and even though the COS was even higher there If by some reason it wasn’t commercial or there were problems I think I’m more than happy that they did saffron first .
I do think if saffron is a success they could still do you Clove to add extra output at minimal cost if Clice came in too.
Not long to wait now and hopefully by the end of March we will know exactly what’s going on with her from within Each layer of LC and the MC confirmation by end of March .
Has to be onwards and upwards from here surely obviously depending on coronavirus as well .
Look at it this way , China have now reported fewer new cases . So if they can contain it then other countries should be able to as well .
The Americans are working on a cure for it and are to carry out some trials .
So whilst everything is a bit doom and gloom at the moment with the oil-price , saffron Unknown’s , coronavirus . Let’s just say saffron does coming good that should give us a little rerate maybe tempered somewhat by the oil price and coronavirus . But once coronavirus is brought under control what’s the main markets rebound what’s the oil-price get back up to where it was and we should follow suit as well .
TXP had a huge re-rate after their discovery . It’s not over yet for them either .
If we get a good result at saffron I can easily see us getting to the 5 to 6p range short term for support . Then even higher in time .
Also CO2 could provide a much-needed boost as well .
And let’s see what negotiations can bring for the future of Goudron.
Much to play for that’s for sure . If I had spare funds I would be piling into this right now . I just don’t as I’m fully invested in Columbus .
karlci, the co-ordinates for Saffron are approx 10.079324, -61.842642
In hindsight it probably would have been better to go for the smaller Clove to get some cash in.
The Pmean of 210,000 barrels stoiip would have given about 20,000 recoverable. At today's prices that's about $45 per barrel so for say 30 barrels per day that's $9,450 a week since Nov maybe would have given Cerp $141,750.
That would be $260,000 still to pay off the cost if cash was used.
It may have produced more but when you look at comparable wells around Bonasse I think that would have been a fair sum.
The Middle Cruse I'm estimating around 50 per day but could be higher judging by the statements Cerp have made.