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Offerman - best wishes for the future - your posts were always refreshingly enthusiastic and earnest!
Difficult to know what's really been going on over the last few years but the constant financial juggling to make the big breakthrough of financial profitability for CERP seems to have worn the management down. I liked the idea of onshore drilling with lower costs and environmental risks and although CERP was always a share in the higher risk band the spread portfolio was a comforting factor. If the P1 drill fails CERP assets will be the fallback position but CERP will have given away around three quarters of the company so no popping of champagne corks in that scenario.
Unfortunately due to lack of info I have to believe all the arguments were properly weighed and this is the best way forward - ATB Arry!
I think you are looking at 8p to 10p pre the Q4 drill. Brighty.
Agree LGO, expect even lower after merger !
If you combine current SPs then I doubt we will see 4.5-5 p after merger , more like 2.5-3p.
They will eventually do rights issues and more 20-1 conversions dilute even more no doubt .
Don't post much these days here or elsewhere for personal matters. Just popped in for a read catch up in amongst the usual childish antics from the trolls of yesteryear .
Most spot on post from Razor I have seen out of everything anywhere for a while
Definitely sold out on the cheap . Npv alone for saffron was 91m. Ax Razor says , look at the amazing renegotiations that we're achieved.
Seems to me impatience , fallings out between management themselves , throw in Schroeders not happy too ,hence bailing early , something happened along the way we will never be privy too. If people couldn't work together then there was no hope . LK and team had turned us around but for me his worst decision yet to sell us out at such a low SP compared to the whole NAV.
Aimho of course
Done, vote for Yes.
you may disagree, but the market remains unconvinced judging by reactions and the SP
It’s like a soap opera. Wonder what it would be like if Harry n Star met face to face. Pay per view without a doubt. I find it entertaining and look forward to the end result. Will you be pals when or if the merger goes ahead I hope so.
I sold half my BPC shares and purchased CERP for that very reason Willec.
People moving to CERP as cheaper stock
Deramper alert Harryoffdock - bargin buys MMs dragging price down to top up big time.
Thebhoys, i turned what tables? I have substantial shares in BPC, and instead of buying more BPC, I bought CERP a few days ago as a way to get BPC shares cheaper after merger. I have no argument with you but I cannot see what you are asking me to answer. My 'weekend' comment refers to an audit trail of posts by Harry....which doesn't involve you in anyway
Your an intelligent individual what part don’t you understand Star. Look I’m not here to insult or make accusations against any person. I look at peoples views, sometimes my curiosity gets the better of me. I agree no one should be answerable to anyone. Ive been a shop steward/convener for over 25 years and been to many tribunals so you know my stance when it comes to answering to anyone. You’ve turned the tables here why the weekend?
My read is the following:
1. Yes there is oil in the SWP, however with the low POO there is not enough cash coming in right now.
2. This will lead to paying contractors in share - suppressing any potential SP growth.
3. The time it will take to drill S2, and have a set up for commercial production in the SWP, will be too long for most. It will take us to H2 21 at the very least, further suppressing share growth and momentum.
4. The "big" including LK, have no more patience. Too little progress has been made in far too long a time. The SP reflects that.
5. In comes BPC: by end Q1/21 we will have drilling results in one of the top 5 global exploration areas.
It's as simple as that. CERP does not have the arguments right now to command a better deal. We would have been had SWP gone quicker, but it didn't. The deal we got is a reflection of that, scooped under the carpet by the promising of a SP that will sky rocket closer to the start of P-drill.
All IMHO
Thebhoys. I don't understand your question. My family and I have shares in BPC and more recently CERP. I have been personally lobbying for the merger as I believe it is good for both sets of shareholders. BTW I am not answerable To Harry Haddock with his wild offensive accusations attacking my integrity. Watch this space by the weekend.
Starchild
What’s your response to that Star? He’s got a good point, your a premium member with 500 posts and most if not all is on the BPC and CERP forums.
Bully if that is true, regarding being allowed to release whatever they want on RNS then I would agree more details would be welcome.
Can anybody else confirm this? After operational costs $40 a barrel is barely profitable for many Small oil operations. This merger was put in place when oil was at $20 So an argument could be made that our valuation is low at the current price.
I bought in for the BPC upside and was willing to take that gamble.
Bully they kept the merger quiet for months. BPC board will have seen the results. If they were not what expected they wouldn’t want the merger and would notify the shareholders.
Well there does seem to be an embargo on operational news which, if good, begs the question why no release.
The scheme docs state that all tests for all intervals Saffron MC and LC completed - so why are no results communicated.
Suriname revised STOIIP more or less promised by the end of June - no mention at all.
Goudron terms delayed for yet another quarter, spurious reason given.
Agree, Koot has pushed his shareholders trust virtually over the edge.
where
were are the saffron test results? $25m company valuation is $15m lower than at the time of the October 18 presentation - only now we have achieved the companies biggest objective - oil in SWP !! It stinks !!!!
yes i did bigmj - they lacked content. It was more Leo making an enthusiastic sales pitch. watch this again and tell me if we should believe any of it a second time.
https://www.brrmedia.co.uk/broadcasts-embed/5bbe1862269b0c1ded1897a0/event/
I disagree, didn't you see the interviews that were done a few days after I posted this message
A bird in the hand is worth two in a bush Cars. We rolled the dice once and hit our oil in the SWP "we've found what we were looking for" - Leo Koot April 20. After years of being told how exceptional the SWP commercial terms were. In the SWP they were to pay no royalties until 10m barrells of oil had been recovered, and instead of 50% revenue to cerp / 50% to government the SWP terms were 82.5% to cerp / 17.5% to government! It was a company maker!!! at $40 per barrel that is still $33 to CERP for the first 10m barrels extracted! WhyTF are they throwing in the towel now...?
All LTH CERP holders should re-watch the company presentation from October 2018 - its a mixture of heatbreak and anger i felt!!
Sorry about the “what it comes down to” twice. One was referred to the benefit of BPC for CERP holders and the other was referring to the Merger as a whole for both sides.
The problem is with you Harry is that you keep asking for more information. They are not allowed to add anything else that is not currently in the public domain until after the vote.
Their is plenty of information around you just have to look for it. The companies together have a better chance of success and better funding opportunities, that is what it comes down to.