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Debbie - luvin the linking !
Chesh - may I recommend you watch the film Great Expectations on YouTube on one of your days off - I thoroughly recommend the original black and white version - I believe it's one to the top ten films ever ( for old foggies) - great characters - some larger than life - a bit like on here LOL!
LLL - Bamps was invited to post on the ' non-nutters ' thread, 12bn and me slog it out on the other thread ( as naughty 12bn was banned from it and created his own ! ) I'm prepared to debate with all sorts and I'm looking forward to cerebral exchanges with Bamps as well as dealing with negative non shareholding trolls like yourself.
I enjoy my exchanges with 12bn - it's a form of community service and it hones my skills having to deal with such a bigot - he's recently stimulated me to publish NYMEX oil future prices to demonstrate that there is plenty of confidence in the market going forward for the next 2 years that oil will sustain $35 per barrel - people don't have to just take my word for it !
Hi LLL
Me a ramper, plying my trade- what is that suppose to mean.
I say it how I see it, I have been one of the few posters to mention the amount of capex required for Saffron.
The real negative about this share is the lack of meaningful news.
I've been very close to the mark with my foresight.
You haven't put a positive post together since you've been on this board, why don't you have a go.
To put the record straight I was asked to join a thread over there and pleased I have, they were very welcoming
I see that Bamps is now plying his trade on the other forum. He majors on revenue, based on projections in CERP presentations, but has a blind spot when it comes to taking costs into consideration. It's something that is inherent in all rampers. I think he puts too much emphasis on presentation material which even he admits is forward looking and, therefore uncertain.
Operational profit doesn't automatically equate to corporate profitability even in times of high oil prices and normal circumstances. How does the 90-95% water cut at S1 MC affect lifting costs Bamps?
He means well and seems a nice chap so good luck to him. I'm sure he will enjoy debating with 'arry (in4cedros) and his nemesis 12bn.
ermmm.............!
I'm out.............due to lack of knowledge......... :()
All the best (watch em c/p that when the market opens ......lol :)
Or trying to ' Haversome ' shares on the cheap - this theme may have legs Chesh !
He's just trying to (Oliver) Twist the truth.............!
............. that's me limit........... :()
All the best (failed English lit :(
Deb - I've already got the PIP with him !
Gr8EXPECTORATIONS - interesting first post - are you Irene's mum by any chance LOL!
Magoo makes the simple point very often that the non invested trolls seem to have much more to say when the SP is in the ascendancy and that they have been very wrong about this share very often, including Irene predicting 0 bopd for Saffron - the real result for SHAREHOLDERS was the intelligence gathered which was strong enough to convince the drilling team to finance and assume the risk of Saffron 2 !
don't like reading this, but impossible to argue. Up to LK t demonstrate facts, deliver against promises made and show financials performance to say "U" to! The quicker he delivers, the quicker we don't need to read the silly posts of the rampers and derampers.
would you mind posting the link to " Zak Mir's latest CERP Charting failure"?
I'm afraid Irene comes as part of the package rhodi..............!
along with x3 others............. ignoring the main Rossanna.............. :)
All the best (but your right :)
agree and no flow rates for latest drill seem to be priced in. Furthermore serious investors should just ignore irene as it is only your responses which fuel her on. Most intelligent investors can see her posts for what they are and can filter accordingly or just smile at them in amusement which is what I choose to do. Any serious investors will DTOR and judge the fundamentals. GLA
That post was one of your poorest I must say.
The NAV of this share is about 2.7p what keeps bringing it back down is the constant selling in to any rises, the NAV value keeps bringing it back up.
Saffron 1 has not finished testing yet when it starts producing the NAV can only increase and with a free carry on S2 will increase it further
LOL LLL..............!
Irene was so far out on her "guess" that her transparency collapsed into a blackhole hun..........!
Being infinitely wrong Vs being 3rd are so far apart, you'd have to question her/your sanity......:()
All the best (oil on the finger tip, and under foot told Irene a story she chose not to believe in.............. :)
I can confirm that Irene was a close 3rd and it's highly amusing seeing the rampers squirming with embarrassment and attempting to manipulate the result.
As far as asset valuation goes, the market is at odds with rampers valuations by a large margin. The market uses criteria based on solid financial and operational metrics before factoring in the likely effect of forward looking statements of intent. If the former is either absent or at best sketchy then there is no foundation on which to estimate the latter.
The market doesn't like uncertainty created by a lack of transparency. Nor does it like missed milestones.
I think the market valuation is about right based on what we know. Perhaps that will change, one way or the other, once we know more than how much was in the bank at a specific point in time.
Does Year 1 students go back Monday, Irene must be missing school.
Yes...Irene...schools are opening soon and you can get back to the playground ...
Hi Bully for the answer to that try looking at his posting history over 3000 and you will be lucky to find a non Cerp post in there and you won't find a positive post re CERP
News must be imminent the Trolls are getting worried
Hi LLL
You've seen my posts on Innis, It's on its last throws as a producing field.
There's going to be a big dilution on Prd to buy it unless they can work out a deal. They seem very keen on it.
It's too small a field at these oil prices to fund 2 operators
$4.2m would go along way at Saffron where the fiscal regime is far superior.
We all know the cost of the Steeldrum deal but nearly 18 months of 150 bopd has more than wiped the slate clean
Bamps re Steeldrum acquisition
The consideration for the purchase of Steeldrum is the issuance to the Sellers of 92,743,775 shares in Columbus (the "Base Consideration Shares").
Columbus may also pay deferred consideration to the Sellers, as follows:
1. 16,422,434 shares in Columbus following the re-issuance of the Cory Moruga E&P Licence and 16,422,434 Shares following either a positive final investment decision being made to develop the Cory Moruga field or a sale to a third party (the "Cory Moruga Shares"); and
2. 16,920,083 shares in Columbus in the event the Innis-Trinity field is sold to a third party for no less than US$4,200,000 (the "Innis Trinity Shares") - see option held by Predator Oil & Gas Limited, as referred to below.
Steeldrum has ownership in a number of petroleum assets in onshore Trinidad through subsidiary Companies including the Trinity Inniss Field, the South Erin Field and the Cory Moruga License containing the Snowcap field discovery. The Innis Trinity field is a mature field producing from Herrera turbidite reservoirs, governed by an Incremental Production Service Contract ("IPSC") with Petrotrin. The initial term of the IPSC is due to expire in January 2020. The Company would expect the IPSC to be extended at that time. The field has produced circa 23mmbbl to date with approximately 4.0 mmbbl of remaining recoverable reserves. There are opportunities to optimise the existing well infrastructure to increase daily production. The IPSC is subject to an existing farmout agreement with Predator, who are expected to fulfil at least 2 of the Minimum Work Obligation ("MWO") wells and progress a planned EOR Project. The total MWO is 7 wells. As part of the Predator transaction, Predator has the right until mid-2019 to purchase FRAM Exploration Trinidad Ltd ("FRAM"), the Steeldrum group company that is party to the Innis Trinity IPSC. The purchase price for FRAM would be US$4.2m.
Predator didn't take up the option by the mid-2019 deadline. The deadline was then extended. Will they won't they take up the option this time around or will the deadline be extended ad infinitum? Don't forget the additional shares that Columbus will have to issue to the sellers of Steeldrum in the unlikely (IMHO) event of the transaction completing.
on the question of assets Finncap published a chart on 4th Oct showing 4.9p per share for Cerp's core producing assets.
Taking into account there are about 10% more shares than then that would give about 4.4p
At $32.80 WTI say about 50% lower that would give a price of 2.2p
This is for core assets only, it doesn't include for contingent values of Trinidad or Suriname which Finncap gave a figure of 5.9p .
Saffron risked and unrisked values of 7.3p by Finncap dwarfs the core asset value, so if Cerp get $4.2m for Innis any effect of a loss of an asset will be minimal on the current undervalued share price