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That is exactly what I thought Obadhia, but CERP still exist as a subsidiary of CEG and have a number of subsidiaries themselves.
I thought Potter had gone when Eytan took over and BPC became CEG, I was surprised to read on their board that CERP still existed, and Potter was on the BoD until recently resigning.
Sure it will all come out of the wash shortly..whether it was CEG or CERP kicking us off site, it's all rather murky and I'll say exciting shenanigans afoot..
An interesting quote from the CEG board
"work at Trinity Innis" soon to be taken off ceg's hands as they have defaulted
Also interesting is speculation that their interims have been delayed until Monday due to PRD's public proclamation as to the £500,000 owed. Apparently earlier in the week at the AGM, the CEO assured the only shareholder present that they would be out today.
Ireland got another Amber alert, despite Huntstown gas power station, which provides 4% of their capacity, being ack working and winter nearly two months away.. I wonder if it fully operational yet? I'm sure Ryan is hoping it's still warming up...
Things on both hemispheres starting looking very intetesting...all to play for..
nicidemus, when CERP and BPC merged Potter became top dog and Koot later was made a BPC director until he resigned and transferred all his 20m shares to his wife.
I'm open to correction but as I understand it once the merger was up and running all CERP's assets were transferred to within BPC and CERP ceased to be operational. As such I can't imagine there is a BOD still in place and would assume that Potter by 'resigning' is merely acting late in updating Companies House.
LayLadyLay on the CEG board has a reasonably accurate recollection on all matters LGO/CERP/BPC and will definitely add comment if the above is wide of the mark.
Morning Obadhia, in fairness to our board CERP certainly weren't a 'go getting' organisation, but they were plodding along and Leo Koot seemed a safish pair of hands for anyone interested in a partnership venture.
I'm interested to know if CEG's CERP subsidiary really do have exclusive and ultimate control over the T & T assets (as per chat on the CEG board) and why Simon Potter has just resigned from the board. Maybe autonomy was being being compromised?
Morning Obadhia, in fairness to our board CERP certainly weren't a 'go getting' organisation, but they were plodding along and Leo Koot seemed a safish pair of hands for anyone interested in a partnership venture.
I'm interested to know if CEG's CERP subsidiary really do have exclusive and ultimate control over the T & T assets (as per chat on the CEG board) and why Simon Potter has just resigned from the board. Maybe autonomy was being being compromised?
Hi PT, I too was looking forward to hearing more about this particular concern so welcome this update. Shame we chose lame outfits to team up with in proving the pilot scheme, CERP/BPC/CEG - weak, weaker, chronic.
We've paid the cost, now with WTI in the $ eighties missing out on valuable income that would have resulted now with a co-operative partner and, to be fair, a Covid absent world.
Importantly PRD now require their services to be solely funded by those companies choosing to participate in CO2 EOR, thereafter on an agreed negotiated profit share on EOR flow results. As it should be, lessons learned, no upfront costs.
Half a million is a lot of money owed to PRD whilst but a fraction of CEG's debts which of course include FRAM's debt.
My guess, and it's only that, is that PRD are a shoe-in for the I.T. IPSC and FRAM-owned field equipment will transfer/ be offset against their indebtedness to Predator. Ultimately this could prove the best outcome for both parties and avoid legal redress. All to be revealed within the next couple of months.
Half a million is an appreciable amount of money owing
I found this interesting reading from our news today - "It is expected that a negotiation will ensue with FRAM regarding recovery of the Loan. Until negotiations are concluded with either a positive or negative outcome and given the uncertain financial status of the parent company of FRAM, the Directors have made provisions in the Going Concern forecast that the Loan may never be recovered and no profits from enhanced oil production in Inniss-Trinity will be forthcoming. This provision was only reflected in the Going Concern forecast to ensure that the Company had sufficient resources to continue operating for the foreseeable future even on a worst-case scenario. It was decided by the Directors that the loan was not to be provided for until further discussions are held. In order to potentially recoup some of its investment in the Inniss-Trinity CO2 EOR Pilot Project, the Company has lodged an expression of interest with the licence holder Heritage to, at its sole discretion, take over the Inniss-Trinity IPSC should it become available."
Given the tcfs of gas being quoted in Morocco, T & T is dwarfed . However I do believe look after the pennies and let those with o & g engineering knowledge get on with info re drilling and pounds..
So for anyone interested.. I thought CERP were gone, but not so, they are a London registered subsidiary of IoM registered CEG. Simon Potter, ex BPC CEO has just resigned from their BoD.
According to the CEG lse board, CERP still hold CEG's T & T assets.. So we may not be at the back of the queue for our cash re CCS EOR partnership after all. Someone on our board confirmed a few weeks ago that CERP had no outstanding litigation pending at time of takeover so looks like any financial problems specific the their Bahamas drill could be ring-fenced and not affect cash owed to us by CERP/FRAM.