Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Druid- GY670 was the best of the recent Trinidad wells. It did lose pressure from the initial heady heights but continued to produce respectable daily barrels for many years. Ritson mentioned a couple of years post drill that it was still managing 30 bopd.
Management decided that fresh drilling in that area would have a good chance of hitting that pocket but they suffered the lost equipment issue and had no money to try again.
If the company was better resourced it would have persisted with drilling in that area as an additional well can be used to support water flood or CO2 injection.
CERP was always under capitalised - when Ritson was able to borrow enough for 3 drills he went for it big time but it was ultra high risk with borrowed cash as there was no room for failure and he took to company close to bankruptcy, requiring recapitalisation at huge cost to shareholders.
Ploughing on regardless with borrowed money was reckless with shareholder value.
When Koot took over he used his personality to raise cash for the Saffron project in Cedros. It could have worked but didn’t, after 2 goes.
Now focus is, quite rightly, on Uruguay. As has been mentioned if Chevron decide to drill CEG have a great opportunity to participate and if they choose not to raise cash for it Eytan says they are permitted to trade part of the share to a third party.
Whether they decide on such a course of action largely depends on Eytan’s soundings from the group of large shareholders, which prior to Charlestown, were largely Australian based.
What will be will be but plenty of opportunities for shareholders to stick/twist/sell along the line - a very exciting opportunity with news flow to keep everyone interested!
Hi Druid
Sorry a bit confused by your posts - which previous farmin are you referring too please?
IK
And yes, Uruguay is all the rage now.....and a legit binary play........but heads-up people......while I do not doubt the sincerity of those involved now, we have raised off a farm-out before in prior incarnation.....it does not mean Uruguay is not real... but we have gone down this road before.
When it closes I will believe we have learned some.
Interstking, no, we found exactly what we were looking for in Cedros with Saffron 1, you are just a pessimist. Leo Koot said so after drilling, logging and testing. And he really knows what he's talking about.
Cedros and Goudron are just as good as he said.
I think...
In4,
Can't get it up at Goudron, So what about GY 677 then, 2000bopd for ages!
.....just joking, I know how sensitive that is considering all the production crashes around late 2015.
:-)
In4 - Thks vm for that info, much appreciated.
I guess if we have deeper pockets, hopefully, post Uruquay success, our growth could be exponential.
I suspect you are originally a CERP investor whereas I am a BPC veteran.
Originally a follower of Alan Burns.
One could argue that with deeper pockets (and maybe a friendly successful partner) The Bahamas might still be a play for the future.
I know that is going to give The Trolls food for disparagement but my argument still stands that we drilled against all the odds and failed on the first attempt. Virtually every exploration region fails on its first attempt. You need to be a major with deep pockets to have PERSEVERANCE. - Yep! pun intended.
OK pie in the sky maybe or at this time of night maybe I'm dreaming!!!
Have a good weekend.
Cheers.
IK
GLA.
InterestKing - Trinidad business pretty much breaks even at current production levels, ignoring the G&A of CEG, substantially BOD salaries.
The Goudron licence is main producer. From memory CEG only earn about $7 per barrel on first 150 barrels per month - thereafter rate is better and over 300 rate is even better.
All fresh faced CEOs look at the numbers and think - if only I can get production up to say 450 bopd at Goudron business will be transformed. Problem is investment needed and successive CEOs have all been cash strapped - they’ve raised cash but it’s been for specific projects like new drill on Cedros ( Saffron) - shareholders don’t like to cough up for boring Goudron .
If CEG do have a bit of cash spare after advancing Uruguay they may be able to make Goudron more viable which may increase the value if they want to get shot of it ultimately. PRD have bought Cory Moruga and will be applying their CO2 injection process to it- CEG will watch with interest.
I’m not saying any more about Trinidad because most people don’t want to know - Uruguay is the sexy number now!
In4 Thanks vm for elucidation and indeed insight into something v useful FMI.
Cheers.
GL
IK.
Cedros peninsula is SW Trinidad where some areas ouse oil naturally at surface. At Galpha point oil bearing rock is visible at the beach. At that beach it’s possible to see Offshore oil platforms in the Venezuelan basin where oil has been successfully extracted for many years.
Many have suggested that a deep drill onshore at Cedros may yield similar bounty but depth is required, ideally 15,000 feet and that costs a huge amount. CERP under Koot managed to finance two drills, at shallower levels, but was commercially unsuccessful.
CEG still have license and it wouldn’t surprise me if it was sold for many millions as part of the stated strategic plan.
Normas - correct - primary guide is MKT CAP@100 mill.
The nominal share price doesn’t really matter to institutions.
In4cedros - (what is the derivation of your name please ?????!!!!)
A superb comparison. History does not dictate the future. e.g. Otherwise we might have a 6 day ME war now.
Times and things change.
The question really for The Trolls is: How old are you and can you teach old dogs new tricks?
GLA
IK
GarryGraham- as a claimed Manchester City fan you should be acutely aware that fortunes can change, especially when some investment is introduced!
GarryGraham - how is the Charlestown deal a first step to dilution bearing in mind the conversion of the loan and Warrants are both at a premium to SP?
A share consolidation, per se, is not dilutive.
This is just more Timid Trolling trotting out the historical information and suggesting history will repeat itself. Yes it can - I expect the SP to advance in the build up period and it will almost certainly fall if there’s a duster- who would disagree with that.
If, however, the drill is ultimately successful, history of scenarios involving other companies, not CEG, suggests the SP will boom spectacularly!
The above 2 scenarios are the crux of buying shares in an Exploration Model - your dilution suggestion is pure tosh !
Up 10% with over 135m volume and ticking up as we go into the close. 0.16p - 0.165p atm.
The trolls are defeated as this is going one way which is NORTH
BUY BUY BUY!!!!!
The news has been getting better and better and it's amazing they have secured this as most people have lost hope it's finally waking up and surprised it's not received the rise maybe because people do not trust the consolidation which is rinse and repeat hope it's wrong on this occasion as the mega news is incredible.
It's all there to see if you can be bothered to wade through JohnBriggs de-ramping tripe/records...
Attract meaningful investment, LOL. That's what Willec was saying after the last consolidation... it's all there to see if you can be bothered to wade through his ramping tripe/records...
50 for 1 would be good here as at the current share price of 0.15p large institutions are not allowed to invest.
As a result of this at the current prices we will be 7p per share which will encourage more investment opportunity. Also I would say at the moment 10.39bn shares are in issue which is not healthy and after this we will have 207.8m shares in issue which is a lot better.
£1.5m unsecured is not insignificant, companies just don't do £1.5m unsecured unless they are confident on two things,
1) the money is coming back and
2) there is significant potential upside
As for a share consolidation, you'll never attract proper investment with this many shares in issue. IMO the consolidation is not alarming in the slightest.
Reading through the latest RNS, I am surprised everyone is making a big deal about it. Unless I am mistaken, CEG will receive a loan of £1.5m, which is convertible to shares upon request at a shallow rate. It's a 12% short-term business loan with stipulations that 50% is spent on Block 3, and the rest is working capital ( B.O.D.'s salaries ). £1.5m is hardly a significant sum of money, and one of the conditions that should alarm retail investors is 50/1 consolidation. Rinse and repeat all over again. In his last video, Eytan said he had no intention of diluting the shares again. Well, this looks like the first step towards doing so. Consolidation and then share issue, consolidation and share issue. Also known as rinse and repeat, rinse and repeat. Age-old format for low-cap AIM companies, which is tried and trusted to raise monies for the directors whilst rinsing the retail investors of all their monies. GG
All of your observations and ideas have no basis or rationale JB except to vent your spleen against BPC.
I would remind you that despite all your incorrect dialogue about BPC/CEG failing as a company in The Bahamas - They did succeed in raising monies against all the odds and did succeed in drilling a well against all the odds.
The ONLY failure they had was not hitting oil.
Well my friend that is oil exploratio0n for you and AIM.
Get over it and realise that you backed a duster.
Your fault no one else's!!
IK
Probably as misconceived as 99.9% of your observations and ideas, IK.
There's no demand for anyone to pay more - end of.
Lots of buying over last couple of weeks but price struggling to move much higher.
I wonder if someone who is going to get 8%+ of shares @ 0.00168 might have a vested interest in suppressing the price until deal signed sealed delivered etc?
GLA
IK
P.S. I did mention a whale in the water a few days ago - could be related to above observation?