Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Nigel,
I have been clear I was initially here for CCS/EOR.
I subsequently became much more aware of the potnetial value of the Moroccan and Irish assets (it is not unhelpful in life to be able to learn - and some one here contributed enormously to the corpus of information).
I remain very convinced of the potential value of CCS/EOR and have other investments in that space. Quite what is happening with PRD in Trinidad & Tobago on that front is something I have no special info about.
But the technology works and PRD has locked down the key moving part - supply of proximate CO2 (despite what Carrie Johnson and Co might try make everyone believe, CO2 in usable form close to an oilfield (especially one with "heavy" oils) is actually quite a rarity).
So, I remain very positive about the overall potential of CCS/EOR in Trinidad & tobago and believe PRD has done many good things to move it to a crytallisable asset. However, sometimes, one has to rely on some other moving parts (outside one'scontrol) not screwing things up.
That may have happened here and PRD may have had to alter path.
I do not know.
But I have had faith in the leadership team sinceI first invested (despite a few concerns which I have voiced) and I am sure they will be doing everything to adapt to the situation as it morphs.
I remain a holder and a buyer of PRD.
Have a good weekend all!
Sefton has raved many many times that he is mainly here for the CO2 EOR (wobbly) operation.
More relevantly, what is causing the delay to AIM entry? A prospectus may be the hold up, no doubt Griffiths is 'eagerly awaiting' it: bit like the FSRU idea haha!!!!!!!
I think it's a bit of schadenfreude, given they screwed us over and are now down 70%.
My guess is that they stopped the PRD JV to save money, not because it was rubbish. Now they've raised fresh cash and are planning on starting up more EOR. But how and who with? PRD have exclusivity over T&T CO2 supply through their JV with Massy...
I’m coming over a Sefton like here.
What’s this supposed to mean ?
“ Rough start to the day for #CEG being down >70%. Not sure how they will be injecting CO2-EOR? They thought it was so bad that they unilaterally terminated our project. #PRD”
What didn’t CEG like, and what caused the contract cancellation ? The 70% drop or our approach to injecting CO2 ? Both ?
Is this good or bad for us ?
If bad, why tweet?
Apologies if I’m being dense,
Hi BDT, we'll just have to wait and see won't we. The IPSC renewal should only be granted on the understanding that EOR must be undertaken where appropriate and PRD are currently the only guys in town offering a CO2 service.
I'm hoping both sides will put their differences to one side, come to a sensible agreement and get on with making money whilst WTI $ riding high. ATB
Hiya Obadhia...everyone, slightly aghast at todays Ceg "news"....was honestly shocked at how much they been diluted!!
Onto reply to Obadhia,
Can't see how the agreement still stands with regards to Prd/Ceg sharing of all additional advanced eor production after Lonny's tweet today...
Copy/Pasted from Lonny twitter.
Rough start to the day for #CEG being down >70%. Not sure how they will be injecting CO2-EOR? They thought it was so bad that they unilaterally terminated our project. #PRD
I guess he doesn't think that we will be supplying/pumping for them.
Gla
Taff
Bdt
vegas, only guessing but doubt that cash will be offered to PRD to clear their debt. Rather I see the whole operation re-starting at TI with 100% of production revenues going to PRD to clear the outstanding £500K before the deal reverts to the agreed 50/50 sharing of all additional enhanced oil production. In other words we've come full circle.
Of course, if CEG fail to raise the £4.3m successfully via the conditional placing late Feb then all bets will be off.
Thanks Obadhia ..... and hopefully also pay their debt to PRD !
vegas, presumably to get their placing away, be in receipt of £5m and able to pay any outstanding IPSC fees due to Heritage?
Extension probably granted on that basis.
Thanks Adon.
If I recall CEG stated that the commercial outline had been agreed for IT. Wonder why they needed an extension?
Extension until March while negotiations ongoing
Has Heritage agreed to extend the IPSC sub-licence for IT field ?
I haven't seen any confirmation ... anyone ??
Why award it to a company that's a proven failure? Even after the raise (mostly to pay debt) are they genuinely a going concern ? Fully funded for stated work program ?
IMO CEG stating EOR by CO2 injection is more than misleading. I will be surprised if they are awarded the IT sub license.
ATB,
Vegas
No doubt a deal has been done to the benefit of both us & CEG….. possibly stretching out the length of time to recover our costs so as both parties receive the revenue from production.
They shut down to save costs because until we get paid back we get 100% of the production. They don't want the operator costs... not as simple or binary as you suggest.
https://twitter.com/lonny1971/status/1486621236432187392?s=21
Rough start to the day for #CEG being down >70%. Not sure how they will be injecting CO2-EOR? They thought it was so bad that they unilaterally terminated our project. #PRD
From the ceg announcement
"funding a production growth focused work programme in Trinidad and Tobago over the course of 2022 and 2023 that will include low-risk well recompletions and workovers, drilling of new infill production wells and the implementation of enhanced oil recovery (waterflood and CO(2) injection) techniques, with the objective of increasing production from the current level of approximately 400 bopd to more than 1,000 bopd by 2024, and thus driving cash flow growth;"
Accelerated build block placing was successful for raising £5m at 0.10p (ouch!!). But now they have to money to pay what they owe PRD... I expect we will get a T&T update soon.
BDT I read that news as positive. We have exclusivity of CO2 supply. We have either reached an agreement on the outstanding loan, or found a way to monetise the T&T business. Either way it means cash flow is being generated. But I would expect an update on the deadlock to be RNSed ?? Perhaps some details are still being agreed.
Good evening everyone, just had a quick run through of Ceg rns from today...one bit of interest perhaps to us....
Copy/pasted from ceg rns
Current production at the Inniss-Trinity field is circa 130 bopd. The Company's forward work programme is to undertake a CO2 enhanced oil recovery pilot project in two different parts of the field as well as undertake recompletion activities on the existing well stock during 2022 and 2023, targeting up to approximately 150 bopd incremental production.
So who is going to supply/pump co2....surely not us after last debacle?
Gla
Taff
Bdt