Well it's 3 years15 Jul 2020 10:03
Well it's 3 years since Lk took over from Ritson and his 3 year plan hasn't materialised.
Share price of 2.5p taken down to below 1.7p and diluted with 3x more shares.
LK is a very charismatic leader who exudes optimism but the last year has seen the communication from him becoming very sparse, his optimism draining with outside influences becoming more prevalent.
His connection with small shareholders became an irritant for him .
This merger is the only way out for him although he may take the lead role in the new entity.
The P1 drill may be a world class find but I haven't seen or read about when the production is likely to commence. Once the drilling rig has been removed a well head would have been installed and this reminds me of Providence Resources off the coast of Cork where a well head was installed on a successful gas find. A joint venture was sought after and 10 years later nothing's happened except the sp crashingfrom £7 to 4p.
After 10 years with Cerp and loads of research notes the dream of the SWP coming to fruition snatched away for practically nothing, I am still devastated.
Every oil company I've been in with offshore assets has made me a loss, so I definitely did not want another.
Luckily I have reinvested my Cerp money away from oil and is £5k up already besides the extra loss of the lower sp.
The Saffron well S1 was not a great success and I'm expecting the COS for S2 to be a lot lower than S2. They will still have to use that very heavy drilling mud to cope with the mud diapirism so the same result might happen.
Everything Cerp own at the moment was originally instigated by NR , not LK no good running a company but tremendous knowledge, he found the SWP reservoirs.
2014 Proactive LGO presentation was very good.
LK though knew how to get them active although the Steel drum acquisitions looks like an expensive mistake.
What I am saying is don't follow LK blindly if you can't afford to lose a lot of your cash then you need to think about your investments now not later, a consolidation on merger is likely trapping you all.
Anyway whatever you choose to do good luck
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