Member Info for Bamps21

Hi Bully
It was the correct way but not necessarily in the right order !
:))

Hi Obadhia
I certainly hope so, perhaps Leo has done this to twist someone's arm, but at the moment it looks doubtful.
I'm willing to give him the benefit of the doubt but I'm still not happy with the risk at my age.
Anyway I'm 3 years off my plan of exiting oil and get into hydrogen more that is the future, it's just come too early
Good Luck keep in touch

Willec
I have to say I'm finding your posts frustrating and incredibly informed, you have no idea what Cerp have you are going to come a real cropper.
I must admit I prefer Irene's banter and is far more clued up than you will ever be.
Having a go at Bully because he contradicts your views is ridiculous.
Perhaps you should move to the BPC board they might like your nonsense

Tiburn
They have spent $100m on this development already and not drilled yet and nothing to show for it.
Your last phrase of it goes wrong fall back on Cerp assets and use it as a cash cow for another risky venture . That is a recipe for failure.

hi Bhoys
my negative thoughts are not with Cerp assets at the moment I have access to 100% of Cerp assets after the merger I only have 24% and 76% of a very risky nature and if that fails then I would Zero.
The dilution at Cerp according to Bespoke will be nothing compared to what's coming with Bpc and a possible consolidation.
Hardly any income for over 6 months and huge costs. Are £2.3m is going on directors payoffs and transaction costs.
I feel you are very blinkered and good luck to you with your investment.
I will wait for Leo's interview but more than likely sell up and wait for dust to settle

Good luck to Bespoke. I don't know how old you are but if you are near my age a high venture is not advisable, if it goes wrong there's no time to recover losses.
The situation is reminding me of Sound Energy a new CEO took over the hype was enormous.He came because of a drill in Italy very confident of it but only a 30% chance of success and it failed big time the sp plummeted big time and to make things worse rushed 3 more wells in Morocco all failed. What an awful gut wrenching time that was.
I'm not going to let that happen to me!!

Is that right ?
Over $100m spent on this project already and ZERO to show for it after 10 years.
How far would the SWP got to with that sort of cash.
How are they still in business.
It just gets worse

There are 3 billion shares going to be around after this merger very little wriggle room for more large dilutions.
Expect a consolidation to occur shortly after the merger then a big dilution, its the only way forward, then any investor in BPC will be trapped just like the majority of Cerp investors are at present.
You might think that buying into Cerp now will give you a profit when they merge but the market will not let you make that profit and the price will fall.
Putting back the Saffron development by a year BPC have squashed any income this year.
S1 needs separation tanks
S2 The driller gets 75%
CO2 At least 8 months before BPC get anything
WNZ is after P1
South Erin put back a year
Goudron needs investment
P1 If successful will need vast sums of infrastructure so not much production

All looks as though a dilution is on the cards

A very poor deal is looking worse

Hi Bully
When I was in BPC many years ago the Dry wells in Cuban waters really put me off. They were always too small to take on this well and are taking it too the wire with the license. What happens if something goes wrong mechanically delaying the drill too many scenarios for my liking and I'm not trusting my cash on scenarios.

Rhodi
I feel you are a blinkered BPC investor who can not see the plight of most of Cerp LTH who have large deficits mainly down to the consolidation that occurred prior to Leo joining.
You have made the private decision to invest in a company with prospects are a 1 well exploration play, a very high risk play considering across the border into Cuban waters they have had dry wells.
Cerp holders have not had that private decision and invested into Cerp cos of the low risk, low cost exploration opportunities.
Averaging down is not an option when you are considering your future options if you don't want to take on a risky venture.
Good luck with your views I think you're going to need it

I've had a look at the BPC merger presentation.
all the rumours I've been reading here that saffron has failed are false
Under the heading 'Multiple near term value catalyst ' First to be mentioned is Saffron testing and follow on well, then CO2, then Goudron water injection before they get to P1 and WNZ
On the production plans Saffron development has been put back till 2022 and South Erin.
Uruguay looks like a 5-10 year plan similar to P1, there is no commitment to drill in the first phase of 4 years and cost $200k pa to look at seismics wow that's exciting.

Cerp could have had that multiple near term value catalyst for themselves, there is more to this merger.
Is it more down to Leo where is heart is in offshore drilling I believe so.
I agree with Obadhia that a 70% risk is no good my age group as there's no time left to recoup any major losses.
I may hold on till the vote but might get out before.
It's still a bad deal in my mind
My reason for that is the number of shares after the merger will be over 3bn and I can see a big consolidation coming. In itself won't hurt your portfolio but it makes for easier dilutions and that will hurt ask any LTH on Cerp.

The largest shareholdings are from private individuals invested in Nominee accounts, all these accounts added together is a lot of individuals.
As a shareholder it is up to you to tell your Nominee Holder which way you intend to vote

Barraboy
I hope not

Willec
Don't be daft this is a takeover disguised as a merger. A merger that is very lob sided and not in Cerp favour.

Well done Malcy you got one thing right!

Hi Bully
My average still around 4p that damn consolidation just before Leo came still leaves a sour taste especially after my initial investment was 0.6p x20 =12p.
I intend selling no matter what I can't afford a high risk stake anymore in my late 60s.
I've made a lot though the last 6 months mainly GGP and solely tempted to swap from here and top up before they go up anymore.
2 Hydrogen plays ITM and PHE have performed phenomenally this year. Big swings on ITM at moment. They've covered my losses here and more.
This Board has plummeted since this merger it's been very devisive. The other board is much better.
ATB whatever happens

Hi Bully
Have to agree with you that a few new posters on here ramping the merger to are in for a huge reality check. Talking absolute nonsense how good this merger is and £1 by xmas. The transaction alone will drain Cerps coffers .
A big consolidation is likely straight after the merger any gains will be wiped out.
A huge huge risky venture to keep alive one mans aims and promises and they're dragging a lot of us into it when we don't want it.
I'm still voting No

Hi Rhodi
I can't say I'm enjoying reading all the Krappe from both boards.
Perseverance well is a $40-50m investment plus infrastructure, it's very high risk with a 70% chance of failing, it's the wrong time of my life for more dodgy investments.
Saffron well is $2m to drill plus infrastructure with an NPV £90.3m the risks are far far lower but with the merger is far far far less per share.
They should abandon that deep sea monster and concentrate on the SWP 12 targets 20-400m barrels each.
I can't stay after the merger it's too risky and I don't believe P1 will be successful.
Hurricane was initially successful and the hype drew large numbers to it, the fall out was awful.
I've stated this would be my last oil play and it's come earlier than I had hoped. All my research for nothing my notes are going in the compost :((
I will wait till the vote and then exit and delete my account
Hydrogen is the future with oil continuing to be seen as the dirty fuel like coal is at the moment, this is where my investment here is going
I will be voting AGAINST this highway robbery

Willec
That's nonsense 'safe drilling ' a deep water drill is not safe but is very costly and could down both companies. Talk sense for once

This is a totally bad deal for Cerp, it's being used as a fall back position if that drill goes wrong and there's a 70% chance of that happening.
That means that Cerp shareholders would then have 26% of our assets and BPC holders 74%.
It's been sold far too cheaply.
BPC is another Hurricane Energy waiting to happen they were too small to cope with that field just like BPC are.
This is a bad deal for Cerp and I am voting AGAINST the merger.