Member Info for Bamps21

Hi PI
I have to disagree with your assumption that Cerp have the better deal, your assumption is nonsense.
For every share I have in Cerp I have 100% of their assets after the deal I will have 26% and you will have 74%. The rest of my holding will be 74% of what?
A potential of a deep water well nearly 10 years to fruition and still not drilled if it goes belly up I shall have only 26% of my holding left.
This is a very bad deal for Cerp we have a well with an NPV£90.3m and you've got it for £25m of paper money this isn't right.
Cerp could hardly pay their overheads from revenues so I don't see how it's going to pay BPCs.
BPC reminds me of Hurricane Energy as I've been in both and got out of both realising they were too small for deep water drilling. Drilling is one thing but the infrastructure required is too onerous for a small company and take a look what happened to Hurricane.
If they do merge best to abandon deep sea plans and go for the 400m target on the SWP
It's a bad deal for Cerp
I shall be voting AGAINST

Hi Peter
So good to see you back posting we all missed you.
:))

The BPC posters coming on here must be well pleased with that deal your shares have 74% of our assets including a drill with NPV £90.3m for £25m you must be well pleased , Just stop and think for Cerp holders who had 100% and now only 26%, how do you think we feel.
I was in BPC sum years back and my opinion of it was poor
I'm voting AGAINST

Bespoke we've no idea if there is a partner that's just conjecture. The infrastructure costs could break both companies.
10 years and they still haven't started drilling is fairly poor progress.
This is a big risk that I won't be part of and I intend to vote NO its one of the poorest deals i have been involved with in 40 years having shares. Very disheartened!!!!

In that interview today he stated he was going to use the revenue from Trinidad to further the deep sea drill. We've been raided to forward this chaps ideas to get this deep sea monster drilled.
Tell me how they will fund the millions needed for infrastructure to get the oil to market.
For every share we own of Cerp we had 100% of the assets in Trinidad now we only have 26.3% of those assets and 73.3% of a very expensive high risk, which if it goes wrong (70% chance) will leave both companies as failures. it's too much of a risk.
Also paying Lind off in shares will dilute us further.
I am voting AGAINST very rubbish terms

We should have seen the writing on the wall when Tony and Gordon got other Board positions. I did make some comment about at the time and then Leo said it was a common practice to get experience. Yeah right believe that one.
I have to say well done to Peter who moved his money to ITM , PHE and Ggp after talking to me, he was very disillusioned 6 months back, I should have done the same I got too involved here after 10 years researching it I know it very well. I doubt I will do anymore very disillusioned although the assets are extremely good I feel they will be wasted on BPC. If Cerp couldn't raise enough revenue from its assets how are BPC going to raise enough to keep their lights on. A big fire sale probably to fund that white elephant in the ocean instead of funding the gorilla on the SWP.
whatever happens with the vote I hope the merger fails
I'm voting AGAINST

Hi Qnard
I was in BPC nearly 10 years ago when they were ramping that well up and now it's 2020 and still not drilled. I got out couldn't see a company of that size coping with that well.
If they drill it what happens then , what about the infrastructure how many millions is that going to cost.
In my mind it's just not viable.
From that interview he clearly says he is going to use production cash from Cerp to fund this drill and Uruguay. That's pie in the sky big dilution coming if we end up with them.
This company won't be the same For or Against, if it goes to BPC what we've had will be gone, if it doesn't go we will be looking for a new BOD.
I shall keep my shares till the vote , if I get BPC shares I shall be out I don't want to take the risk of that one well failing.
I've been with Sound with 3 dusters it's a sickening feeling I've no wish to be in that position again.
This is a sad day for Cerp shareholders I'm voting a BIG NO

Simon Potter said our £2.3m will be used to cover the transaction costs
Where did it come from, it came from all of us paying Lind with shares and now we will be paying again when BPC issue 80m shares to pay off Lind.
We really been screwed just like Ritson dumped us
Vote against

LLL
You have just confirmed my vote what shareholder would vote with your recommendation.
You're talking rubbish again

Hi Phoebus
I agree at the moment 1 Cerp share has 100% in Cerp assets, after the merger that 1 share only has 23.6% that's 76.4% of a very risky play and something new in Uruguay.
Also an 80,000,000 dilution not good.
I was in Echo when they moved into Argentina what a mistake that was.

Vote AGAINST :(((

Hurricanes very rarely hit Trinidad when do you think the Hurricane season is then, from my knowledge it starts in August doesn't Q4 start in September

I know my holding won't make much difference but I don't like the terms of this merger and shall be voting against it.
There is still a hope that another company will jump in and offer more but a slim chance.
BPC have no production, they do have a large prospect in the deep sea. Q4 drilling in the hurricane season wow what a risk if it goes **** up it could take the whole company out.
I've been here a long time very sad it's ended this way.
Our NAV value should be way higher than 2.67 just needed proving, we have been sold short, nothing in it for shareholders on the potential of the SWP. 12 targets of 20-400m barrels on land could be way more than the 770m off shore.
I urge others to vote with me and vote AGAINST

Well I'm saddened by that news that is a very cheap sell off , totalling gob smacked.
I was in BPC years ago and got out waste of time.
Posters on here calling Cerp baggage you should do a bit more research you don't know the gems they have.
Very disappointed in our Board.
BPC what have they got, not a lot nothing to get excited about.
Sad day

http://seekingalpha.com/article/4352461-190-j-p-morgan-thinks-possible?

That's what I call Bamping :)))

The wells I've itemised I believe is upto date don't think there were anymore on WNZ.
I don't believe they will involve Cerp with Tambaredjo but there's 2 other license still available but very underexplored .
I hope Cerp don't take on anything else they have enough to do at the moment

Hi Bully
Just read the 2017 Annual Report and it talks about having 5 rigs on their fields and now have 1900 wells, it doesn't itemise on which fields though onshore or offshore.
Interesting bit about Polymer EOR they are building a new production facility.
There are 2 types of Polymer EOR
Surfactant polymers when injected reduce the interfacial tension between oil and water and is able to get the oil moving from rock pores therefore producing more oil.
Hydrogel polymers are used to make water in the well more viscous and unable to flow producing water free or dry oil.
The more I read about Statsolie they seem very progressive in what they are about. If they find good quantities at WNZ and there is a 50-50 jv that will be a huge bonus for Cerp.

Better talk to JP Morgan about that
Supercycle on the Horizon
$190 by 2025
Report 3rd March

My assumptions for Cerp oil production for next 6 months
Goudron :- 400 to 500 barrels now rising to 600 with license renewal
Innis :- 50 to 100 not from Pilot project
and 175 after Prd costs paid
Icacos :- 15-20
Bonasse :- not Saffron 20-40
Saffron:- MC 50-100 depending on the number of zones tested
LC :- 200-300 NB! very low estimates I'm not sure as the pressures were so high.
South Erin :- 50-70
Suriname:- 100 to 120

Also other items may come on line
MC another well
South Erin development well
Goudron pilot A

The programme of works is building up nicely
Hard to stop a steam roller once it gets going:)))

One will test the Middle Saramaca and another the Lower Saramaca.
There must be loads to sort out before detailing the Field Development Plan later in the year. There must be a reason that the wells are not in production, possibly sand issues. When most of these wells were drilled modern down hole pumps were not around so Cerp expertise is needed. Some of the older wells may not be suitable for modern equipment.
A lot of work ahead to get this field running smoothly and with better seismics and FTG a lot more oil to be found and an oil refinery very close by , i think it's called the 'Tout Lui Faut', also the Tambaredjo pipeline runs near by.

This is like the start of Goudron all over again:))

Hi LGO
Cerp have said Suriname EWT will commence after Saffron commitments.
There 5 wells that have been on a production test, so if they're in a good condition I would expect one well to come on line fairly quickly then another shortly after. I've only heard them mention 2 this year.
I'm only expecting 50-60 bopd initially but hoping for better things later