Member Info for Bamps21

Hi LGO
I'm not trying to dampen enthusiasm for Suriname far from it but I don't think people should be expecting oil finds like they are finding off shore.
Reading about Statsolie seems a much better outfit than Petrotin to work for.
WNZ has had some exploration drilling by Shell who declared there was no oil there, Statsolie started 2d seismic and have had success and proved them wrong, which is the wells Cerp are taking over.
WNZ is under explored and close to the suburbs and not far to Taradejo, a productive oil field with many wells and has been producing for many years. The production numbers slip my mind but if they're comparable to WNZ it will be very good news for Cerp.
When Ritson went to Suriname I believed he was after Taradejo which would have fitted Cerps goals, on shore , old oil fields which can be rejuvenated.
Suriname should become self sufficient, leaving the main explorations on the SWP

Leo coming from a company he built from scratch working in the North Sea, I bet he would dearly love an offshore license but I can't see that happening with Cerp
ATB:))

Trinidad & Suriname
26 Dec 2019 19:04
Oil origins in the Venezuelan, Guyana & Suriname basins started forming in the Jurassic period 150m years ago. At this time Trinidad was closer to Florida than Suriname, and the Caribbean and North Atlantic were a lot smaller than today. Africa and South America were one continent and North America was moving away westwards.
This was the start of the oil fields stretching from Venezuela to Guyana. These fields were gradually covered over with alluvial deposits and are the fields at very deep levels in Trinidad.
About 120m years ago Southern Africa and Southern America started pulling apart , pivoting around Suriname and caused huge forces creating many faults, traps, canyons, thermal forces. The next generation of oil was being formed at this time and 90m years ago Africa had split forming a large channel off the coast of Suriname/ west coast of Africa. This channel was being filled continually with sedimentary deposits covering the source rock with deposits. A big rift had formed to the east of Guayana causing many faults/traps .
The early Jurassic oil had now migrated and been trapped under the Taradejo field in Suriname in the numerous faults, whereas the second generation oil formed in the new waters between Africa/S America. This oilfield was gradually split in 2 off the coasts of Suriname and the west coast of Africa with little on land.

WNZ field has had minor drilling and 2d surveys so little is known, but it is riddled with faults and traps. Any oil is not likely to be connected as it migrated from way down and got trapped
The field is going to need a lot more 2d and 3D surveys to find these traps.
There will probably be less opportunities to find secondary oil.
The forthcoming drilling and EWT will give more insight into the geology of Suriname and WNZ
The oil in WNZ has an API of 16 and is a sweet heavy oil with a low sulphur content

It's not that far away in miles but an aeon away in the age of the oils.
I did a long post some time back on the geology of how Suriname was formed, I will re post it.
Off shore oil is younger than on shore.
Oil on shore is trapped in pockets
Offshore oil has been formed in sedimentary layers laid down while South America and Africa were moving away from each other, so Nigeria and the West coastal countries oilfields are more similar to Suriname oilfields than the on shore.
It's therefore not comparable, what Cerp are exploring is an under explored field close to the oilfield of Taredjo and may be more comparable with that one.
There is not a lot of seismics done and that more has to be done under the agreement but testing of the existing wells will give Cerp income.
WNZ is on the suburbs of the capital Panaramibo and very close to the oil refinery
ATB:))

I just wondering what Suriname has to offer Cerp
24m barrels in oil in place would be in a range of 240,000 to 360,000 barrels recoverable at around $30 .
That's around $7.2m on the assets minimum for recoverable assets
That is not a great deal but 24m of reserves at say $3 of oil in place would = $72m that's equilivant to 11p Nav total.
Now I'm not being over optimistic so I'm estimating 5p total once the EWT has started but is probably too much

Well I've been engrossed with this presentation this afternoon. On the plan and section they show a light blue section called a post mineral dyke. It's running SW to NE and is still open at the bottom.
This argues slightly with the RNS which states the area is in an arcuate zone running to the NW.
This crack was formed by ancient continents pulling apart and water boiling from the heat of the earth throwing up minerals from deep in the earth called breccias (shown in yellow on the plan). This is commonly an Arcuate zone , other examples are the highly prospective arcuate zone of New Guinea.
The post mineral dyke is where this crack has filled with sediments and solidifying.
The drill mineralisation seems to be not present in this dyke.
Another example is the dyke that runs through Rio's gold field in the Gobi desert and it's 12km long.
I'm not concerned with the short term share price this share is looking massive in my opinion:))))

Hi LGO
Although I believe the Corona virus has been hyped out of all proportion by the media, China's slowdown has caused oil consumption there to fall of a cliff hence the WTI price is dropping.
Shells price has dropped to nearly £16 and BP under £4 that's hurting me more than the drop in Cerp which has not been so bad but still not good.

The media mainly the BBC love health scares while yesterday for instance the main news glanced over the flooding issues in Worcester area which is causing misery and disruptions to thousands around here but the Corona thing has involved less than 20 at the moment.
In this downturn I'm just keeping my head down and see how things turn out
ATB:))

A drop of 2.27% hasn't been too bad considering a lot of mine have gone 10% but mainly divi stocks.
My best one today is IKA solid state battery maker one for future
My worst is Itm expecting it to bounce back
Been buying Britvic (heard that lemonade is a cure for Corona virus but might catch a cold with that one) :)))))

Hi Willec
Depends for what reason they are testing a well. Could be flow rates, bottom hole pressures, gross and net pays, water /gas content or pressure build up tests after initial flows. The first 2 could be immediate the last one months.
Cerp aren't just testing one layer but numerous layers and will take sometime to complete. Each layer will have to be isolated before continuing to the next.
I believe the objective for these tests are of course the flow rates and commercialism but the water free oil seems to be the priority.
Oil and water mixture requires more surface tanks for separation therefore additional costs, causes more condensation and waxing, more work overs and maybe steam EOR
When they announce the test results the best phrase to look for is clean dry oil water free and no sand but I wouldn't be surprised if there's a lot of sand
So "how long is it going to take"
it will be as long as it takes so long as it's commercial I'm ok with that

Hi LLL
"Presentations are speculative"
Oh really so company presentations are based on conjecture or lack of knowledge.
Are you suggesting they are putting together false information.
Suggesting that quoting from presentations are ramping is absolutely absurd.
This is just showing that you have only negative views for this company and your deramping is becoming ridiculous

Hi Peter
On google maps satellite in the search bar type in Bonasse, Trinidad and it should go to Bonasse. Blow the image up on Bonasse and find the Cedros Health Clinic on the St Marie Road, follow it down to a turning to the East then fork right. Then there is a turning east, easy to spot it looks as if it has just been cleared. Saffron is just on the end if you blow it up you can see the shadow of a mast possibly a rig but it's not that clear. Go further down and you come to the old Bonasse wells.
My internet playing up I will send it when I can
ATB:))

Hi LLL
All companies need plans / objectives/ forward looking statements that doesn't necessarily mean they will stick to them whether that's for economic reasons or outside forces.
As far as I am aware that latest progress plan is their latest objectives and the small print is what it is small print
ATB:))

Hi LGO
Everything I've mentioned is in the presentation unless I've remarked in my opinion
ATB:))

Morning Offerman
There are pro's and cons with the oil price at this price $48. The main one it will bring the average 3 monthly price down hopefully below $50 and then there is no spt to pay.
This could keep the CO2 project going even with lower prices
The revenues for Bonasse are still fairly high at around $38
Goudron without the spt is a much better prospect than with it.

With lower WTI and consumption some more global costly projects will get cancelled or put back. When the economics gets back to some normality I can see a surge in the price due to restocking.
Bonasse is still Cerps best fiscal asset and should concentrate their efforts on it rather than spend monies elsewhere in my opinion
ATB:))

$48

Hi Offerman
In hindsight it probably would have been better to go for the smaller Clove to get some cash in.
The Pmean of 210,000 barrels stoiip would have given about 20,000 recoverable. At today's prices that's about $45 per barrel so for say 30 barrels per day that's $9,450 a week since Nov maybe would have given Cerp $141,750.
That would be $260,000 still to pay off the cost if cash was used.
It may have produced more but when you look at comparable wells around Bonasse I think that would have been a fair sum.
The Middle Cruse I'm estimating around 50 per day but could be higher judging by the statements Cerp have made.
ATB:))

Hi Karlci
I haven't made a note of the co-ord but can tell you how to find it
Find Bonasse town go SE across the main highway and follow the road SE towards the coast before you get to the coast there is a road to the east on the end is a large clearing which is Saffron
In the SE corner the shadow of the rig can be seen
Further to the coast you can just pick out the original Bonasse well sites
Good hunting :))

Hi Offerman
The Saffron site is fairly large, looking at google satellite plenty of room for more than one Middle Cruse well and an Upper Cruse one and more infrastructure .
This would all be within the P90 contour whereas Clove is outside.
For me the opportunities at Saffron far outway Clove and definitely left for the future
ATB:))

Hi Chesh
Testing of the Lower Cruse commenced early Feb
Initial testing is of the 3 horizons in the LC and then depending on results perforation of the large sand packages between the horizons
Further testing of secondary horizons within the LC may happen, this could happen and/or with the testing of the Middle Cruse.
The Upper Cruse looks as if it too has oil but testing/ drilling for another time
All looking good in my opinion :))

I think Paul Griffith of PRD when referring to additional wells was commenting about putting CO2 down additional wells not new ones though. Looks like the pilot is working
ATB:))

Hi Nige
Trouble with Government any disasters they're out in force making it look like action is being taken. As soon as the floods go down all actions are forgotten.
Those flats I built next to the river in Worcester there was a room where the flood defences were stored, have they been put up, nah not that I could see, all the cars inside are trapped.
When we were building them in 2007 it flooded and the sales chap came to me and said I've just sold one
Funny old life :))

Hi Offerman
I'm intrigued by what they mean of further secondary targets within the Lower Cruse. No wonder the testing is taking time.
Also noticed from the presentation that Clove is not mentioned but more emphasis on the Middle Cruse so must be a better target
ATB:))