Member Info for bigdouble

Dear all

The three representatives met with the Solo Board this morning. Solo’s legal representative along with two of their PR company employees were also attendees.

Within a few minutes of us being there the Aminex farm out deal was announced, not that it had any influence on the meeting.

We could not have stressed more for Neil and Dan to take on board the concerned of shareholders and as we understand a statement will be released by Neil by this Friday addressing the various issues and commenting on the latest developments.

Let’s wait and see what statement he releases and then we can decide if further action is required. I very much hope not.

Taking us in auction, could be a nice rise on the cards

Yes will be over for lunch after the meeting with Solo, then on to round two with Aminex . Appreciate a copy soloegm123 @ gmail.com

Cheers

Drewky - sometimes it is important to take a stand. These salaries that both the Solo and Aminex Boards are drawing are just unacceptable. Unfortunately if we had taken this stance last year Solo would financially be in a much stronger situation. If we succeed and the AGM resolutions are amended similar to what shareholders have requested I would then very much hope new investors would be far more willing to come aboard. In my opinion the Aminex board will be their normal arrogant selves during the AGM tomorrow. You may end up regretting not rallying shareholders to put the brakes on their excessive salaries.

Why would stopping excess salaries and further unnecessary dilution hold back the share price. Whats holding it back is the lack of results from our operator Aminex

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He should change his name to Weasle would fit well

Kejoglo - why do you not do something that would benefit solo shareholders. Oh wait a minute thats because you are not invested here. So why are you here, not a tricky one to work out.

I am sure he can read through the post. Guys as transparent as a jellyfish

Dilution is a completely different to consolidation. Nobody is saying the board cannot raise money. They would just require shareholder approval first. That will hopefully stop another pan minerals, 600 k down the pan, excuse the pun.

Kejoglo - I am sure all Solo shareholders appreciate all you have done for them. Your great input of factual information and your supportive presence at all the previous meetings and AGMs. Truly amazing

Any joint Aminex / Solo holders

We have over 13.5 percent of all shareholders on board. Would be great to have over 15 percent by the time we meet the board this Wednesday morning.

Anyone not part of the solo shareholders action group that wants in. Please e mail

soloegm123 @ gmail.com Remove gaps

Need name and amount of shares held. I can then update you and copy you in on the boards correspondence

Will see some of you at the Aminex AGM after we have met will the Solo Board.

All the more reason to do something about it. Why are you not registered. You would then know the latest developments

Christoffmcd - plenty happening. You obviously did not register your holdings so are missing out on the latest correspondence. Shame

Newinthis - please reply to e mail. Have about 130 to deal with

Thanks reaction.

The options open to shareholders are as follows

Call an EGM putting forward our own resolutions
Persuade the Board to amend the AGM resolutions in line with shareholders wishes
Vote for or against the current resolutions

No shareholders should be left out of the discussions that have already taken place. Should any shareholder who does not want to give their name or holdings but still wish to see the correspondence that has been already sent and received please just e mail soloegm123 @ gmail .com with this request. Remove spaces. We will be sending possible EGM resolutions to you by e mail this evening, your feedback / agreement would be really helpful.

Jonfb - did you actually listen to the recording of the recent shareholder meeting. Cperkin was one of the shareholders who attended. Talk about conspiracy theories

We would have plenty of money to keep the lights on if the board had not taken 850,000 in salary and perks last year.

The board have made it clear, they are not the operators and therefore can not dictate news. We all understand this. It’s about the way they dilute, what they dilute for and stopping the gravy train.

South West Pensinsula Secured

The announcement in late June 2018 by Columbus Energy Resources (CERP LN) that it signed the Sale and Purchase Agreement for Icacos represents another milestone completed by the new management team. With the operational turnaround at Goudron well underway, management’s efforts have also been focused on unlocking the value in the South West Peninsula where an estimated 1.3BBoe are in place. The announcements in relation to BOLT, and now Icacos, pave the way for exploration drilling in 2019, which will enable the value realised by CERP shareholders to be maximised, in our view.

Updated Financial Estimates

Following the publication of full year financial results we have updated our estimates. The stronger recent performance of WTI oil prices has modestly benefited our near term estimates although this has been offset by a slightly slower ramp up and we expect an average of 675bopd through FY 2018 with over 800bopd by year end. We have also rolled over the model to reflect a return to profitability for forward earnings. Our Goudron value is adjusted to 17.5p/sh. The benefits of the recent transaction are harder to quantify definitively, however, we believe that operational control will enable CERP to more rapidly advance development than with a partner to whom the development is considered non-core.

Positive Management Update

We note the recent announcement in relation to senior management remuneration whereby all executive directors and senior management will continue to receive 50% of their salaries in the form of options. We view this positively as it further aligns the interests of CERP shareholders and the management team. This is an extremely unusual demonstration by management of their confidence in the future of CERP, effectively increasing their stake in CERP on a monthly basis. We are not aware of any other AIM oil and gas management who are prepared to voluntarily take 50% of their salaries in shares. This action also provides additional funds for CERP to invest in value adding opportunities.

Recommendation and Target Price

The shares have outperformed peers since management took over although we believe that the recent pullback provides an attractive buying opportunity.

We reiterate our Buy recommendation although adjust our target price to 25p as a result of our updated valuation.

Mjapac - so you do not think we should try and stop further unjust massive salaries or seek shareholder approval for further projects. What about an open offer if funds are required for existing projects. Your answer sit and do nothing.