Member Info for CERP-84

Welcome on board Persiantrader, great time to buy in IMO.

Goo luck with your investment.

Atb.

I wonder if this is the reason the Icemax is still in the vicinity?

If it was Stenas fault the steel got dropped down the well, I very much doubt they will want the reputation of a company that screws up a drill then walks away saying don't worry BPC the bills in the post! even though it's our **** up!!!!

'Shame we didn't drill Jurassic as planned, things could be very different now'

To right! If the sidetracking costs are the reason we did not drill to TD then this is totally unacceptable.

do we know if it was definitely Stena's fault that the piece of steel got dropped down the well? If so, surely there is a good legal case to claim full drill costs back from them at the very least? Isn't this kind of thing covered by insurance?

Hi Bespoke, I think a placing is inevitable, IMO I'd sooner this was done pre S2 results, let's get all the bad news out the way then the brakes will be off.

After SP's presentation I'm definitely feeling more upbeat about the medium term outlook.

Atb.

I've just watched Simon's video. Great to see he has provided a comprehensive update on the current situation. Not all good news but it goods, but credit where it's due, he has addressed many of the questions that needed answering. Watch https://www.proactiveinvestors.co.uk/companies/news/945180/bahamas-petroleum-reaffirms-commitment-to-high-impact-offshore-exploration-in-the-caribbean-945180.htmlAtb.

BPC are in desperate need of a change. The SP is languishing at a record low, we appear to have a massive funding gap, further delays to s2 and Suriname spud dates and the lack of communication from the BOD is totally unacceptable. I appreciate we have had some bad luck with the p1 drilling issues resulting in unforeseen costs, Covid to contend with and poor weather in T&T resulting in delays. The thing that has finally made me come to the conclusion that a change at the top is required is the fact that we are now at the end of March and we still haven't had a single interview or presentation from Simon Potter explaining what went wrong and how He intends to drag the company out of the mess we find ourselves in. He is paid the big bucks for a reason, and that's to stand up and face the music when the chips are down and show some leadership.

SP should do the decent thing and invite Leo Koot back to take over the reigns. LK oversaw the S1 exploration drill and overcame numerous complexities so who better to oversee the S2 drill? As Bamps21 quite rightly pointed out in an earlier post, there is massive risk involved with S2 and I for one would feel a lot more comfortable with LK at the helm.

In reality I cannot see this happening of course. The chances of SP giving up his massive salary are practically non existent but something needs to happen for sure as we cannot continue to go on as we have been doing. The only reason this company is not in liquidation right now is due to the fact that the price of oil has salvaged the situation and I don't think the BOD of mr Potter can take any credit for that...

ATB.

Really pleased for you Davie, thanks for sharing.

Thanks for coming back to me SC.

Fair points about the Schroders and Lind overhang. LK must have liked what he saw in the P1 data and thought at the time that it was a good deal for CERP shareholders, we all knew the risks and decided to remain invested so we are where we are...

I'd love to know why LK left the company pre P1 results though... if He did know that P1 was non commercial, meaning Saffron 2 would be key to continued progression of the company why did he leave at that point, who better to oversee the S2 appraisal drill and field development than him?

Personally I think the Bahamas story is far from over. The next couple of months are going to be very interesting!

Keep up the good work with your regular posts!:-)

ATB,

*1billion shares, $50m....

Morning SC,

When you say 'CERP had no spare cash to maintain wells or invest' this is quite a bold statement, can you confirm how you know this to be the case please?

At the time CERP were generating enough cash throughT&T production, albeit at a reduced rate due to Covid and surprised oil price to keep the business ticking over until things picked up again. There were 1b CERP shares in circulation pre merger, even if LK had raised another 1billion through a placing which would have raised $50, more than enough to develop Saffron and Wag nar Zee the CERP SP would be flying now..

I agree with the vast majority of your posts SC and I appreciate we are all in this together now but please don't make out as though BPC came along like a knight on a white horse and saved CERP as this wasn't the case.

ATB.

Nice1. It's a bet.

Irene's translation service " several parties have indicated interest in providing a Wonga loan on Wonga terms"

Love it, the other trolls just don't have your soh Irene...;-)

My estimate is 2000 bopd (stable production) by year end) what's your prediction?

I'd suggest the bet is whoever gets closest the the official figure.

The bet i'd suggest is a £50 contribution from the loser to the charity of the winners choice?

Evening Ross, I seem to recall it was a tumbling Oil price that scuppered that arrangement. Here's hoping SP negotiates better T&C's then NR did...

I can only see the oil price going one way over the next few years...

Hey Irene,

You have been quiet today...:-)

Have another read of the RNS....

Potential Prepay Facility

'Given that the Company has existing production and will be undertaking work through the balance of 2021, specifically aimed at adding material levels of immediate incremental production, discussions have commenced with various parties in relation to a potential prepay facility whereby the Company would receive cash up-front to be repaid (along with a finance charge) against income from future production. Given the strength of the Company's projected production growth through the balance of 2021, several parties have indicated interest in providing such a facility, with negotiations and due diligence ongoing.'

The Company's goal is to build profitable production and cashflow through 2021 and beyond, with a stated target of exiting 2021 with Trinidad and Tobago production, when consolidated with projected production from Suriname, in excess of 2,500 bopd.

I'll take you up on your bpd challenge. My estimate is 2000 bopd by End of the year. I'm taking Suriname production out of the equation until more information is released.

What's your estimate again?

Hi Egg,

My post wasn't aimed at you.

I know you weren't happy with the lack of comms, neither was I.

My post was aimed at the people who are still moaning even after today's positive RNS...

Atb.

I can't understand all this negativity! Certain posters have been moaning about lack of information from the company for weeks, day in day out like a stuck record, well today we got it and yet the same posters are still being negative.

IMO todays RNS provided the information I was waiting for to be confident that this company is in a good financial position moving forward with a clear plan on how they intend to take the company on past the disappointment of P1. Most importantly it has given me the confidence to invest further without the feeling I might be throwing good money after bad.

Either get on board and get behind the Company or do one.

DYOR,

ATB.

Correct Egg.

Wonder if Irene is still taking bets on her end of year production challenge?:-)

Very positive RNS this morning!

I wouldn't be surprised if he ends up back at BPC....

GG 'Despite what some people say this BB does NOT affect the share price'

Afternoon Gary, I have to disagree with you on this one. Lately BPC averages between 100-200 trades per day, I reckon a fairly high percentage of new and existing investors use bb's including LSE to gauge the current mood before deciding whether to invest in a company or not. Not sure about you but if I was looking at investing in a new company it is certainly something I would be doing alongside researching company websites, reviewing RNS's & company accounts etc......

Atb.