Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
In4, like you I've had enough. My parting remark is this.
what Evidence.
After reporting live from the drilling, the logging and the testing of S1, we were looked in the eye and told "In Saffron 1 we have found exactly what we were looking for"...It was nowhere near what anyone was looking for, not even close.
You can call that what you like...
Enough.
OK,
I can accept the overall binary outcome of P1. I can even understand the clever financial footwork, and while I don't approve, in the success case it would be a wash. I assume a well was drilled, but I have no evidence.
I am struggling with Saffron however. We were severely misinformed, if not mislead. This was not a binary risk/reward play like P1, this was a development with peninsula-wide scale. But we bought a lemon....the technical agenda drowning in the wake of the dreadful S1/P1 duet and CERP/BPC departures. Can we really believe the shareholders were considered in that rapid two-step?
We were all fired up for SWP and it's massive upside following Saffron's success in S1, but S1 was not real and we never even had the SWP acreage at the time...!!? Another lemon bought happily?
Whatever happened to WegNaZee. We all got excited over the Latin coast (what with Exxon remember), and now it is just off the agenda, poof. Do we still have it? Were we sold another lemon?
Now we have the Uruguay block with only a farm-in as hope since we have no capacity to operate. De Ja Vu faint farm-in farming for ex-BPC shareholders and execs alike I'm sure...? This doesn't feel like a break with the past.
Despite our misfortune, various shortfalls, demolished share price and marginal financial situation, we have very recently acquired another onshore block, GG. Does it come with commitments, if so what and how?
So we are asked not to keep griping about past atrocities, and to believe that the new executive are not the old executive, i.e. CEG is neither CERP nor BPC....but how is the Uruguayan farm-in fund raise any different to the Bahamian farm-in fund raise? What resource will the GG block remand, do we have it, is this published? Will there be another fund-raise and consolidation?
As a long term shareholder, all I hear is "oh P*ss off you old codgers, you have no value left in this share why are you here, just FRO and let us harvest the new punters in peace."
Track records matter...and if we are truly making a break with the past, why do we still employ willec the saffron sweepstakes genius? (This is a joke, just like willec)
How have we broken with the past?
CLARIFICATION: On reflection, the prince never lied to anyone, he may simply have accidentally reached an irrational petroleum geoscience conclusion that was accepted in faith and error by many of us.
An alternative interpretation, however fringe and badly verified, is not necessarily a lie.
I am reminded never to ascribe to malevolence, that which can be ascribed to stupidity.
Poetic license as a result of elevated BP in threatening circumstance, my apologies.
So.....Where do we draw the line of what is past and what is present, those of us long term invested and not inside. But interested and watching and well bled...where?
Is your question really the title of that thread, "Who's put in the real money"? Seriously?
OK, let me try. I would say that the BPC and CERP, the direct predecessors of CEG, together raised about 300 million USD. I'd say that most of that was from a combination of shareholder funding and to a lesser extent loans, but I have no evidence.
The question is really, what shareholder value was created by this massive expenditure?
MY question, unanswered, Was Uliel there when the fund raising for the Bahamian Farm-in occurred, and is he there there for the Uruguayan Farm-in fund raising. Yes for both I think, but I do not know, and have no evidence.
In either case, can you let us know WHAT is the difference between the two fund raising methodologies, since we all know about the first, right..?
You seem to think he was blind-sided by Saffron 2 being "too new in the seat" to understand the technical issues at hand? So what you are in effect saying is that Uliel is as mad as I am that the Purple Prince lied to our faces even though he had seen the well go down, studied the logs, and analyzed the well test data, and then reported a significant discovery to the shareholders (I have evidence of this). So Uliel then ends up with the S2 egg all over his face so we ditched BPC and spawned CEG. So we are all on the same page right, or am I missing something?
Does this answer your question?
I'm not sure who's mad at who anymore Seahorse, but since you "know where I live" , perhaps we could discuss it before you act on what appears to be a threat levelled against me?
In4Cedross
What speculation? My speculation that birds of a feather flock together?
He may or may not be affiliated to CEG. Who cares? It was hardly the subject in that thread..
So what is your point, that he IS associated with this group and you're proud, or is it how dare I insinuate that he is involved with this group?
Methinks he doth protest too much.
Your question reveals more than my answer would in4Cedros :-)!
The real money in this game is not made in renumeration, don't you know?!
As I said, "I do not know, but I believe"...because in my experience, business cliques that hunt together tend to stay together.
Uliel was there for Saffron 2, which was a even more egregious technical fantasy than Saffron 1 (Bonasse 15).
He was also instrumental in P1, was it ever drilled?
What is the difference between the Bahamas farm-in fund raise, and the Uruguayan farm-in fund raise? What has changed?
If you look at the power players, I do not know, but I believe you will find Ritson, Potter and Koot's snouts remain firmly in the trough!
I don't think JohnBriggs is out for revenge?
I think he feels a civic duty to alert any newcomers to the very long history of raising fortunes from the unfortunate and spending same on the lifestyles of the lucky and connected, LeniRitsiKootsiePotty and this young lightweight Oz have all done fantastically well.....not so much the shareholders across multiple projects.....and this is not a one-off comment, this is a long history of plain lies from the TED, LGO, CERP, CERL, BPC and CEG misadventures...our pedigree at CEG today.
It is fair comment, and right that potential investors understand the very very long financial and technical debacle this company and it's predecessors have been, and take it into account when evaluating the expert ramping.
I for one applaud his sense of duty.
The Ramping community can have at it freely, so it is only fair that there is a counterbalance to bring reality to their infantile fantasies and alert the unsuspecting and trusting hopeful punter to the history and risks of this cabal.
It is fair comment on his part, looking at the actual history , so play the ball not the man!
I wonder which one is starfish, I have a lead but I am not sure? Maybe the malignant tumor he was has metastasized into a few??
Personally, I lost it on Saffron One when Leo Koot brazenly lied to investors by saying that "in Saffron 1 we had found exactly what we were looking for"....Saffron 2 was similarly a farce to fill the coffers in the wake of the Golden Parachute and Golden Handshake simultaneous swap between Koot and Potter, people should know this and see this and be guided accordingly.
Don't goad me now starfishies, I am simply asking for fair space for fair comment, I can and will lay out this history in great detail if you like...
In4, I have no doubt they will raise hundreds of millions of US Dollars, just like LeniRitsiKootsiePotter did the last times....and their huge success will be repeated here! Don't be so negative, raising and spending money is what they do, and have done well!!
Have at it chaps, one born every minute!
YeeHaa, we're rich, hang on, no, they're Rich! YeeHaa!
Chaps chaps, don't be so negative!
How much was raised by predecessors LGO, CERP, CERL, BPC on their other projects?
That's right, Oh Ye of little faith, hundreds of millions of USD.
You guys just have no faith that they can do it again!
I bet CEG can raise 100's of millions, and we now have two licenses we can't operate nor afford to operate just like the last ones, but Shell are on the block next door in both cases and will shower us with cash and give us equity and a carry on the exploration! and there are Tceffs of gas out there, industry experts say so!
Go Farmin (It always works, and works well!! ask LeniKootsiePotty et the ul !)
...and what's that?? what? what about the shareholders? well, what about them? everyone has a role, and their's is to fund this..wot's the problem?
Have a nice day punters! buy Low, sell high :-)
Yeah, and ask Willec, we can definitely farm out this acreage to Shell, they actually produce gas just a few miles down the road! It's a dead cert. There could be billions of TCeffs. Buy Now while it's hot! CEG will soar into the heavens like a starchild! We could raise a fortune on this!
JUST FORGET THE BAHAMAS WILLEC,?
JUST FORGET THE BAHAMAS FARMIN BY A MAJOR FUND RAISE TOO?
JUST FORGET GY677?
JUST FORGET SAFFRON 1?
JUST FORGET WEG NA ZEE IN SURINAME?
JUST FORGET SAFFRON 2?
I SEE..
TODAY......IT IS ALL ABOUT THE FARMIN FANTASY IN URUGUAY WHERE A BOTTOM FEEDING MINOW GETS A SIGNIFICANT CARRIED STAKE IN DEEPWATER ACREAGE WHILE HAVING NOTHING TO OFFER BY WAY OF OPERATING CAPACITY, GEOSCIENCE OR ENGINEERING, FUNDING OR TRACK RECORD....ok then Willec, we are picking up what you're throwing down...
Druid says brace for fund raise and consolidation.
I do know from past experience with this lot, that a lot of positive punting will result in some sort of fund raise and/or SP consolidation. Here we go again!
I would have said there is no way to bounce this ball again, but it seems I am wrong..
Go for it guys,
BUYERS BEWARE.
(..and note that the farmout scenario is the pollyannaish pits, PIE IN THE SKY.)
So Willec,
You mention both farm-out and then drilling? Which scenario do you favor?
In the farmout scenario, what equity do you think we would hold, and would it be a carried or working interest?
Also, are there any examples of a minnow being carried by a major in an offshore deepwater (or any other block) prior to exploration success?
Grateful for your wisdom,
Druid.
Roll up Roll up !!
Buy Low Sell high, Hear Ye! Hear Ye!!
Oil unfunded, price must go up !!
High tide floats all boats you know!
CO2 Scmeeoooroo,
Urugamifarminot with shelloramafictitiousplotwegot!
We have it all,
and Saffron too where we found everything we were looking for, in our own zoo!
Preach Brothers,
Let the good word out,
Buy Low Sell High,
oil is better cause rusky oil bad, it's a fad don't you know!
Hear Ye, Oh Hear Ye.
Druid had to..
Welcome back SC and sidekick W the P.