Member Info for Gibbo1066

Someone's been watching movies Antonvb...

Yep, that’s one good reason… pesky springboks.

Ouch, was the saucer of milk a little sour this morning?

Druid, thanks for the geology lesson.

Oil and coal is derived from the remains of plants and animals in a process called or referred to as diagenesis and catagenesis during the Mesozoic era, which was between 252 and 66 million years ago according to my research. I feel you may be missing the point of my note though. Whether the oil is there or not is irrelevant, it was the negotiated terms that our beloved CEG had secured with a supermajor that most impressed me. I am happy to be corrected, but I could not see another company the size of ours securing the percentages, and payments our CEO achieved. We are in the hands of the dead trees, shurbs, marine creatures and flora and fauna and where they decided to exit this mortal coil. If they felt that off the coast of Pangaea now known as Uruguay was a good place, then we may be in the money. Its a binary play and I'm happy with our slice of it should it all come to fruition. Druid, this is just a discussion, Tuesday night pub quiz conversation if you will as not one of on here has a clue if there is oil where were hoping to drill. Now if you want to debate why England Rugby are on a losing streak against the Southern Hemisphere teams, I'm you man.

A somewhat somber approach to CEG and given its history, I don't blame you. I agree we are all waiting for the RNS to tell us of a huge find off the coast of Uruguay. That day is still a long way off if it happens at all, this is O&G exploration. FWIW I think the negotiation of the CEG team has been world class. I dont know of many minnows who have achieved what they have in terms of monetary recompense and percentage split and for that they should be congratulated. We are now in the hands of a few trees and shrubs that grew and died over a 60m year period. They then decomposed and were compressed into the black gold we seek today. It a binary play, but in terms of our lot in this binary play, we are very well positioned. Obviously DYOR, its going to be a heck of a ride over the next few years.

Perspicacious... great word.

Brex22, Im interested in your thoughts on why Chevron wont be involved next year? Personally I would find it difficult to comprehend why a super major would get involved with a sizable area off Uruguay, pump a minimum of $12.5m into the company that owns the licence, commit to their shareholders that they are going to carry out work in this area and then leave within 15 months. Now, if you had said there's no oil in them there parts, I could have seen your argument however sketchy. There may not be, but I'm pretty sure they are going to give it their best shot which in turn will give us long suffering CEG shareholders the best opportunity to get some of our money back and potentially actually make some. We're about 18 months away in my humble opinion. Enjoy the ride, whats said on here or any other board is really just an opinion on whats in the public domain, hardly worth petty squabbling over. Obviously DYOR.

Now now In4 play nicely with the other children

Well done team CEG, you did it.

Surely the Uruguayan approval process and completion of such is worth a mention. The full farm out & $12.5m receipt is almost a separate issue. But, hey I’ve been hanging in there for years, what’s another few weeks. Exciting stuff…. Just imagine if they actually find oil? I think I would spontaneously give birth.

19th September - 'Once a 20-day notification period has elapsed and the Consortium Agreement is registered, the farmout can be completed.'

I cant see anything to say this is now complete / registered...

I'd like to hear In4's opinion, just like I like to hear the others. IMO it may be a small part of the puzzle in place, but its there for all to see. For me this all changes when we get our payment from Chevron.... almost irrespective of whether they find oil or not. I did say almost...

So we have more information to build the foundations on. Now all we have to do is to locate some oil in our patch. Simple really.

I too have a great deal invested here GG, not certain I agree with your overall opinion of In4 though. This is a binary play, we will either get some if not all of our cash back, possibly make some or lose the lot, we are in the hands of the oil gods and Chevrons drilling abilities. I’m not taking sides in your love in, but it does strike me that neither of you are actually reading each others posts and if you are you are not reading them as they were intended. Still, I am the eternal optimist, I personally look forward to the coming months where we are updated on the Uruguayan govts position, Chevrons payment & the other block being snapped up. I’m not ready to write my paper loss here yet…a few months on top of the 10+ years I’ve been here is quite frankly neither here nor there.

Get a room you two... honestly.

Its not the best news I have had today, but like BP stated they have other more probable targets. I'm paraphrasing. I'm sure we are all aligned when discussing CEG, its a flip of a coin & it would be great if the coin gods are on our side for once... we've flips it a few times.

I've been here for a long time, way back to LGO days. It was a punt to begin with, then we had Koot and the merger. The Bahamas was an expensive disaster, but we drilled. Perhaps its was luck, COVID, fairy dust or tea leaves... what ever, but we ended up in a part of the world with some potentially very tasty real estate that some of the largest companies in the Oil world also have stakes in. Our minuscule oil company have signed a deal with a Super Major which is waiting government approval, we have early investor money from a leading oil investment company. Of all the previous times where we almost made it, I believe we are in the best position we have ever been in. Its a binary call still, but the upside is worth the gamble in my humble opinion. Obviously dont invest more than you can afford to lose & if you do, sit down and enjoy the next two years whilst enjoying some of the fiendishly friendly banter on this chat site. Gibbo1066.

I scan read these examples for my comments...

https://fastercapital.com/topics/successful-farmout-deals-in-the-industry.html

Thanks IK, interesting times ahead.

I have looked at other deals struck by small exploration companies with super majors and ours does seem to be very well weighted in our favour, well done Eytan. The investment from a well respected early investor also seems to be a reasonable deal, another feather in his cap.

Should we find oil in the south Atlantic on one of our patches, we will all be singing his praises and hopefully toasting them with a vintage Champagne too... now all we have to do is find it. Surely thats the easy part?

DYOR & enjoy the ride.

Gibbo

Morning all, I'm struggling to find the date for the share consolidation, has this been published yet?