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I also expect an operationel update tuesday when markets open again, so it's definitely not worth it.. Very curious to know if discounts will keep going down, that could really Spice up our cashflow and drilling programme
It depends on the size of your position, if you're sitting with 100K then a trade might be worth it, but if you have a big chunk, then you're not guarenteed to be able to get in again, I will sit comftably and follow it from the side, and maybe add if it really do a pullback. Not so many shares around though, and more and more eyes on it :)
I tried to hear PB about the progress at coho-1 and im very delighted to say, that equipment is in place and construction has started.. I really love this management that have the approach every management should adopt 'lets underpromise, so we can give our investors a good surprise'. We All know they said 30 days construction, maybe we would see the spud already in late may, Who knows ;) You have management in like cerp that artificially took production to 1000 BOPD (maybe to get a bonus for achieved goals) just to let it drop back to +600 bopd a few months later, PB always stress that we only put out production figures for a well after 30 days of production, so we can say what the well actually will produce in future and not the flush production. Of All the small companies i T&T we Are the most well positioned to deal with spt, production increases, risk management and world class exploration targets. But AIM havent found out of that yet, but the reality will soon enough be accepted by all
https://www.trinidadexpress.com/opinion/columnists/spinning-top-in-mud/article_db199214-60a0-11e9-a886-3bef04fedab0.html The second issue, which is going largely unnoticed in this country, is the collapse of oil production. In 2018, oil production fell by 11.6 per cent compared to 2017’s production. In fact, oil production is currently the lowest since the 1950s. Falling oil production is due to the fact that we have had no drilling in Trinmar since April 2016 (three years) and land-based drilling in 2018 was 55.6 per cent less than what occurred in 2015. This has had a damaging effect on the economy of South Trinidad and the closure of the refinery has made it worse. With the best of intentions and efforts, Heritage Petroleum will find it very difficult to get their production back to where Petrotrin was in 2015. The biggest obstacle to turning oil production around is the current supplemental petroleum tax (SPT) regime which has to be changed.
He says it in this presentation "you will most likely see us back drilling in may" https://m.youtube.com/watch?v=tsfIbWg3AqU
And now they learned the Hard realities. I still dont understand why People like that stock so much, 670 bodp. 0,4 mil USD cashflow in 3 months, 2,6 mil USD in the bank and still about same marketcap as txp. Its a bit scary how bad decisions People can agree to take, their CEO is overpromising and now atleast pushed SWP to Q3, not that exciting to be a shareholder in that next couple of months
Yes, but remember discounts for 2018 came in at 16% in average, if the discounts was like it is today, our netback would be up with 5 USD and land us at 32 USD pr barrel ;).. So we will further distance ourselves from our Peers ;)
To some degree I understand trin is more valued than us, Even though we have higher netbacks than then i 2018. My problem is with cerp, they just managed 1000 boe/d have very little Cash in the bank, which I think wont be enough to drill an exploration well, and drill some production wells at the same time. From a risk perspektive txp is much better, and I would argue that Even our exploration in ortoire could live up to their SWP license. The funny part is, that All Board in their know about txp, but still choose to sit in cerp, so it can't only be that txp is unknown
I really still dont get why a company like cerp is higher valuated than txp, i often read the threads in there, and it sure looks like its a darling - very Active Board and many posts every day. I understand they have a very exciting drilling coming up in SWP, but still, txp have a greater base production, and more low risk exploration, which are funded. Cerp didnt Even drill 1 well last year, but so much interest in it. Maybe I will understand it at some point, but havent cracked it yet. Will be looking forward to their Q1 release to see if there is something great in it, other than their CEO ultrahyping it and speaking about market valuation of 100 milions USD.
Crazy session on TSX again with 18p equivalant almost All day. Actually someone put a refill order at 0,31.CDN, but nobody really want to sell, we just need to clear the last shares from the equity on Aim, and prices will correlate
Hehe i know 1750MK, but he was a bit reluctant to share our Joy in the Q&A, and said twice "I dont wanna jinx it" haha never expected him to use words like that.. Good post about sneller btw. I also heard PB saying that many institionel investors was following the story, but unable to buy, as marketcap is to low. But that they were ready to jump on as we go forward and marketcap increases, maybe we will see some more sneller buying above 20p :)
Batawest have produced 150 bopd from 1 well (BW-5). It was from 40 feet sand. We Are targeting 400 feet of sand, which would most likely give a better pressure. If it comes in above 250 bopd they will most likely frac it to further enhance production. If these turn out to be what they think, production can be increased very quickyly there, also have in mind, that we Are targeting another layer just beneath it, which could lead to us producing from 2 zones. Cant wait for June :)