Member Info for highlandmatt

And it's 15% on any well worked over, until costs repaid. Still, any profit is good.

Don't forget PRD only has half of Carib Rex (now steeldrum), and revenue is defined here as after royalties.

Cunning fox. This deal torpedoes the "these fields aren't profitable" argument. Guaranteed income, no costs. Very happy with that.

So, got until November. Should be some news before then.

My understanding is 17-18 days from restart. We usually allow a month for a full well.

Yes. Started on 22nd, 18 days plus logging? = mid Sept.

Wasn't 16bopd the output from Bonasse, not CM?

If the CEG fields were producing 272bopd, and a 10% discount to WTI (currently $63), that is 272 x 57 x 350 (allows for downtime) = $5.4m.

Minus royalties at 12.5% = $4.75m.

Minus operating costs of $3.9m = $0.85m profit per annum, assuming no tax.

Thanks Yuri. Do the CEG accounts say what their costs were to operate the fields? Do we know if we are taking all the staff, and if so, do we plan on making any savings? Although I wonder if this is now the core to operate CM as well, so spreading the costs.

...and bought them back lower. Sold around 3.5p and bought back around 2.5p if I recall.

Looks like the conversion at the VWAP price to me. Here's the AI view

VWAP (Volume-Weighted Average Price) conversion trades are reported by first calculating the VWAP for a specific period, typically a trading day, and then using that value as the execution price for the trade. The actual trade is reported with the VWAP price as the execution price, along with other relevant details like the trade volume and time of execution.

Here's a more detailed breakdown:

1. VWAP Calculation:

VWAP is calculated by dividing the cumulative sum of (price * volume) for each trade by the total trading volume for the period.

This calculation provides a weighted average price, giving more weight to prices with higher trading volume.

The VWAP calculation is typically done in real-time throughout the trading day, and the indicator is often plotted on intraday charts.

2. Conversion Trade Execution:

A conversion trade is a trade where the execution price is determined based on a predetermined VWAP, often for the end of the day.

For example, a trader might instruct their broker to buy or sell shares at the end-of-day VWAP.

In this case, the trade is executed at the published VWAP price after the trading day concludes.

3. Reporting the Trade:

When the trade is reported, the execution price will be the VWAP calculated for that day.

Other relevant details like the volume of shares traded and the time of execution (which may be after the VWAP calculation is complete) will also be included in the trade report.

This ensures transparency and allows for accurate tracking of the trade's impact on the market.

In essence, VWAP conversion trades are reported with the VWAP price as the trade's execution price, providing a weighted average price that reflects the volume of trading at different price points during the specified period, according to financial publications.

Could this be the £1m conversion, recorded at a higher price?

Company has guided approx 18 days for Cas4, so early to mid Sept. Results maybe mid Sept. Hook up October.

You are both right - 12m dollars and 9.6m pounds. The accommodation is $35k a month. Still, 15 month payback. They are doing a lot of things like that. Spend now, to save later. Slide 7 was the interesting one for me, showing production now the highest since Cas A first came online. Add 4 and 5, and real progress is being made.

Just think, but for that one decision to go with Schlumberger's recommendation of water based mud, Cas 4 and 5 could have been connected by now. Would also have spent less, so balance sheet would look a lot healthier.

That sounds like a Ponzi...

I believe this makes it clear:-

Production Update: July 2025 field-estimated production averaged 5,281 boe/d, up 3.8 percent from 5,088 boe/d in June. Estimated volumes included 22.3 MMcf/d of net natural gas production (3,717 boe/d) and 1,564 bbls/d of net crude oil and liquids production.

So, June was after CB was taken over. Nothing new has been connected. July greater than June. Looks flat to me.

Topped up 14.34p. Always good to get in below the financing level.

I also topped up on the news. Got 13.9p.

And GGG...? Must be a bit happier now?!

The Debenture is convertible into Common Shares at US$0.21813 (the "Conversion Price")?