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Fincent - ‘ that no one else wanted ‘ - re OFF1 you’re characterisation is that of the ignorant trolls on here - if you bother to consider the history here you’d know that CEG got in pre COVID and more importantly prior to the wider publication of the association with Namibian Basin.
Once the latter news was out Majors were scrambling to get blocks but they couldn’t get OFF -1 because CEG had this prime site which already had some seismic data available.
Other than that reasonable synopsis.
Output - you may be onto something there - I sense you could make lots of money presenting to the Majors who’ve just scrambled for licences in Uruguay that you know there explorations will be a waste of money because CEG have a licence and therefore it will fail because they were unsuccessful in Bahamas.
It’s possible it may not be an easy pitch to the Majors as they aren’t as gullible as trolls and the disgruntled !
ZagEgypt - I’m genuinely surprised at your ignorance here regarding OFF - 1 - as NikeAir180 says CEG got there first!
CEG started negotiations pre -COVID and the negotiations took years, so long that during the negotiations the Namibian association news broke which made it hot property. Clearly this was fortuitous for CEG but they had to work for their luck!
These are the facts - I’m sorry if your losses don’t enable you to see the facts , you’re not the only one , look at Jilted John, but if you’re going to post tosh expect to be exposed!
Spiritfan - the deal was always subject to MEEI approval. Obviously they believe they were owed a shedload of back licence fees and THEY took the opportunity to collect in a pragmatic way whilst still allowing both buyer and seller incentives to complete.
Spiritefan - looks to me CEG owed more than $4 million in licence fees but that’s been removed from CEG liability and a liability has been passed to PRD. Under revised deal CEG only get $1 million and have sacrificed the $1million they would have got in 6 months time plus the potential to receive the further payment of $1million which was dependent on production exceeding 100 bopd.
I say ‘ looks like ’ because I didn’t find the wording crystal clear!
Yes the plight of 12bn should be a warning to the jilted one, almost 40,000 posts over 10 years and he claims to have made a profit!
According to him reading other’s posts triggers involuntary incontinence which he exacerbates by generating more vitriol and more replies - it’s a spiral he can’t break Jilted!
Jilted John - apologies that the last RNS wasn’t negative enough for you - others see it as company being debt free with surplus from the $1 million being quite handy over next few months.
Noticed you didn't mention CEO oozing confidence he will get the farm out shortly in the video !
BlackBat17 - ……….( cont) but don’t have cash to drill so need to farm out . The trolls don’t like the idea they might get a farm out so regularly post that it’s highly unlikely and cite the fact they didn’t agree a farm out for Bahamas drill as a reason why it’s not going to happen this time !
I merely point out that these are different scenarios and may have different outcomes but trolls find that upsetting!
BlackBat17 - apologies for piquing your interest, sadly the RNS I was referring to is old news dating back to the company drilling a well in the Bahamas when it was trading as BPC.
Lots of people lost hugely on this company when the drill failed and can’t forgive the company for not striking it rich, they obviously find it cathartic to whinge and whine on here and end up believing falsehoods, presumably because it makes them feel better about their decisions.
CEG have little money and currently the Trinidad side, although profitable, doesn’t make enough to cover company G&A. They do have 2 Uruguay licenses in what’s now considered to be a hot spot………
Druid - just post up your evidence for the ‘ hoax ‘ - I saw nothing from the company guaranteeing a farm - out but I did see RNS stating a company had agreed to pay $750,000 for the exclusive data room opportunity.
I did read lots of posts on here expressing optimism for the farm out , perhaps it was those that persuaded you to invest or continue to hold - none from me, I hasten to add, because it was clear to me that it was not guaranteed.
Regarding Uruguay CEO is optimistic he will achieve a farm out and I hope he does for the benefit of shareholders but it’s not guaranteed!