Member Info for in4cedros

It seems to me there are many shareholders who are prepared to wait it out - the BOD obviously are not in same category as they have now instituted lucrative remuneration arrangements which pretty much insulate them from the sideways SP movement but I don’t see much appetite for encouraging the BOD to change it’s ways.

These ‘ rewards ‘ have come far too quickly - John says look back to scratch - a £1000 investment in 2005 is now worth a little over £105 and there are many other huge loss making periods where people have wanted to believe riches were within grasp only for more twists and turns to be introduced - BOD are well aware that’s why they are extracting their rewards while you wait.

As you can appreciate I’m pretty appalled at this conduct but it’s shareholder democracy and if the only belligerent at the AGM is a non shareholder it says a lot!

Rossa - can't believe you still think pursuing this 10% COS argument is worthwhile - as LGO-fan says you discredit VSA on the one hand then attempt to attach some import to what they say on drilling a new well.

You quoted VSA suggesting it was low risk but you misunderstood them, either deliberately or not, as they were not saying 10% COS is low risk but were referring to the strategy which LK says is to afford the drill by funding it from a sustainable business rather than Shyte or Bust fund raising for a single drill which may or may not be successful.

If you'd have understood the strategy from medias( you can learn a lot from them Ross!) you would know they intend relatively shallow drilling and sucking up from that level and then going deeper from same well.

This strategy is not guaranteed to succeed but if it fails the company can continue and try different approaches without bankrupting itself - I know you enjoyed trying to drive the company over the edge last time Ross but you were sussed then and people have long memories ( those that don't can rely on me to refresh them LOL!) .

John - many thanks for sharing the response. Now that cost liability has been established i would have thought that shareholders would be interested to learn what the cost is and any implications on payments from the JV to AAU in the near future.

I expect that Proccea had the necessary equipment to hand for the construction project but there must be some costs involved - Kerim may say it will show up in JV accounts but we know from experience that JV cash flow Impacts directly on AAU.

Rossa - having read the article I'm keeping you in reserve in case the ' daily dipstick ' responsible for measuring our sales tank decides to take industrial action!

Presumably if the road has been financed by Proccea they will want their cash back on a priority basis which may affect the monthly cash moving in the direction of AAU for exploration in the short term - I remember before that this JV can throw up cash flow surprises - like the last Placing where it was suddenly sprung on shareholders that an urgent problem had cropped up that had to be dealt with urgently to help out the JV!

It appeared necessary to divert the road for the benefit of mining and it seems reasonable the JV should share the cost so it seems likely it would have to be paid in due course - interesting that a strategic development like this can throw up all these other questions - as Kerim was asked about it at America Square you would have thought he would have anticipated further questions on the financial impact - certainly worth ventilating on here John.

Rossa - ' if Steeldrum turns out to be sub-optimal, in other words not quite as presented in LK's media, where do they go then?'

Seems like you've had an epiphany and have now watched the media and now have a better understanding of the Steeldrum project and how optimisation will benefit CERP. You seem to be moving fast towards the Post Office book attitude to risk of your mate LLL- if it doesn't work out and they get into difficulty with the Lind loan they will, almost certainly, have to do a Placing but that that applies to most enterprises. The basic idea of working over existing wells on a planned programme appears to be spectacularly successful in some cases and overall I am happy with the progress made as, unlike you, I didn't expect this to be plain sailing. It is refreshing to have management that responds to technical challenges in such a positive way - like the Moyno pump you would have heard discussed in the media Ross!

You seem to have quickly forgotten that LK has a successful track record in this business and seems able to understand ROCE and that it is beneficial to prioritise projects - he said in the media he would advise the new priorities in due course.

As always it's really difficult to decide how much weight to give the arguments of a Fantasy Oil&Gas Manager player compared to a well qualified executive with key management information to hand and a great track record in the real world but Koot has shaved it again for me Ross!

Rossa - you have spent much time on attempting to audit CERP capital spending - without informed judgement on the reasoning behind the spending. As an outsider I can't vouch for every £ of expenditure as you can't be sure that any expenditure was not justified or appropriate to further the aim of the company.

Without even getting into a debate with you about how beneficial the Steeldrum deal is CERP have been granted the Lind borrowing facility so if they need cash this is where they will, almost certainly, go to - why do they need a 'wee one in five ' - strikes me you must be desparate to try and sell that idea but I have to give you some credit as the last time you attempted this caper you were trying to persuade us that monthly mini-placings were what the doctor ordered for the shorters!

John - the recent Proactive media touches on the subject of the road. Kerim didn't say ' they ' when talking about it which suggests to me that AAU were significantly involved - that would be my expectation as the benefit goes to AAU - if you are correct that is a bonus for AAU - the media is still available.

Rossa - it's very unfortunate that you you so badly misjudged LK - some things are fact some are aspirations - it's a shame you can't tell the difference - if you can make such a bad judgement why should people believe you know what you are talking about now?

Your argument about running out of cash and the wee one in five rights issue might have had some plausibility if CERP hadn't arranged the loan facility of over £3 million - perhaps if you had watched the media and looked at the pictures you might have remembered the Lind facility - if you were getting your exam results today you'd need to put a book down your trousers!

LayLadyLay - couldn't agree with you more about ' People look for facial expressions and read all sorts of nonsense into what they see ' - your mate Rossa is a prime example of that - got so excited about LK launch media he ramped the shyte out of CERP for months only to have to tell people he'd got LK wrong. Rossa seemed to think LK could suddenly click his fingers and make Spain disappear - you didn't need an O level to know that couldn't happen - I don't think Rossa ever got over that!

Still think you are the best pantomime villain on here - others come and go - Irene is the latest but you can see her heart is not really in it!

LayLadyLay - didn't get there this year but here's a few of the best.

As Ross lives up there I'm dedicating the first one to him ' I had a job once drilling holes for water - it was well boring! '

Best was ' Working at the job centre has to be a tense job, knowing that if you get fired you still have to come in the next day!'

My fave - ' I took out a loan to pay for an exorcism. If I don't pay it back I'm going to get repossessed! '

Teacup - you spotted the flaw in the argument immediately - as I suspect did everyone else ! I’d like to think if Rossa watched the AGM media including the part on Goudron he would see how ‘ exhausted ‘ Goudron that had ‘ mastered ‘ LK was actually being dealt with IN REALITY! Yes it’s challenging to get production up in these mature fields but just because it didn’t hit higher case extracting those returns remains impressive and there is more to come now that they have different techniques - which can be applied at TI.

Rossa - the AGM media also explained the potential of the other Steeldrum assets which on the ‘ bang for buck ‘ prioritising will probably be higher up the list.

LayLadyLay - you would say that wouldn’t you!

johnjunior - I believe most people accept that posters who are not holders will comment here and that bias to their position may be apparent from the post - Rossa has, unfortunately, adopted a stance, which I've not seen elsewhere, of saturation posting an alternative MO for the operation of the company, based on ignorance ( he hasn't even watched the publicly available medias ). All this creation of angst on a chat board in an attempt to engineer a SP drop for his benefit. His style has already had him banned twice on Advfn largely because other posters find the saturation posting of his agenda for the company tedious especially when it is laced with fake news and ignorance.

Rosas - talk about regurgitating your old ideas - you once set your own time limits for company development then counted down to your own deadline and subsequently chastised management for not meeting the ' fantasy ' deadline.

Now you want to impose your own time scale for SWP rather than allow management to manage even if that involves a Placing - this is a chat board - we don't manage the company - anyone thinking they do is delusional!

Rossa - this recycling of negativity is your trademark Rossa - I'm still waiting for you to try your piece de resistance again - Monthly Mini-Placings ( to give shorters a regular pay cheque! ) - great idea Rossa - have you thought about running for election to the board of CERP!

Irene - I couldn't let that rns pass without comment on the purchase of the LACT - these used to be a seriously expensive piece of kit - Ritson told LGO shareholders he was buying one before the shyte hit the fan but it never materialised - quite an aspirational decision!

Petersalkeld - if Rossa's deramping based on fake news is accepted on this board aspirational posts should also be appropriately appreciated!

I'm thinking, based on the fact that his arguments are so full of holes, that Swiss Cheese will be a favourite of Rossa!

Rossannan - your put down of Dean was a bit harsh - at least he commented on a fact - you've come up with your own fake news story about CERP EOR on TI - may I suggest you read Horseyhead's widely acclaimed recent post on Predator board !