The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
LayLadyLay - thanks for pointing out that schoolboy error in the RNS - indefensible but I doubt it had a material impact whereas your schoolboy HOWLER was credibility destroying - you posted on the day before final years accounts were due ‘ I just checked on Companies House and it looks like there will be no accounts posted tomorrow ‘ - what were you thinking - ROFLMAO!
tradedesk - post reset G&A outside Trinidad was targeted to be less than $200,000 monthly, that’s circa $1,800,000 over 9 months against $600.000 you’ve mentioned. Sadly for shareholders, the lack of success in raising production significantly may well result in further recapitalisation.
tradedesk - it’s refreshing, on here, to see posts which are not from the historically disgruntled cohort - good to see your enthusiasm.
‘ why pay £200 million when you can farm into Challenger’s block and not be obligated to spend as much? ‘ - if it was as simple as you suggest Apache or Shell would probably have done the deal with CEG already as CEG ‘s farm in would, presumably, cost less than £200 million!
From the recent VOX podcast on CEG website it says ‘ The aggregate value of work committed across blocks OFF-2, OFF-6 & OFF-7 by Shell and APA Corporation ( formally Apache ) in the next 4 years in respect of both technical and exploration activities including WELL DRILLING BY APA CORPORATION, is stated by ANCAP to be approximately US $200 million ‘
It’s clear the $200 million includes drilling costs committed by Apache - the licence costs much less - CEG licence may ultimately prove to have most potential but it appears logical to me that those who’ve already been granted licences will seek to exploit them first unless you have data suggesting CEG block is preferable to others.
tradedesk - as Shell have their own block won’t they want to develop that before getting interested in a neighbour’s property ? Obviously if the seismic suggests CEG area has better COS than Shell ‘s licence area that may change their view - are you able to make the case for superior seismic potential on the CEG licence- if so I’d be interested to see your data - the information I’ve seen suggests detailed seismic has yet to be developed by CEG and they will be progressing it over the next few years!
Icemax - yes we had a contributor on the other channel who suggested his recent investment was on the back of Dubbo TR1 local news.
Were you the guy who used to monitor maritime shipping to tell us where the Icemax drilling vessel was - if you are perhaps you could let Druid know as he seems to be unsure about Perseverance 1 drilling !
Before anyone else cracks it - ‘ do you think shareholders should be worried about a MASS exodus? ‘ LOL
Srdoddy - Perseverance 1 was drilled - all the evidence I’ve seen supports that . You rightly point out there were legal issues beforehand but the action group against the drill had friends in high places and I believe if they could have obtained an injunction they would have sought it.
I’m not sure why you are still agonising over this drill. We know it was a failure and I believe the SP reflected the results of the drill as reported by the company . If the company had issued a more comprehensive report do you think that would have changed anything - the company swiftly abandoned the idea of any further drilling - that says a lot!
Regarding the liability for the engineering issue that’s difficult to determine without sight of the small print - I suspect if BPC thought they had a cast iron case they may have pursued the drillers but it went quiet pretty quickly. Back in LGO days similar situation arose - lots of puffing but no legal action from LGO - I suspect unless there’s blatant negligence liability rests with oil company. Probably the way to avoid this is a Turnkey contract but that costs much more -LGO did try that once .
Regarding Bahamas licences BPC were in arrears with payments but attempted to justify it. I suspect if the drill had been successful they would have become current pretty swiftly - I’m suspecting they may now have languished but I’m happy to be corrected on that.
Re current Bahamas stance that’s their prerogative - the deal with BPC was struck many years ago and it appeared they would honour it - if BPC had struck it rich and Bahamas didn’t want them to extract then a legal argument re compensation would have ensued - as you know BPC failed so it became a moot point!
Re conning shareholders - what is your allegation, specifically?
I’ve seen some of your historic posts and thought they were tosh but I felt sorry for you as it appeared you were having difficulty adjusting to the drilling failures of this company so I didn’t bother challenging them as I doubted anyone would have taken them seriously.
You now seem increasingly desperate to troll this share but don’t have the courage to make specific allegations when challenged - readers will draw their own conclusions!
Druid - your last paragraph ‘ only the execs like In4cedros, starfish and Wilec the Burren think these were all legit and properly run kosher affairs. ( Muffled howls of laughter ) ‘ - I can only speak for myself - I believe they were legit as to date no one has proffered evidence to suggest otherwise - if you have evidence to the contrary let’s hear what it is !
Most people if they are confident about their position are prepared to express themselves clearly - even LayLadyLay and Disgraced Compulsive Liar 12bn clearly express themselves suggesting they have confidence in their posting even if it’s misplaced !
Druid Debunked - still composing earlier post but your latest post was right out of the Trolling for Dummies handbook - you come up with YOUR OWN IDEA about what the company should be doing then let loose with the implied criticism if the company hasn’t done what YOU think they should!
The company has existing licences they are discussing with Trinidad Government at the moment, which need development to comply with licence obligations - they need to manage these effectively and the company has advised they will be spending in HY2 to attempt production increase - that’s the plan the company has publicly committed to and will rightly be judged on - NOT FANTASY DRUID ISLAND!
mick - thanks for your contributions to this board particularly good example of which was the evolving changes to UK law regarding liability in operating subsidiary companies - hope the BOD are mindful!
I don’t have the link to ‘ weird ‘ reading material but keep an eye out for ‘ Debunking Druid ‘ likely to hit this board quite soon - it’s a bit lengthy so not quite ready yet but it’s a story of how I correct a disgruntled conspiracy theorist with FACTS and make him happy!
LayLadyLay - I’m glad you find my posts entertaining - as I’ve explained before I don’t have time to police all posts so it’s the trolls that usually benefit from my attention, as you’ve regularly experienced! IreneKrapp had a loathsome style justifying a particularly robust response but only a troll would suggest she showed me up on many occasions - you had the opportunity to select the best example you could - speaks volumes !
You asked how long did the failed S2 take to be profitable- you know that it wasn’t profitable but no one knew that BEFORE it was drilled - everyone did, however, know beforehand that there was no guarantee of success - unless they had mistaken this share for a Post Office account LOL!
Accounts are important and the company needs to comply with legislation - I don’t have detailed knowledge of the company’s MO so I don’t believe I can add value here except to say the AUDITED accounts are out - within the revised time scale previously announced by the company - so the egg is on your face mate!
LayLadyLay - ‘ If you’re not being paid I can’t imagine what motivates you to spin your biased interpretation of events ‘ - I suggest you look deeply at yourself - presumably you weren’t paid for your post - it was biased - it was clearly negative to CEG - it was a shyte or bust opportunistic post - if the accounts hadn’t been published you could have basked in ‘ I told you so ‘ worship from the disgruntled ex shareholder cohort - but your bet lost big time so now all readers, bulls and bears, know you’re untrustworthy and will regard any future posts with huge scepticism!
So what was your motivation for that post LayLadyLay and was it worth it just to grab some attention from me ?
Regarding Disgraced Compulsive Liar 12bn and the other trolls on the alternative channel I enjoy chatting with them - they are like old friends now! They may claim to filter me but they know when they post their tosh they’ll get owned and. It has raised the standard over there - it’s a bit like being a Sheriff in the Wild West - I model myself on Destry !
What seems even more strange is that having royally embarrassed yourself by posting on the day before the last day ‘ I just checked on Companies House and it looks like there will be NO ACCOUNTS posted tomorrow’ - you’ve decided to ignore the old adage when you’ve dug a horrendously deep hole for yourself best advice is to stop digging!
To be fair I’ve seen much worse than your tosh posted on these boards - I’m not even claiming it’s market abuse ( unlimited fine and up to 7 years jail !) hence my amazement you are belatedly trying to justify it - even John Briggs regarded it as trivia and he’s one of the disgruntled ex shareholder cohort!
Madmax - agreed the PRD dispute is serious and seemingly an unnecessary distraction as that field was not a major producer for the company. I haven’t heard CEG reasons for their action so I’m reserving judgment.
The contributors over on PRD board are a strange bunch - why on earth aren’t they following the example of many on this board and doing their best to bring the company to it’s knees LOL!
I love the way the disgruntled seem so concerned when any positive views are expressed about this company !
They’ve just presented an excellent deck - clearing set of accounts dealing with a disastrous period for the company prior to the reset which has provided the employees and shareholders with hope for the future together with cash - $5.3 million @ 30/06/2022 . The CEO has suggested that spending is likely to improve production from Q3 - who needs rampers on here!
I’m going off line for a bit now that the excitement has died down this morning !
I’d like to thank the CEO for presenting the signed off accounts within the deadline - the disgruntled ex shareholder cohort were getting very anxious about it!
Investor81 - seriously it’s difficult to drill down on admin expenses without examination of detail.
The CEO advised some months ago that G& A was circa $200,000 per month - that’s a lot for a company of this size having regard to the profit generated from current production levels,
I don’t think there’s much chance of reducing salaries of BOD unless they need to ask for more cash from shareholders, which doesn’t seem likely , having regard to current cash . The company needs staff to run it and they are attempting to develop the assets - they should sort this spat with PRD - I’m still none the wiser why CEG booted PRD off site with minimal notice!