Member Info for in4cedros

Will cross my legs for you and others that this Phoenix doesn’t disappoint!

Hi IK - traction on this speculation will likely stimulate apoplectic reaction from trolls !

Goup - remember you from the old days - do you still have shares from then or are you a recent buyer? Hope you are keeping well!

No ideas on link but how’s this for pure speculation, whilst we wait for actual news - original survey was BP’s - they lost interest because of drop in POO and “ looney ” change of company policy.

Fast forward recent policy volte - face @ BP plus Conjugate Orange Basin theory in the intervening years - BP pole position for OFF-3 farm - out ?

Briggsy - I’ve just had a thought, what if you’d have been the NED instead of Potter and they’d have taken the slightest notice of your views on the Chevron farm out - probably would have folded by now!

“ Why on earth would anyone want to give their money to a company with no credibility and run by amateurs and most importantly who on earth would want to partner with them ”


Beretta - had a look at your moniker - I now count myself lucky not to have received both barrels!

Beretta - I lament all shareholder losses and I’m critical of management where I believe it’s necessary.

You’ve obviously been stoic about your losses for a long time and not felt the need to regularly snipe on the chat boards, unlike some who appear to suffer Eytan derangement syndrome!

Briggsy - most shareholders have seen a stellar rise of 140% over the last 12 months - a pretty successful gamble - I can see why you’re upset you sold too soon.

It’s taken 12bn on the other channel over 10 years to get over his problem but even he’s gone quiet since the $12.5 million Chevron cash was banked!

Can’t speak for everyone Garry but a T/0 at a generous price looks like it would be a great solution for you - pocket the profit, quit trolling and try and forget it wouldn’t have been possible without Eytan foresight, planning and PR, all of which you’ve commented on historically!

Starchild - welcome back!

Re point 4 I don’t believe it has been publicly stated how much 3D seismic will cost on OFF-1, CEG costs are covered by Chevron up to $15 million as a 40% participant so CEG would not have to contribute if total costs do not exceed $37.5 million. In my last post I said “ this could well be costing over $30 million “

As I say total costs for 3D are publicly unknown, although I’m sure Chevron and CEG have a pretty good idea. What’s known is Chevron are committed to proceeding with it and it could well cost more than the $15 million you mentioned in point 4. An allowance for this intrinsic value is included in the SP valuation suggestion ventilated on CEG website.

I wouldn’t say I’m obsessed with the TRANSFORMATIONAL cash of $12.5 Chevron have already paid but it is hugely significant for a small company like CEG as it pretty much removes the risk of a distress cash call on shareholders for running costs for 3/4 years, possibly longer now, taking account of the recent Trinidad exit deal!

Finally I’m a bit puzzled by your observation that Eytan is over leveraged. He has recently declared he owns over 6% of the company and has share options. He is also well paid by CEG.I don’t recall him making any public statements about his personal financial position and any personal borrowings he may or may not have. I’d say, in the friendliest terms possible, that even for the diehard disgruntled such observations are overstepping the boundaries of good taste and should not be repeated.

Ending on a lighter note Briggsy I can sense you’re not quite over the GRIEF of your CEG historic shareholding experience, although I had some hopes for you when you seemed able to move on from daily sniping. Here’s a little dad type joke for you:-




Why can’t Egyptian crocodiles get through the 5 stages of GRIEF?

They keep getting stuck in de Nile!

Wow Briggsy - I’m thinking Eytan derangement syndrome is looming large here!


Under Eytan’s stewardship CEG shareholders, whilst awaiting news of OFF- 3 and OFF - 1 later in the year, are having to put up with a SP rise of close to 50% since the new year and over 130% since the 12 month low!

OFF - 3 reprocessing is 70% complete and the total package should be available for “ data room ” marketing by July. The format is to be similar to marketing of OFF- 1, with refinements honed from the previous process. The data will be close to 3D seismic quality so that buyers will have an opportunity to acquire a license with clearly mapped potential contrasting with the earlier scramble for licenses, where Super Majors made pretty much blind bets based, primarily, on the Conjugate Orange Basin theory alone.

I do, of course, exclude our beloved Chevron from the above comment as they had prior knowledge of OFF-1 area, having drilled it in the 70’s and found evidence of hydrocarbons. The successful Namibian drills were much deeper so I’m assuming they now believe COS are salivating for OFF -1, deeper drill, hence their desire to partner with CEG on such attractive terms!

You choose to warn readers here that Chevron may not proceed with OFF- 1 and you are correct they may choose not to drill but they are committed to proceeding with the 3D seismic and this could well be costing over $30 million, on top of the $12.5 million cash they’ve just paid CEG. This seems to me more than just a fanciful whim even for mega Super Major Chevron!

I’d like to say I should bow to the experience of GarryGraham and yourself on all matters boardroom on Chevron but, unfortunately, there’s zero evidence either of you have a clue!

CONT

Briggsy - what have you got to say about my RSI from regular reposting your famous “ Why on earth ” quote?

“ Why on earth would anyone want to give their money to a company with no credibility and run by amateurs and most importantly who on earth would want to partner with them ”


Briggsy - above is your famous question for CEG board readers, just before the TRANSFORMATIONAL Chevron announcement - I wouldn’t say it’s MISINFORMATION but it’s certainly over emphatic nonsense which was proven to be tosh of the highest order - what would you say to anyone who sold out on the strength of your quote, possibly losing £1000’s ?

Shareholders have certainly been experiencing “ halcyon “ days lately Garry!

GarryGraham - there you go again, for some reason you want to diminish the overall value of the deal by referring to it as “ peanut money ” !

Considering the information provided even if CEG received no cash or shares from PRD the fact they’ve assumed the liabilities exceeding $4 million makes it a good deal for CEG so I’m going to applaud your CEO, Eytan, for negotiating it.

Whilst I’m happy to concede over $4 million is peanut money for Chevron it’s very significant for your company CEG.

As for always needing to be proven correct I will concede that has already been included in my obituary! I accept this is a chat board and I’ve had many exchanges historically where I’ve learned much about many matters but I’ve also seen far too many contributors who offer opinions which are ventilated for the primary purpose of destroying investor confidence in the share price and/or the management. Sometimes that’s justified and I’ve said before effective trolling can be an art form but merely sniping from the sidelines, like Briggsy or the sort of Timid Trolling for which you’re famous doesn’t impress me much ( or Shania Twain ) !

I don’t struggle with different viewpoints on here but as it’s a chat board contributors should not be surprised if they are challenged to justify their viewpoints - if they “ struggle “ with that they should stick to posting to Facebook friends!

GarryGraham - here is an extract from YOUR post of 19/11/2024. The first 2 lines are a quote from one of my posts where I offered an opinion, in passing, about Trinidad assets. “ No one is interested in our old dry wells “ was your assessment! I make no apologies for my comment - others can judge whether I’m vindicated Garry!

“ 4. "I didn’t mention the possibilities of cash from sale of some of the Trinidad estate - could be significant, check out the deal with PRD"! - Trinidad is a dead duck and a loss making venture or break even at best. No one is interested in our old dry wells. I would discount this totally or it would have been done previously. CEG bod will close down Trinidad in the next two years. Its a cash pit. ”

Crikey JBT are you reading my mind or is this just common sense?

GarryGraham - Briggsy doesn’t add a sensible point of view that’s worth debating though does he?

It’s unfortunate for him that he gambled on Bahamas drill and lost money that, seemingly, he wasn’t comfortable to lose. No one likes to lose money but that’s the nature of things with high risk Oil stocks, particularly AIM.

As you appear to have more empathy with him than me why not reach out to him and offer YOUR shoulder to cry on and try to assist him to move on with his life more positively. I have tried my brand of tea and sympathy but perhaps I didn’t add enough sugar?

Briggsy - “ Why on earth ” would you think that? Shareholders aren’t expecting daily notifications of interest in OFF-3, the seismic reprocessing is only 70% complete, just calm yourself down John!

In the meantime, whilst waiting for news of OFF- 3 and OFF - 1 later in the year shareholders are having to put up with a SP rise of close to 50% since the new year and over 130% since the 12 month low. It makes me wonder what YOUR expectations were if interest was not looking like it was “ waining here ” !

Having said that Eytan makes a plausible argument on the CEG website for a valuation of 25p per share based largely on OFF- 1 intrinsic value - he’s come a long way since your suggestion CEG had “ no credibility ” and was run “ by amateurs ” !

How’s it going with your credibility rebuilding John?

Thanks Sam - can’t unlock as I’m a non member. Don’t want to ALArMO you but I see Santa Anna is involved in the report so it’s unlikely it’ll have taken prisoners LOL!