Member Info for in4cedros

Crikey Icemax I wasn’t expecting that refreshing response ! Many thanks!c

Unfortunately although this is a chat board I have evolved an overly robust style in my posting when making my points as necessity because most contributors are firmly entrenched on the home or away supporting ends.

You seem refreshingly normal for these boards so I wouldn’t want to discourage your further comment - both rampers and trolls should be challenged I haven’t got time to police the world so I tend to concentrate on trolls as they are better sport for me as I know, from experience, that it’s more challenging to troll without lying/misleading!

I can’t change this company alone - $200k monthly G&A is huge for a company of this size to service with current production- I’d prefer management were more incentivised by performance related pay than salaries - that would lessen the claims this is a lifestyle company but no likelihood of that unless they run out of cash again. In the meantime I wish shareholders well and await legal news and production progress.

Icemax - I chose my words carefully claiming a profit on previous dealings does not seem to be enough for some - for all I know your claimed profit may not have been enough - hence disgruntlement! Take Disgraced Compulsive Liar 12bn on the other channel - he claims a pre 2015 profit on this company in a previous guise yet he’s gone to the trouble of setting up a series of threads on it to post negatively on it.

He also blatantly lies and misleads risking unlimited fine and 7 years jail time - to save people he doesn’t know from others he doesn’t know - go figure!

There have been people on here who have had negative positions on the share but weren’t prepared to admit it who presented themselves as ‘ saviours’ - just saying! Such a stance is within rules so I accept it but occasionally I might feel inclined to comment

Whinging disgruntled ex shareholders certainly have been over represented on here until EOA!

Icemax - so you want to ‘ save ‘ people you don’t know from buying shares here - why don’t you want to ‘ save ‘ the existing shareholders you don’t know who need a market to sell their shares too.

Surely if people believed you everyone would sell and the SP would collapse- is that what you want - hmmmm that might suit the disgruntled ex shareholders cohort on here they certainly harbour long term angst!

Good to hear from you again LayLadyLay!

Re the accounts for y/e 31/12/2021 they will show huge loss but I don’t believe it will concern most serious shareholders as they tend to look forward and the company has been transformed since the year end with the remarkable debt deal and the associated refinancing.

You raise an interesting issue regarding PRD - the company did borrow from them through FRAM and I expect to see that debt acknowledged. I was concerned when PRD were booted off site with little notice and that hasn’t been publicly explained, from CEG viewpoint, that I’ve seen. On this board I’ve requested posters to present information about CEG position but seemingly no one knows more than the RNS.

I can’t say that I’m impressed with the way CEG have conducted themselves over this matter - I suggest NOMAD should have encouraged greater dissemination of information to shareholders over a significant issue - hope that helps you LayLadyLay!

I will continue in a separate post.

Druid - I’ve merely highlighted FACTS from RNS which don’t fit a haters agenda about this company.

Haters are entitled to an opinion on here but shouldn’t be surprised if they are challenged occasionally - people tire of their wall to wall tirade of tosh Druid !

JohnBriggs - not surprised you’re struggling for a response!

The last fund raising occurred post 31/12/2021 so technically not covered by the period you are particularly interested in but as it was successful and has been so impactful on the viability of the company I wouldn’t be surprised if it gets a mention !

JohnBriggs - the financials you are so concerned about relate to the year ended 31/12/2021 - I don’t think you’ll find anyone with knowledge of the company history who believes that they won’t show a big fat loss !

What are your expectations for the results and what will be the impact, going forwards!

JohnBriggs - there you go again with the tirade of tosh! As a hater you find the FACTS I’ve highlighted don’t suit your agenda so you make the ridiculous comment ‘ always smoke and mirrors and aren’t worth the paper they’re written on ‘ .

Are you disputing the facts about WTI - why not check them for yourself?

Are you disputing the production figures - that would be a hard one to lie about as the oil is sold to Trinidad government body Heritage oil - what do you think the production figures were and what is your source of information?

If you’re going to troll here try to find areas where you can be critical and can’t be immediately discredited by verifiable FACTS!

JohnBriggs - I’ve given you up to date information from a number of RNS - I don’t expect the picture will change significantly come the end of the month but as a straw grasping dreamer a future date to indulge your hatred is understandable as it then becomes an opinion rather than the FACTS I’ve evidenced from RNS!

JohnBriggs - more importantly for the shareholders - keeping the company running with a debt burden that is manageable based on current financials- if it had gone out of business you’d have to have found another company /person to hate - the BOD, by their actions, have enabled your cathartic experience as well as given shareholders a chance to recover some value in the future - looks like a win/win to me !

Madmaxium - thanks for answering the question fully and politely- I hope JohnBriggs appreciates your time and effort!

I would add that the main reason for the debt was the failed drill and the cost overrun associated therewith. It could be argued that lack of provisioning for this eventuality was bad management but I doubt there are many who could have done better because the company could never get to a position of being well funded because fund raising as the drill spud approached became more and more problematic culminating in the debacle of the final raise where the company guaranteed to buy back shares at a profit for a substantial tranche of money! Don’t forget the company had to fight the environmental group all the way and they ramped up action at the end when BPC were extremely vulnerable!

Investment in this company prior to the Spud in Bahamas was high risk for many reasons and there was no shortage of posters opining that was the case, including me. I’m disappointed for the company and investors that the drill failed but I don’t hate the management for trying to carry out the wishes of shareholders, to drill in the Bahamas.

As to honouring debts Madmax has covered that eloquently - if you were CEO would you have organised fund raising to pay all debts in full - if so I’d like to know what your pitch would have been bearing in mind the company is now, based on $75 per barrel, only getting close to covering costs! Current management achieved a spectacular outcome regarding debt which suggests they are pragmatists rather than dreamers JohnBriggs!

Dear Haters,
My post, with FACTS FROM RNS, has, presumably, come as a bit of a shock!

I forgot to mention that the ‘ Annualised Netback ‘ figures I quoted, from the RNS were after deduction of the in country expenses - as detailed on the spreadsheet footnotes !

This is not advice to buy /sell or hold this stock - I’m merely educating some who should spend a few minutes investigating the company before spewing hatred !

Since when did the haters on here need evidence - if you want evidence just look at Q2 RNS for latest production figures then, for those who can read a spreadsheet, refer to financials in the RNS dated 23/03/2022.

For those haters who can’t read spreadsheets it shows ‘ Annualised Netback per annum at only 350 bopd $0.9 million, $1.6 million @ 400 bopd and $5.2 million @ 600 bopd , all at the LOWEST price of $75 per barrel.

According to RNS dated 27/04/2022 ‘ The prices realised by the Company are at an approximate 10% discount to the quoted WTI prices so even though prices have fallen back a bit lately they are still close to that $75 figure.

The Company has G&A near $200,000 monthly so they are getting close to covering costs, which suggests to me it’s the haters who are distressed not the management - as they’ve just raised loads of cash in the recent placing .

You’ll notice my information is evidenced by RNS which the Company have produced and have to justify to NOMAD - contrast that with the constant tirade of tosh coming from the haters LOL!

CEG owe over $500,000 to PRD - they are claiming more which CEG dispute but I’ve yet to see the justification from CEG - I don’t believe they dispute the amount I initially mentioned but if others know more let’s hear it !

No Linton78 just ‘ bored ‘ with Disgraced Compulsive Liar 12bn riding roughshod over the Financial Conduct Authority warning presented every time one posts on this board - surely you don’t approve of him lying to advance an agenda Linton?

Druid - many thanks for considering me for your team - for the avoidance of doubt I’d like to assure you that any approach of that type from any of you Moaning Minnies will be swiftly declined!

Regarding Uruguay I suggest you read and try and understand the opportunity as detailed in the RNS dated 26/05/2022 - here’s a quote:-

‘With the licence formally signed, we are now able to begin pushing ahead with our initial LOW-COST WORK PROGRAMME. At the same time, over the remainder of 2022 and into 2023 we will EXPLORE PARTNERING OPTIONS that could lead to an accelerated work programme- the object being to quickly and fully evaluate the licence’s potential, and to thereby create what WE HOPE will be an opportunity of great value to shareholders. ‘

It seems perfectly reasonable for the company to take this action - it may or may not be profitable- difficult to understand why any shareholders would be negative on it - unless they haven’t understood it ! Since the RNS we’ve had the news from Shell re the adjacent plot !

Srdoddy - if a major ‘ closed them down ‘ that would be a Takeover which would likely be at a price higher than current market - wouldn’t that be a benefit to all shareholders, including those that continually moan on this board ?

Output - doom - mongers galore on this board, most being non shareholders!

Shell and APA will be spending up to $200 million on adjacent and close acreage - if they strike oil, particularly if it’s very close to CEG plot, I speculate they will hold their noses if the price is right. BPC management allegedly over valued their interest historically and couldn’t seduce a deal - perhaps new management will have learnt from it !

If POO maintains these levels and drilling in the area is successful the CEG acreage COULD be very valuable - this scenario is just a speculation in the same way as doom - mongering is speculation. Shareholders know the score, or should do, by now !

I’m pleased you are reassured at the adequacy of that statement- do you know why PRD were booted off site?

Madmax - you say a statement is cheap - why do you think CEG have not explained their side of this dispute with PRD - the litigation threat hit the SP - why not explain it to shareholders?