Member Info for in4cedros

ShouldveSold - your arguments so far have not ‘ compelled me to look ‘ but I haven’t completely ruled it out - BTW is my perceived preconception of any inference on your part a million miles out ?

ShouldveSold - doesn’t seem like ‘ anyone ‘ has done that financial research you originally mentioned or, if they have, they are not inclined to share it on here. If you’ve done that research why not publish here and feel free to opine on it - presumably there was some point to your original post !

ShouldveSold - I haven’t bothered - if you have why not post your detailed research on here.

If you are suggesting they are overpaid because P-1 was not as successful as was envisaged just say so !

The management here have made plenty of mistakes - why not publish your list of who should be sacked/ pay cut together with detailed justification. BTW have you got anyone on the hook for the sidetracking issue ?

Antha - not having the money seems like a good reason to me.

My view is that pretty much all avenues for finance had been explored - the latest LO deal shows desperate lengths - LO were guaranteed a SP - money back plus premium - underwritten by existing shareholders- what would that have cost if all shares had been sold at 0.50p ?

Stach - ATB for the future!

The BOD didn’t cover themselves in glory by delaying the detail and cost implications of the sidetracking incident - I can understand shareholder frustration!

Irene - suggest you read my post of 15/02/2021 on this thread for an indication of my attitude.

Disappointing the BOD did not reveal the full story of the sidetracking incident and cost implications in the initial RNS - people will draw their own conclusions as to when the BOD will choose to share other very important news.

Egg - in view of political uncertainty I would think anyone remotely interested in partnering BPC in a possible second Bahamas drill will wait for absolute political clarity before involvement so that any bonus news on P2 could well be some way down the road IMO.

ATB !

LordSim - I believe Geoffrey Laird is still there - he’s an old stager!

Noticed in now legendary Nathan media that Saffron 2 was to cost $2.3 million on slide graphic whereas latest RNS says $3 million - I’m sure there’s a good explanation for the extra cost.

This prospect still looks very attractive-company needs some good bread and butter news to bolster confidence.

I’m still disappointed that finances are not clarified - the talk in the RNS of other funding options didn’t add confidence that they will be comfortable when totting up finished.

rossannan - not even for a wee pre - spud trade ?

Starchild - as you are projecting at levels of WTI < $75 I’m comfortable with no deductions for SPT or PPT until the ex - CERP Trinidad assets are accepted as being wildly successful! Even at > $75 there are deductions against SPT relating to drilling.

Unemployment and Production Levy amount to circa 8% in Trinidad and don’t appear to be tax deductible.

Starchild - Re point 8 the link from PRD is excellent but I would refer you to my post to you 09/03 / 2021 which is consistent with the PRD presentation.

Petroleum Profits Tax, PPT, is similar to Corporation Tax - rate is 50% currently, irrespective of price of WTI, but lots of offsets allowed - result no PPT for a long time re the PRD project and other EX-CERP fields .

Supplemental Petroleum Tax , SPT is not easy to avoid - it’s 18% but the Trinidad Government has raised the bar from April to WTI $75 and above .

The PRD presentation referred to State & Heritage Royalty rate of 29.5% regarding the TI oil field - similar terms for Goudron field IPSC - although CERP negotiated a new one recently for which details remain unpublished- they referred to it as Enhanced Production Sharing Contract but we don’t know what the enhanced terms are so best to use the 29.5% figure pro tem .

The Royalty rate for Saffron /SWP is only 12.5% as it’s a Petroleum Licence .

There are some other levies common to all production but the above are the main elements.

Starchild - with regard to point 7 recent changes related to Supplemental Petroleum Tax , SPT which was levied at 18% when WTI exceeded $50 - the threshold has been raised to $75 for ‘ smaller ‘ fields ( which should cover the ex-CERP portfolio) .

Although 18% is clearly less than 50% it was still a very regressive tax because there were very few opportunities to offset expenses against it so that a rise in WTI just above $50 would have producers in Trinidad receiving reduced income at a time when globally other producers were cracking open the champagne! One company in Trinidad even paid for a derivative to insure against that eventuality!

Petroleum Profits Tax, PPT is levied at 50% and is similar to Corporation Tax , allowing for deductible expenses and allowances - CERP have plenty of these so not a major issue in short term - shame it’s not as good as Bahamas tax but c’est la vie !

Ibiza - I suspect you’ve been over indulging in the Ibiza good life - Tiburn just posted that in response to a disturbing query from fatalalbert!

LGO- fan - glad you picked up on fabrication from Irene - that latest trick is a classic out of the rossannan stable - he’d invent his own targets for the BOD and then pull his hair out multiple times a day on here when his ‘ target ‘ wasn’t met ! Where is rossannan BTW - leaving it a bit late for the pre- Saffron2 drill excitement phase ?

Shocktrooper - apologies for Irene - although she’s been posting for eons the bitterness immediately overcomes her - she clearly didn’t see the subtlety in your post !

Krapper - can see why you are quibbling about imminent - all mention of Saffron brings back the embarrassment of that one time you poked your head over over the parapet and predicted NO PRODUCTION from the original exploratory well - that doubling of the SP post drill was a big one for you to swallow Irene !

Private - I asked same questions after RNS - did they lose the tool in the hole and had to pay and source replacement - hence helicopter activity?

Whatever the story they could have revealed it and spun it even if it was bad news - plenty of disciples from Goebbels still around as we’ve seen on this board - how about ‘ heroic effort to finish Ill fated drill by sidetracking despite huge extra expense - BOD went extra mile with shareholders funds and rewarded with rapid progress drilling post obstruction covering most of target layers but, sadly, still no cigar as non commercial ( last bit optional as air brushed out of rns2 !) .

Thank goodness for Arry and his aphorisms - owever Arry the original quote ends ‘ no need for tinkers hands ‘ not ‘ thinkers’ but it did stimulate me enough to research an alternative Arry, which i preferred - if ifs and buts were candy and nuts we’d all have a merry Christmas!

Krapper - how about the evidence that drillers of Saffron 1 offered to drill Saffron 2 FREE OF CHARGE in return for 75/25 share of production until costs recouped reverting to 25/75 in favour of CERP thereafter! As cost of drill over$2 million you do the maths Krapper on how long it would take to be profitable - isn’t that why the SP more than doubled - didn’t that leave you even more bitter?

Krapper - you have no compunction lying about me and that’s only to self gratify yourself as a bitter and twisted troll - you set the standard for lying why would you be bothered if someone lies about you ?