RE: BPC Valuation8 Dec 2020 21:27
Tiburn - I know that esoteric points about ex-CERP assets are tedious but rossannan seems to have overloaded his Fantasy Oil & Gas Manager Game again and I'm sure you'll want to know the facts!
Offerman was a bit loose with his terminology but I believe he was referring, in his post of 16:23, to the deal Koot presided over relating to SWP detailed in RNS dated 19/03/ 2018 - PARA g.
' Columbus paying deferred consideration to Bolt of
( 1 ) US$500,000 upon the development of any field ( other than the Bonasse Field ) situated within the existing lease and
(2) a royalty of 3% on net production from a development of the SWP licence ( excluding the Bonasse Field )
The royalty is payable on net production exceeding 10 million barrels of oil ( mmbbl ) and capped at US$1.25 million per annum ( NB PREVIOUS ARRANGEMENTS ENVISAGED A ROYALTY ( OR EQUITY ) of 7.5% PAYABLE FROM FIRST PRODUCTION WITH NO CAP) .
Perhaps you would be so kind as to ask rossannan if he believes that CERP would have been better off with the arrangements previously envisaged prior to Leo Koot's ' gimmick ' renegotiation of the SWP deal and provide some worked examples based on the production levels BPC are projecting for the SWP.
In Trinidad you pay PPT what sort of muddled thinking believes that paying higher royalties to a third party to reduce tax liability is better than paying PPT - on that basis if rossannan is self employed he could send me say £20,000 per annum for my guidance I'll give him a receipt he can use for tax deduction and he'll save £4,000 tax at base rate but he'll be £16,000 down on the deal - I won't mind paying the tax on the £20,000 as I'll be quids in !
rossannan chose to make a monkey of himself over Koot - the bigotry has clouded his judgment seemingly over all things Koot!
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