Member Info for in4cedros

Petrodollar - I don't dispute their right to post here - if I had a £ for every time I'd been told not to respond to them I could probably offer my own CCLN to BPC but alas that hasn't happened!

I've found that dealing robustly with these particular trolls is cathartic for me - my ambition is to get one of them to admit they are here to influence the SP downwards for a better buying opportunity or that they are shorting stock - if that were the case at least it would be readily understood, especially by rampers , who want the opposite but many of the trolls are gratified seemingly in other ways.

I'm happy for everyone to make up their own minds but sometimes in this day and age not everyone has time or can be bothered to do the research and troll Dross can put up some challenging arguments at times which often stimulates me to add to the debate Petro !

I actually find trolls interesting and I've done a bit myself helping 12bn achieve a loss of over 90% on TOOP recently by quoting a lot of his troll one liners back to him - of course I do feel for the collateral damage so I haven't yet applied for full membership of the troll union but give it time Petro!

Dross - same old, same old - people with a Post Office book attitude to investment risk shouldn't be trying to fit a square peg into a round hole and somehow claim to be aligning themselves with CERP shareholders - the time for all that was months ago and those that found the heightened risk/reward aspect too much have had time to bale.

You sold out years ago and like so many decided to troll it but you lost credibility with most board readers by staging your ' Koot is lying about not drilling Saffron without a Placing ' campaign which went on for almost a year Joseph Goebbels style and ended with SURPRISE SURPRISE - Koot proving you wrong !

Your agenda here is pretty obvious and contributors will soon be wise to it, when I can be bothered I'll add my comments for old times sake !

Dross - no surprises with those arguments - did Greta help out with the drafting ?

Dross - surely if you're going to develop the point about financing you should DYOR - you might also learn something about zero coupon lending !

Dross - try and keep up if you're going to post here - spending on CERP assets starting pretty much immediately- Leo has already presented on priorities for CERP as well as practicalities!

Willec - may I say I admire your enthusiastic support for your investment - you remind me of those drug dogs the police use - your ability to sniff out trolling is first rate even though some doth protest to the contrary when called out !

Lancey - pleasure to be of service - I've just given him both barrels over on Advfn - it's a shame about him as he has put up some challenging arguments historically but the Goebells style campaign alienated him with most sensible posters - possibly the more worrying aspect is he didn't actually appreciate he was emulating Dr Joseph - very scary !

Don't know how this will end - as I've said before - it's got to be considered a high risk share - some of these trolls like Krapper don't seem to understand that some investors are comfortable assuming risk at this level in return for potential reward.

Many thanks for your stalwart ' Mister Brightside ' ( I luv that song ) support historically - the bustards tried to grind us down but you were always ready to step up to the parapet !

Chesh - know less than Irene about this one but rest assured there's gonna be a whole chapter reserved for you in my book - I'm on Chapter 10 at the moment and like BPC I'm stringing it out cos the next Chapter could be either Chapter 11 or bin the book I'm beach body building in the Bahamas !

Chesh - I'm a bit disappointed you seem to have overlooked my 5000 post milestone - I know it's small beer compared to you but don't forget I've been writing the book of CERP as well - it's almost like having a full time job and having your posting appetite!

Bruce - Krapper won't reply - too embarrassed - she's filtered me because I call out her bullshyte - I doubt she actually bothered with the short - just likes to wind up holders - good luck with your investments!

PS she missed out on the recent Saffron well here where the SP doubled in days - she predicted no oil would be found despite the independent research pre-drill suggesting the contrary - not to mention you'd have to be more myopic than Irene not to see the Soldado Offshore rigs from the Saffron site !

Cars - that's certainly how I've understood it from reading and watching available material. Being able to confidently present continuing production could be beneficial in loan negotiations, which was cited as a reason for the merger!

Arry - I sometimes try and squeeze in 3 in a row when I'm in the mood and I've been impressed with the maturity of your posting since you became more comfortable with your holding - this is a high risk share - I respect people who consider that and do what's best for them.

You seemed very interested in pumps for Trindad some days ago so I thought I'd add some perspective here. The Goudron field suffers from lack of pressure, in the main and sand build up.

Koot experimented with the purchase of a Moyno pump which I believe cost around $ 50,000. This pump was designed for mining rather than for an oilfield but the objective was to be able to sustain production for longer periods without intervention. We were told if the pump was successful price of subsequent models would be nearer $20,000. We've not heard what the result of the pilot was but it may have been promising so Koot may have persuaded SP to splash some cash on that project - cash Koot just didn't have!

Lots of speculation in this post but you may have been a bit harsh with your comments on the pumps as the cost might be a little more than loose change!

Neon - thanks for your good wishes - it's certainly even less of a share for widows and orphans than CERP - we await developments with great interest here!

exdragonoil - enjoyed the sinecure reference - also had to Google that one !

I'm all in favour of NED role - at least in the case of Koot you have someone with intimate knowledge of the CERP assets and he was thorough and determined re the Saffron drill and managed to snatch victory from the jaws of defeat by announcing the drill team would take on Saffron 2 at their risk and expense - he could have been left in the lurch without that expression of confidence.

If you're a shareholder and you have grievances try writing to him but at the moment all eyes are on the drilling of P1 and the BOD know plenty about the permutations for financing but until hard news is forthcoming they keep their counsel.

I'm disappointed you're not impressed with the appointment and I hope you may change your view given time but in the short term the drill progress will be of greater concern to most shareholders and we'll know about that before we discover how effective Koot is as a NED - sinecure suggestion hanging over Koot like the sword of damocles - do you think ?

Findme - even if CERP produce 500 bopd, most from Goudron it is unlikely the revenue will exceed G& A costs - as Krapper has pointed out by reference to past performance. With the ISPC on Goudron there is a sliding scale of deductions such that the first 150 bopd is unlikely to yield any serious revenue, thereafter even at WTI $50 best net figure for CERP is $30 and then you have to deduct general company costs .

On the positive side company expense have been reduced substantially with the culling of the CERP management but there's still going to be significant staffing costs. If there is CapEX at Goudron and bopd can be increased staff costs will be largely unchanged so that bottom line should benefit in line with the example I gave earlier.

It's interesting that management have mentioned that including CERP may assist with financing - I can understand where this is coming from. At the moment BPC have 2 lenders who have advanced some cash and promised more but only if covenants are complied with and the note in the accounts suggests a breach.

These lenders may be prepared to lend what was originally promised but I'm thinking they may want more comfort than what's currently available. At the moment if they loaned the full amounts and the drill was a duster how would they be repaid - who's going to finance a second chance drill at say $25 million ?

With CERP assets thrown in there is a good chance of some profitable oil flow from Saffron 2 in the future - without CERP assets what would BPC fall back position be ?

I'm thinking that the lenders will probably want to see some serious funding commitment from equity elsewhere to encourage them to release more of the original granted facility. Stena would be favourites - even if they took $5 million of their option that sold be a big help but there might also be a need for a final Placing to top up - these requirements are to be decided by the lenders - the BOD probably know what the permutations are but are, quite rightly keeping it to themselves.

I doubt Saffron 2 will be flowing by the time Stena is committed, November, judging by the BPC projections of output in the latest presentation. If the existing lenders are prepared to overlook the lending breaches without BPC obtaining other equity now would be a good time to say do with the Sp at current levels
but I'm not seeing any such announcement.

In conclusion I believe that having proven production from CERP will help with financing and has improved the position but the merger is complete now but we haven't yet heard the lenders are ecstatic and have forgiven the breach.

Krapper - you have to be in it to win it and it seems you missed out on the doubling of SP post Saffron - now you come on here talking about proven strategy - what is your strategy ?

Shareholders here, from what I read, seem to accept this is a very high risk investment - clearly that isn't going to be acceptable to an overwhelming majority of potential investors and particularly those with a Post Office book risk mentality - may I recommend you consult the Government sponsored Financial Advice website to help you select the type of investment which best suits your risk profile as you seem to be a square peg for a very deep offshore round hole here !

Krapper - you decided to run the sweepstake on Saffron cos you wanted to be part of the trolling effort but weren't pulling your weight cerebrally. Selecting 0 bopd was your expression of no confidence in the Saffron drilling, despite the independent evidence to the contrary. CERP learned a lot from Saffron 1 - enough to encourage the drill team to offer funding and assume risks of Saffron 2 .

It's amazing what confidence does for SP - CERP's more than doubled - none of the trolls apologised - surprise surprise!

Krapper - keep kidding yourself about ' informed comment and insight ' - you forecast there would be no oil from Saffron despite the independently produced pre-drill research and that you can see Soldado offshore rigs from Saffron site. SP doubled after Saffron drill - great insight Krapper !

Arry - I've followed CERP closely for many years and can confirm that Koot declared, a long time ago, that he was only going to spend the minimum necessary to keep Goudron flowing whilst he concentrated on Saffron drill. Koot told shareholders that he would drill Saffron without another Placing - the lead up to that drill took many more months than expected so that CERP was financially very very stretched and he relied on Contractors being paid in shares in the end to complete the job.

Koot had potential further borrowing power but as time elapsed during pre-drill period not all shareholders stuck with him and the fall in SP did not allow him to take up further loan tranche. In fairness Koot did anticipate this problem and drew down previous tranche sooner than most shareholders expected.

I can therefore well imagine Koot telling BPC board that there is low hanging fruit at Goudron which can be harvested efficiently with a relatively modest CapEx programme, which he just wasn't able to fund whilst Saffron was ongoing. Outsiders probably find this difficult to comprehend but CERP shareholders know the history regarding cash management.

The Goudron field suffers from sand build up - Koot has invested in a type of pump normally used in mining to try and solve that issue - the pumps were very expensive- shareholders haven't been told how successful they were but Koot has kept up production well from Goudron with the measures deployed, including the Waterflood Pilots. Arry Koot knows what's wanted at Goudron and modest CapEx will probably be very worthwhile but SWP will be much more significant down the line!

Sugar - as you and I have discussed previously the Trinidad Government MEEI stats cover ISPC deals such as Goudron so you can see the production month by month as CERP supplies a very large part of the total column. The 1000 bopd historical figure was a long time ago and Koot only did it to prove it was possible otherwise trolls like Krapper would have been presented with a stick for the ceremonial beating!