Member Info for in4cedros

Krapper - if I remember rightly bigMJ wasn’t looking to give investment advice - no matter how persuasive you were with your brown nosing!

Krapper - do you think they were unduly influenced by your declaration that ' Leo and colleagues are an impressive team ' ?

Interesting programme carried by BBC on Turkey.

I think Krapper has a lot to answer for in the ramping stakes - she told this board that Leo and colleagues were an impressive team - I've lost count how many times that's been repeated on here - surely she was not being disingenuous!

Chesh - Krapper would still be arguing for a nil COS on SWP even with a face full of oil!

Krapper - what you’re missing is most of the skills a good troll needs - I’m really sad for you if that’s the best you can do at the moment Zzzzzzzzzzzzzzzzzzzz!

joe - I am claiming original bragging rites for the 15,000 bopd quote as I researched Soldado North and bothered to calculate a 50 year average. I used 50 years as that was a long time and it was unlikely it would be deemed a cherry picking period - however there are undoubtedly good arguments to be made for much higher average production figures over quite lengthy periods.

My argument was very simple - if we hit anything like Soldado North CERP will do very well - my argument was only made to deal with trolls like Krapper on here who seemed totally clueless about what MIGHT be the potential in a positive scenario, which I stressed to Krapper IS NOT GUARANTEED!

Jarv55 - many thanks for the link.

I haven't followed the company for as long as many of you stalwarts but considering history over last year this company would, arguably, have benefited from a good NED, perhaps asking the questions one of the contributors to the Q&A posed, before the drone decision was finalised. Now that controversy has been well publicised it occurred to me that the BOD would have wanted to major on how much care they have taken to attract a NED who will stand up to the BOD on behalf of shareholders to restore confidence of PI. The exchange I heard on the link did not imbue me with great enthusiasm regarding attitude but I hope the new NED will benefit the company! ( Did remind me of ' crisis, what crisis!) .

Garn - Well Participation Agreement seemingly dependant on getting the roll over!

LGO-fan - who knows what the real reasons were for the Spanish declinature - they say they didn't want oil production as it didn't fit their green energy policy - but it cost Spanish jobs and the industrial user we supplied is probably buying it from another country now. My point was LK needed to brown nose as he wasn't negotiating from a position of strength.

Re IT IPSC there was talk when NR failed to buy it years ago that Petrotrin might offer it to LGO because LGO had complied with minimum drill obligations on Goudron whereas there were issues with the then operator. Fast Forward LK now responsible for IT and min drill obligations outstanding - unless waived by Petrotrin/ Heritage.

Heritage clearly want CO2 deal to proceed and very likely some assurances have been given but no one has pointed me to an rns saying CERP have got the roll over - even for a 2 year period being discussed. LK not in a position of strength as MWO not met and now chooses to adopt a new policy on production questioning Trinidad fiscal regime. He might think that privately but is it great diplomacy in the middle of negotiations?

What's to stop Heritage from offering it to PRD direct if they appear a better development partner?

Garnheim - I note that was the amended well agreement ( FRAM ( CERP) - PRD ) but has LK got that agreed with Heritage yet ?

Current IT IPSC expiry date 31/01/2020.

FRAM were in negotiations with Petrotrin at the time of the PRD report January 2018. ‘ The IPSC contains Minimum Work obligations mainly in the form of development wells. PRD understands that FRAM is currently in negotiations with Petrotrin regarding 4 outstanding and extending the term of the IPSC.’

‘ The wells in the Well Participation Agreement, will be needed to help fulfil the outstanding obligations. For the avoidance of doubt the wells to be drilled under the Well Participation agreement REQUIRES FRAM to receive regulatory consent for the proposed drilling programme which will require a NEW AMENDMENT to the current IPSC.’

From CERP rns ‘ The IPSC is subject to an existing farmout agreement with Predator, who are expected to fulfil at least 2 of the MWO wells and progress a planned EOR project . The total MWO is 7 wells. ‘

I’m not absolutely clear how many of the MWO have actually been drilled.

Bamps21 - I’m not expecting PRD to exercise the buy out option and short term expectations for the CO2 project are relatively modest so I’m not expecting vast cash movement in CERP direction for a long time but if it takes off CERP stand to benefit longer term.

CERP have to allow PRD to continue the project as it’s a contractual obligation. In the meantime I’m surprised that LK has been unable to make an announcement about the Innis Trinity IPSC which expires shortly. I understand it’s normal to commence renewal negotiations around 2 years before expiry and that Petrotrin/ Heritage are usually happy to allow roll over if the contract has been well managed.

Looking at the PRD CPR for IT I notice there were substantial minimum drill obligations outstanding and it seems PRD were optimistic that they would be satisfied by the CO2 project - hopefully that’s the case but it seems odd that Heritage haven’t squared all this away yet bearing in mind the cash to be expended on drilling imminently.

It seems that the IT concession is up there for LK to lose and I can’t help thinking that LK is not playing a diplomatic blinder at this time by giving the impression that oil production in Trinidad is barely profitable and that he prefers opportunities elsewhere.

To quote from Oscar ‘ to lose one parent may be regarded as a misfortune, to lose both looks like carelessness ‘ - LK lost out on the Spanish concession, he was undiplomatic when he became frustrated, who knows if there was ever a chance for him there - he has a good chance of a roll over on IT but he’s behind on minimum well obligations, which has cash implications for CERP.

He also has minimum drill obligations for South Erin - that drill is still outstanding.

This quarterly reporting is fine if he’s going to give shareholders a good briefing but this contraction of production is a new theme which raises many questions particularly when the cash fund is diminishing at a worrying rate. The take over of SD involved assuming more admin expenses - if those new assets are not producing significant oil it is a concern.

marineville - I applaud your request for him to bring a hat for donations - for a moment I had a worrying thought that one of the much coveted Metro Dog Bowls might be used !

Krapp - how about 1021 bopd Q4 2018 - after you told us Leo and his colleagues were an impressive team !

Irene - your posts are boring because everyone knows you are trying to use COS as a deramp but it's unlikely anyone is interested as investors here are almost certainly wanting LK to proceed in SWP - unless he suddenly u-turned and said ' I now have new information which has chancged my mind and chances of success are so tiny it's not worth even giving it a go!'

You seem to have an attitude to risk which is not compatible with the risks which are talked about on here every day!

Some might consider you a tad devious as although you are now claiming to have warned investors here they might have been confused by your brown nosing comment about Leo and his colleagues being an impressive team - haha!

Dross - again, just out of interest, to help out Post Office Book Irene, what was the COS on the AMER duster you bought into ?

Irene - same old, same old boring questions - no one is going to give you a guarantee - your mate Dross recently took the plunge with AMER and collected a duster - presumably he was happy with the COS before he pressed the buy button as he is very exercised about risks, particularly when he isn't an investor - how is the Post Office book - those were the days!

Magoo/ Neon - Soupo reminds me a bit of Irene Krapp who used to regularly poop herself about risks to other people's money - Soupo no one obliging you to buy in here - if you don't believe the risk is worthwhile find something better - it's your money - not mine - you decide on your own risk !

Soup - glad you got there in the end!

Your post Sat 21:33 ' incedros, a textbook example of a ramper actively rejecting information that disputes their beliefs'

I'm not insulted to be called a ramper and I don't apologise for rejecting information that disputes my beliefs if that information comes from someone who is clearly poorly researched - most of the trolls on here have occasionally come up with something worthy of debate but are able to distinguish between fact and opinion.