Member Info for jimtheknow

in4, nice response and post but still no one has said what’s it worth. All this only ever means anything if you can get at it and it out of the ground in reasonable volumes, at reasonable cost and sell it for a profit which can be distributed to shareholders.

As a ‘producer’ how much profit could the CERP assets generate for distribution to us hard done by PI’s? We’ve heard the jam tomorrow story from BPC for long enough now, we are well acquainted with this theme.

P.S. Dross went on filter with Mad ‘arry quite a while ago and are unlikely to be coming off.

Razorman, I’ve had a quick glance through the CERP RNS’s for the period you say and they make interesting reading but I can’t for the life of me see what CERP ever offered to PI investors. It is/was just about (although losses posted in ‘18 & ‘19) a self sustaining operation and it looks like it’s kept people in work but it’s absolutely bereft of anything to an external PI. There appeared no chance of a divi ever getting paid and none of the formations were ever likely to yield anything to move the share price needle. Even with mediocre discoveries like Saffron the geology and formation issues (sand) mean good flow rates and up time we’re never going to be achieved.

Some of these issues could be improved upon and maybe the company could have eventually got to a place where they weren’t posting losses but there was no carrot for the PI when that would have had to be split 833 million ways.

However, I get why BPC have bought them as they can look to improve some issues and they can book all their expenses and salaries and mitigate/prevent the yearly cash call we kept having to stump up for. I think think this is the best we can hope for though, which is not a bad thing, but CERP’s contribution to the pot is about keeping the lights on and will not move the needle against what is now 4 billion shares.

The boys have done a good job in securing the company and their jobs, we now need them to deliver on the big prizes.

Razorman, I’ll try and check those out when I get the chance but would I be right in thinking the RNS will almost only give numbers on reserves and production rates?

What I’m wanting to know is what Joe Public thought their return might be by investing in a company that was a ‘producer’. Onshore exploration plays in T&T were never going to be like the roulette wheels of offshore Guyana, GoM, Bahamas (?) etc. You invest in a CERP type company for hopefully a little bit of less risky income and not one heavily weighted on luck with the drill bit.

While we await news can one of the long term CERP holders give me a very basic run down on why they thought CERP made a good investment at the time, with some basic numbers to support that thinking, numbers that boil down to a pence per share divi.

I’m not being funny or in an argumentative mood, I’m genuinely interested in what people’s expectations were back in the day as CERP were/are a producer so investing in such a company should have resulted in a divi at some point.

Genuine answers only please.

And with a little bit of the right info released at the right time they could have done a placing at 4p.

I can’t believe Eytan would have the brass neck to say “watch this space” if they don’t have something good lined up. It absolutely beggars belief if they have no ace up their sleeve, they would be a laughing stock. He could never live those words down.

It’s all been too quiet on the McQuarie front and there has been no official RNS to say their services were terminated, surely no news is good news. The fact their services were Initially RNS’able means it stands to reason termination of services also required an RNS. If they had engaged with them behind closed doors, which they very well could have, then they could have disappeared into the night, but they didn’t.

I’d prefer them not to do a placing and I’m waiting to be wowed by some creative thinking by the company, otherwise they will have just done the text book, tried & tested script in raising funds i.e. placing, placing, placing.... and the truth is they haven’t done the placings very well so far, it’s all been pretty bog standard.

Im keenly watching this space waiting for my socks to get knocked off. If I’m still sat here with my socks still on come December then Eytan and the gang need to go back to school.

I still have hope and still expect, but that clock is ticking.

Again, for the lazy investors. Page 118 of T&T Budget Statement, SPT now up to $75/bbl from $50. May help with investment in country and servicing any debt should PoO recover.

Did anyone follow the T&T budget and the proposed raising of the windfall threshold?

What is for certain is that they will not see an influx of shares from them in the near term as they won’t be converted for some time, potentially if ever. They would be a bit like 3yr Warrants hanging in the background.

Servicing the coupon element of any CLN debt could be less than 100 barrels of oil per day. This is obviously dependent on price of oil and what the margins are on production.

And one for Irene, also very dependent on any production at all ;-)

Maybe if it used, all or in part, the Bizzell CLN will get serviced as a debt and it will not be converted? At least not in its worst case scenario.

The maximum dilution and big share issue numbers quoted by BPC come from the effects of compound interest at the coupon rate and conversion in 3 years time, this is why the CLN had a component about future operating funds. Maybe BPC bought the CERP (puppy) at the request of Bizzell to ensure their loan security was viable if the requirement to convert arose? If BPC service the CLN debt in a traditional way then concerns about further mass dilution, in 3yrs, are assuaged?

So many lazy investors on here these days. All the terms for the CLN are known, including conversion price. If it gets used, or part used as the terms allow.

Desperate clutching of straws for anyone who thinks Goudron & Innis are a bonus.

Wished I could do some type of face palm emoji on here.

Scsiborg, I've been saying for months we will be at, or around, 4bn shares in issue by the time of spud. I'd say that is pretty accurate at the moment.

Based on the rules that applied to the Bahamas Family Office investor for the Facility I've had a quick go at trying to make a comparison, someone please check:

Facility Rules: 1) BPC received 90% of face value. 2) Shares would have been converted at -25% to prevailing price.

Family Office invests £10.55m, BPC receive £9.45m (roughly the Placing proceeds)

Assume share price of 2.9p, therefore, conversion price = 2.9 * 0.75 = 2.175p

£10.55m / 2.175p = 485m new shares issued. A saving of 10m shares.

However, we weren't expecting to draw down on the Family Office Facility until much closer to, or into drilling so we would have expected a higher sp at the time, mitigating new shares issued under this scheme.

A prevailing share price of 4p in the above equation would have seen 351m new shares issued under this scheme.

A prevailing share price of 5p in the above equation would have seen 281m new shares issued under this scheme.

You can all make your own judgements as to what that implies with the Facility and to the people within the company who have been waxing lyrical about the finances.

Star, there will almost certainly be no significant news before the 8th.

That would not align with the rules of 'Scratchy, Scratchy'.

Bryn, can you see the flock of sparrows now?

How's this one for a bit of fun (with maybe some truth)….

* Stena takes 10% asset equity option.
* The above negates the need for Bizzell CLN.
* No Bizzell CLN means no requirement for Potter to remain as CEO as per Bizzell conditions.
* Ship sails 1 nautical mile from port, Potter gets all his entitlements.
* As spud date approaches Potter decides he's achieved his objective for the Company after all his 'hard work' and now is the perfect time for a change at the company.
* Potter retires but is given a honorary position within company.
* Koots takes over as CEO.

Potters retirement plan executed.

Watch this space.

OMJ gets no credit for a placing call. New shares had to be issued, it was just how and the quantity of that was unknown.

Given the company have said they no longer intend on drawing down on the Family Facility then even after this placing the books to me still don't balance. We have just had to pay Stena $2m and our insurance won't have been cheap, i don't think they'll have been able to shop around and get a multi-ship policy. I don't know what it will cost but it must be North of $1m and fully paid up before drilling.

This still leaves a funding gap for me which i don't think is a bad thing because it will need plugging and they must know how they are going to do it in a cheaper way than what they had available with the Facility.