Member Info for joatmon

We need a proper presentation giving definitive information on the true financials of the merger and the situation regarding CERP shareholders as well as a timeline of the prospects/plans for CERP and BPC. With what we have now I cannot support this merger.

I have some considerations which could change my mind to back this merger: -
1. It is possible that the BPC Perseverance #1 well already has a deep pocket backer and so the risk of failure for the well will not have a significant downside?
2. Perhaps the Bahamas country will agree buy all their petroleum products from CERP Trinidad - so future sales are secure for the longer term?
3. Is there a nearby well to Perseverance #1 to provide some idea of the expected drilling conditions?
4. We need a presentation with more information to understand the merger properly.

The PI's best hope is a white Knight steps in to takeover CERP at a fair price.

I do not see how anyone could accept this deal because the whole thing is based on the Persistence #1 exploration well at BPC.
This well is a deep well with no guarantee of reaching TD (18,000Ft+?) and if it does it could be dry or water anyway - this is a massive gamble for a small company unless BPC has a farm in partner with deep pockets to pay for the well if it is a duster, and even then how does it benefit CERP? Only if everything goes well and the well is carried by another farm in partner and it is a very good discovery will it be worth the effort, and then we have to wait years for development - I am voting NO to this daft deal.

I see this as a bad deal for CERP, and I hope there will be a white knight to come along and make a better offer to gain access to CERP's assets.

Based on a bird in the hand is worth two in the bush - this is a risky deal.

I see this as a risky deal for CERP based on the BPC well being a success - if it is a duster this will be a bad deal - I would vote against the merger.

https://www.blueprism.com/news/blue-prism-automates-sba-ppp-loan-processing-at-banks-saving-more-than-85-000-jobs-and-helping-small-businesses-stay-afloat/

However for Blue Prism it seems to have been just a simple price based decision.

A change of auditors is usually a bad sign.

https://www.meritalk.com/articles/texas-medicaid-embraces-rpa-to-increase-efficiency-accommodate-surges-in-work-in-the-time-of-covid-19/

Irene is a serial de-ramper - I think it is long term psychological problem.

I just filter Irene out - there is no point in reading her drivel.

Given the discovery is transformational according to the CEO and with a second well in the works I expect steady gains for the sp for the rest of the year.

You should use the 'Filters' tab to get rid of unwanted de-rampers etc.

Yes I was in T&T a long time ago doing navigation for marine seismic for the UN - I really liked it at Maracas bay, and Tobago at Scarborough and 'pigeon point' - I think it was free diving on the reefs. I thought T& T meant Tyne and Tees:))

Malta has done well regarding Covid-19 the first thing they did was shut the airport and now we are free of the lockdown - but masks are the norm and temperature readings for access to the golf club ans shops etc.

I am a Londoner and living in Malta for the last 38 years - nice weather here, and too small to take sides.

OK Bamps21 - thanks for the information.
By the way Joatmon is Jack Of All Trades Master Of None, although I have been in the O&G game since 1979.

OK Bamps21 - my uniformed assumption was the earliest possible situation for Saffron2 was based on not using the rig for testing the middle Cruse. Of course if the rig is still testing Saffron1 (EWT's?) and then supposing it spuds Saffron2 say mid Q3 logging results would be as you say end of Q3.
Does CERP have a second smaller workover/testing rig available to free up the drilling rig to rig up and spud the next well?