George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
Interesting resource, perhaps they are as timely with their Production figures as they where with the accounts and thats - not at all but instead shockingly bad. The tumbleweed is certainly blowing past this stock...
Posting link separately encase took down
https://www.cegplc.com/investor-relations/constitutional-documents/
Would love to know that myself!
All I can gather is, normally AJBell would have something to vote on there was nothing. But I went looking through company website and found a proxy voting form for AGM
Actions where reappointment of potter and elyen and bizzell and continue using auditors - being all passed according to very informative RNS yesterday I guess that was it
Felt like a keep it quiet event, probably knew if shareholders got chance to vote they mightn't get back in
I've been emailing the company lately telling them my thoughts and asking about the course of action guess I'll do the same about the AGM and will be same response - none
From what I read in last RNS / statement it's AGM today, I don't recall seeing anything to vote on etc.
I'm hope for some direction setting, something, anything!
Anyone got any expectations apart from drift South? Or anyone popping in on it on Isle of Man?
the latest on blocks for nomination - left me initally thinking, CEG/BPC/CERP has nothing left and my 94% down would soon hit 99% down
however looking at the resources posted, thanks LTID and Chesh... i'm only slighty less concerned now, i agree POC that it looks like the government are opening up the rest of the SWP outside of what CEG to probably fund Covid expenditure etc etc, but if you look at
https://www.cegplc.com/operations/trinidad/saffron-2-discovery/
What I'm not convinced on, what is there to stop a competitor setting up and drilling a well beside CEG licensed area and extracting from BPC claimed field e.g. Icacos or Bonasse oil fields and taking from the proven fields (size aside) and - I'm also convinced CEG doesnt have the cash to secure the rest of the area to ensure exclusivity
Based on the problems and results of S1 and S2, I wonder if fundamentally the field is capable or is it purely down to the people executing the plan, CEG/BPC/CERP BOD.. If a "proper" company where to acquire the company would it be more successful?
We apparently have had a company reset and I'm concerned with lack of news / tweets on S2, Bahama license and P1 update, Outstanding costs, Accounts etc
I would encourage you all lets start trying to hold them to account more however we can - i've just emailed the company about the above points asking them to be more forthcoming.
If you feel the same, along with being understandably (insert emotion) email them too, or phone or tweet.
Maybe just maybe group pressure, could prove effective?!
The pre-consolidated share price edges closer, at some stage my investment will probably hit 101% down ;) my dealing account has a post it note covering the CEG listing and is probably more valuable.
It seems that every RNS pushes price down good or bad and makes me think the resistance must be every price point for this but really makes me wonder, is there a support level will there be a floor price?
I can say, this was an expensive lesson learnt and the phase "fully funded" will always be met with extreme suspicion
Would totally agree, need to see 22p. Certainly a gamble that didn't work out, it's more annoying as a ex-CERP holder, that we've ended up back at the same wells relying on for survival. When LK could have just got on with it instead of looking for a golden lifeboat. Its also funny the company has rebranded and now also with 2/3 of its stock ticker code from CE(RP/G)..
This to me now feels like that family dog thats bites folk and your thinking need to put it down
Like many watching the investment bleed out, thinking not worth cashing at this stage. At best we've S2 with 200 barrells oil not water, and a begging bowl for more money... I also see the farm-in for P2 and think, why would a major buy into it, when at the market value we are, it would be cheaper surely to just buy the company debts and all and have 100% ownership?
Good article and being able to throw $200m+ at the ruby project suggests Trinidad could remain a good play in that area. Lets hope we also are about to potentially commence a field that its the right side of the island
Nice to have direct access to a CEO for sure, but I think in this case it was needed or the SP would have tanked completely.
Good to finally have answers to the major points even if he was a bit ballsy with his answers
P1
-communicated to be upper-end $35m
-ran over by $10m ($3m covid + $7m debris in the well) the $7m was indicated to be downstream costs + crew costs - due to --increase in time of the hip-flask in the hole, these costs arent covered by insurance policy.
-tech report due to government 1st before release, but estimated 6-8 weeks from now
- final bills expected to be resolved june/july
P1 financing
- he admitted was terrible, but other structures in-place pulled out, due to negative coverage (with environmentalists) and with 1 week to xmas placement wasnt possible.
- no choice but to take it
Bahamas License
- paperwork in to extend before the 30th june 2021 deadline
P2?
- good evidence to suggest a deeper (than current P1) Jurassic play. would be more expensive ($50m free anyone?)
- look at trying to farm out to someone else to assist with that cost (especially since frontier is now considered cream on the cake)
S2
- still going ahead, cost of $3m, covers stuff that S1 didnt like synthenic mud to stop clay expanding (leo done it on the cheap obviously)
- date is 23 may, pending on covid lock-down, and Trinidad rains
- shareholder placing, also needed to secure the funds for it, then open offer is not unwritten
- S2 is important (all chips on black), will limp on if not successful
Trin Tax Losses
- they exist at $85m, worth about $25m (at 30% due to the ring fencing of how it works)
- SPT threshold adjustment from $50 to $75 helps remove the 18% tax under that threshold
Uruguay
- low-cost to maintain $800k (over 4 years?? )
- gauging farm-in interest
Generally
- Elytan is heavily down like us ( millions in loses apparently) and has skin in game
- He is looking to support and purchase his full allocation and write a cheque
Does anyone know how many shares he has then??
For anyone that wants to get straight to CERP/BPC/CEG/? information its at 1:42 into the presentation. The highlight is at 2:04 for me "we need more money, no way of sugar coating this" ... "P1 over budget, capital allocated for post P1 is no longer available" (they spent it all)
I like the incomers honesty however
Using the CERP banners would help towards saving through a 30% cost saving for sure
Have they the money for saffron 2? Leo's original spilt with the drilling company might look good now
In comparing and contrasting btw, I'd also say I'd liked the flat and dull investors evening presentation lately. I didn't feel like I was getting sold a lie with fancy salesman techniques, it was boring and just presented as is... Breathe of fresh air in a way
Yes sad but true, I emailed the company a few weeks after the max date range of the deadline airing my view, despite tight hole, they could still manage the communication and not let the negativity consume the void. I hope the same doesn't happen here.
Love the optimism, I've just joined in.. as a note on the drill and date, I so hope it's not like CERP and the shameful date slip from their tighthole, and ZERO communication for weeks after