I suspect that this leak has come from someone 'familiar with the matter' at Galliford Try. Graham Prothero needs to address this urgently and make a statement confirming or denying the accuracy of the allegation. If his intention is to leave and join Bovis, having sold Galliford's crown jewels to that company, then he needs to step down from any further involvement in the proposed transaction as he can't be on both sides at the same time.
The £300m cash element will help capitalise the construction business but we need to know in more detail how they intend to proceed and what value is attached to the remainder of the business post transaction.
Disc0verer - "Ffs LLL I picked you up last year for spouting rubbish about storms etc"
Business, Operational and Financial Update Q4 2018
Leo Koot, Executive Chairman of Columbus, commented:
"All of our activities in Q4 2018 were undertaken at a time when Trinidad was witnessing the worst weather conditions in many years with record rainfall and resultant floods which impacted the lives of many. These conditions severely hampered our operations on a number of occasions, in particular gaining access to our wells which needed operational support to maintain production. In many instances, roads were flooded and impassable. This also had a knock on effect on our rig campaigns to increase production. That said, our operational and support teams performed admirably in very difficult circumstances and our back-up power-generation facilities, installed over the past year, ensured operations were maintained when grid electrical power was lost due to the weather conditions. "
Irene - the wet season is from June through to end of November. I know there has been flooding in the south of Trinidad in late September.
"Areas in the south western tip of the island of Tobago were badly affected from around 21 September. Strong winds downed trees and power lines, blocking roads and causing power and telecommunication outages. All schools have been closed. Nine shelters were set up to house families displaced by the severe weather."
“From 2016 to the present we are seeing more flooding than we ever saw before. Between 1980 and 2016 we only had one flood."
"“From 2016 to the present we are seeing more flooding than we ever saw before. Between 1980 and 2016 we only had one flood."
Siliv - "I bet Leo is seething he has had a rig standing idle for days waiting for the nod from some clip board warrior from T&T gov to say it's a go. "
Maybe the delay is because CERP are not fully compliant or perhaps the Rolls Royce rig has already broken down? Rampers here all blaming the T&T government without any insight into what's occurring on the ground. Kootsie seems flame proof ;)
"The Company does not expect to incur any material costs in pursing the claim."
Famous last words. Have they engaged a 'no win no fee' lawyer to progress the claim?
We'll see how this progresses but I doubt they will get anything. Why would they incur costs for a tender process that never occurred? It sounds like Leo jumped the gun and made assumptions that has cost the company.
I wouldn't agree that there are zero upfront costs. There may not be an upfront payment to Staatsolie but there will be setup costs plus the cost attributed to fulfilling the MWO (Minimum Work Obligation). At worst, if nothing commercial is found, these costs fall entirely to CERP. If there is a commercial find that is sufficient to interest Staatsolie then up to 50% of costs related solely to that find will be reimbursed by Staatsolie in exchange for an up to 50% interest going forward.
It's a 'no brainer' for Staatsolie as they can't lose and stand to make something should CERP be successful in locating a commercial find.
This PSC is akin to a landowner agreeing to let a group of metal detectorists roam his land in search of treasure. He stands to gain if they find something otherwise the time and cost of searching for something that might not be there falls squarely on those who seek to find a hidden hoard.
Only time will tell if this is a smart move or simply another expensive mistake like Spain proved to be.
My humble view is that CERP are close to skint and so I expect a fund raising exercise of some kind aligned to promises of accelerating plans, unless, of course, Saffron is a gusher. Place your bets ladies and gentlemen :)
In4SWP - no problem. I did wonder if you were implying me and Ross are the same person as some have tried in the past. I don't have any axe to grind re CERP and my views are impartial. I am interested to see how things develop now that drilling of SWP is close at hand. From a balance point of view it's good to listen to both sides of the divide and to form your own opinion as you say you are doing. As for Wendy, she's my girlfriend. All the best.
Why now just before drilling is supposed to start? Does this send the wrong message to shareholders? They are insiders so many shareholders may wonder what Schroders know that they don't? The timing does seem strange and it could signal Schroders preparedness to sell into any rise over the coming days.
Something is down there but is it oil or water? I'll be generous and go for 25 bopd although my gut instinct suggests less than. If all else fails, they can always plant seeds and see if anything grows! Confused? Same here!
Twinkletoes12 - I told Wendy you and the boys said hi and I also told her about your exploits with the stuck drill. She says to tell you all that you guys rock! She's always in a good mood but even more so this week as Indie Scene Radio has named her as their artist of the week!
I expect you make a mean brew on a morning to get the team fuelled up ready for the day ahead. Have a great weekend even if you're working. Hugs and kisses from Wendy for the guys x
This is the holding RNS previously issued on 8th November 2018 which seems to be missing from the RNS list here on LSE.
The number of voting rights is exactly 1 million more than is shown on today's RNS