Member Info for LayLadyLay

Ross - If the “Well is producing at high rate approx. 500 bpd @ 90 to 95% water cut from interval 2”, does that not mean that it is in fact producing 25-50 bopd?

That's a very high water cut so yes I would say that it's 500bfpd (barrels of fluid).

I wonder if there will be an RNS on Friday, maybe after hours? That would give shareholders the weekend to mull over the detail in advance of the Monday presentation.

Whatever is about to be announced, I wish you all the best of luck.

Oil Meltdown Spreads Beyond Expiring Contracts as WTI Slumps 42%

“I didn’t think we would ever see this,” Ben Luckock, co-head of oil trading at Trafigura said in a Bloomberg TV interview. “We have a distressed market and we are seeing unprecedented price moves and that is what we have to deal with at the moment.” It’s possible WTI for June also moves to negative prices, he said.

https://www.bloomberg.com/news/articles/2020-04-21/oil-meltdown-spreads-beyond-expiring-contracts-as-wti-slumps-42?

TCGLOVER - "Who is Rex Caribbean?they just bought 2.94 pct of the company"

Rex Caribbean Holdings were one of the sellers of Steeldrum, an acquisition which completed on 8th Oct 2018, for which they received 28,077,549 shares in CERP which represented 3.70% of the company at that time. Rex issued a TR1 on 11th October 2018 to that effect which was published on 12th.

https://www.lse.co.uk/rns/CERP/columbus-energy-res-holdings-in-company-4tjr1j6713i2w1u.html

Since that time, Rex Caribbean Holdings has disposed of 2,394,901 shares, leaving it with 25,682,648 shares which yesterday represented 2.94% of the company.

The additional information in yesterday's TR1 explains the reason for it's issue.

"The issuer has made a total voting rights announcement reflecting the newly issued shares resulting in the shareholders' voting rights to fall below the 3% threshold."

When 'arry loves an oil deal, you just know it's headed for the rocks!

https://www.youtube.com/watch?v=CTTEQmkjWZw

Correction - the first repayment would have been around 8th March so the second repayment is due this week.

By my calculation, the first repayment is due at the end of this week. Will it be cash or shares or a combination of both?

On 8th November 2019 Columbus signed over all of the company's assets and undertakings by way of a fixed charge, floating charge and negative pledge as security for the Convertible Security Funding Agreement, which Columbus has subsequently drawn down on by way of Tranche 1 and Tranche 2.

The relevant charge document is 40 pages long and can be viewed on the Companies House website.

I believe that the situation arising from signing this debenture imposes significant restrictions on the ability of the company to function independently. In my opinion Lind are effectively in the driving seat, much as BNPP Paribas were in the final Ritson days, when restrictions were put on cash that effectively crippled LGO from doing anything but the bare minimum, simply to survive and repay the ill fated oil swap deal.

Is history repeating itself and are CERP in dire straits financially? Perhaps Lind are hesitant about authorising CERP to make a long term Goudron commitment if there is uncertainty about the viability of the business.

Just my thoughts, trying to work out what's going on behind the scenes. A detailed update from the BoD would be very useful but I can't see it happening. Deferring a decision on Goudron to the end ofJune is in line with the latest date that CERP must file accounts at Companies House. Simply a coincidence?

OPEC+ delayed a meeting aimed at ending the oil price war, as Riyadh and Moscow trade barbs about who’s to blame for the collapse in oil prices.

The alliance is tentatively aiming to hold the virtual gathering on April 9 instead of Monday as it previously intended, a delegate familiar with the matter said. Producers need more time for negotiations, said another. Beyond the alliance, Saudi Arabia and Russia have indicated they want other oil countries to join in any output cuts, complicating efforts to call a meeting, the delegate said, asking not to be named discussing diplomatic matters.

The delay came hours after Saudi Arabia made a pointed diplomatic attack on Russian President Vladimir Putin, opening a fresh rift between the world’s two largest oil exporters and jeopardizing a deal to cut production.

In a statement early on Saturday, the Saudi Foreign Minister Prince Faisal bin Farhan said comments by Putin laying blame on Riyadh for the end of the OPEC+ pact between the two countries in March were “fully devoid of truth.”

The direct criticism of Putin, echoed in a statement by Energy Minister Prince Abdulaziz bin Salman, threatens a new agreement to stabilize an oil market that’s been thrown into chaos by the global fight against coronavirus. President Donald Trump had devoted hours of telephone diplomacy last week to brokering a truce in the month-long price war between Moscow and Riyadh.

“We always remained skeptical about this wider deal as U.S. producers cannot be mandated to cut,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “If so, Russia doesn’t come to the table. And if everyone doesn’t cut, Saudi Arabia’s long held stance is that they will not cut either.”

The prospect of a new deal spurred a 50% recovery in benchmark oil prices last week as traders saw some relief from the catastrophic oversupply caused by a lockdown of the world’s largest economies, in a bit to halt the coronavirus pandemic. With billions of people forced to stay at home, demand for gasoline, diesel and jet has collapsed by about as much 35 million barrels a day.

https://www.bloomberg.com/news/articles/2020-04-04/saudi-arabia-says-putin-s-comments-on-opec-deal-is-incorrect?

Is the company on the brink of a new IPSC agreement for Goudron or is the company simply on the brink?

While you are idling away the days and weeks awaiting news on Saffron, and the future of the company in the light of Covid-19, you may like to consider why the company bears its current name and is it a prudent choice for a company that sees its future in an area where the name Columbus is not exactly revered?

Have you ever wondered why LGO Energy was renamed Columbus Energy Resources? A name change doesn't erase history but why Columbus? By and large Columbus is a hate figure in Latin America and even recently in Port of Spain his statue has been defaced on the so called Columbus Day.

The day is becoming increasingly controversial, however. Many argue the man himself isn't worthy of commemoration. Columbus wasn't actually the first to cross the Atlantic, they say. The holiday is seen as a celebration of colonialism, and offensive to the continent's indigenous people. Some claim he was responsible for murder and enslavement, and was a brutal viceroy and governor of the territories under his control.

All of which helps explain why people are using the #ColumbusDay hashtag on Twitter to berate the tradition.

Anti-Columbus messages are by no means the only ones being sent. Some are using it to share inspirational messages: " 'You can never cross the ocean until you have the courage to lose sight of the shore' - Christopher Columbus. Happy #ColumbusDay!" (Actually a quote from Andre Gide's 1925 novel, The Counterfeiters.)

But many read a little more like these:

"I'm celebrating #ColumbusDay by walking into a stranger's home and claiming it as my own. Housewarming party to be announced."

"Ah yes, genocide. #ColumbusDay."

"#ColumbusDay has become like that drunk uncle everyone is ashamed of."

The Spanish version of Columbus' name "Cristobal Colon" has also appeared more than 8,000 times, and is trending in Mexico. But it is dwarfed by another phrase - #nadaquecelebrar, meaning "nothing to celebrate" and is trending across Latin America.

In both languages, people are calling for the day to be rebranded. A campaign to rename "Columbus Day" to "Indigenous People's Day" has been particularly vocal across Latin America.

So what do you think? A good choice of name or a faux pas? I wonder if the name rankles with officialdom in Trinidad?

https://www.telesurenglish.net/news/Trinidad-Joins-World-Protests-Against-Columbus-Day-Statue-Defaced-20171010-0033.html

The above is a point of interest and food for thought for those who are unaware of the significance of the name in Latin America. I'm surprised at it being adopted as the company name but whether it affects relationships at a business level in Trinidad, who knows?

Come on Leo, show us what you got at Saffron! Is Columbus still viable at current oil price?

The Directors' emoluments for the year were as follows:

Stephen Sanderson
Chief Executive

314k Salary + 310k Bonus + 1k Pension + 142k Share based payments = 766k Total

I think she has a soft spot for you Chester. Have you got a soft spot for Irene?

She answered your question about typical drill times by the way. So why still no news from Saffron? Has it been plugged and abandoned? (Don't tell him Pike!).

Chester cheesecake - strange times atm though

Ah yes ... was it Irene who said your chitter chatter is strange? You and Irene in a tree (in your mind) ;)

https://www.youtube.com/watch?v=_OM3fszkD7w

Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.

Futures in London fell as much as 7.6% to the lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of virus restrictions eroding demand and a damaging war for market share between Saudi Arabia and Russia that has prices on track for the worst quarter on record.

https://www.bloomberg.com/news/articles/2020-03-29/oil-plummets-to-17-year-low-as-virus-threatens-demand-slump?

LGO - it's the same story over on PRD. There's no excuse for the BoD of either company to ignore investor's concerns. To do so only raises the level of concern and suggests serious issues behind the scenes.

WHILE lowering TT's sovereign credit rating from BBB to BBB- and saying TT's economic outlook is stable, global ratings firm Standard and Poor's (S&P) cautioned that the rating could be lowered "should lower oil and gas prices, or the effects of covid19 on demand, contribute to a larger economic contraction; a deterioration of external liquidity or debt beyond our current expectation."

https://newsday.co.tt/2020/03/28/sp-downgrades-tt-over-oil-price-fall/

LGO - you are somewhat optimistic in expecting FY19 results to be announced in April. The deadline at Companies House is 30th June and last year the accounts for FY18 were announced on June 3rd. The BoD seem reluctant to tell shareholders anything, having abandoned quarterly reporting which they themselves had said is industry norm.

My guess is that the company is running on fumes and it wouldn't surprise me if it has ceased to exist by June. How much cash is left is anybody's guess and there are doubts over the Saffron result and cost of drilling/testing. Then there is further doubt over Goudron IPSC which has not yet been renewed and may not be if CERP can't undertake to agree a minimum work obligation. And that's without factoring in CV-19 and the effect of prolonged low WTI.

I expect to see attempts to raise funds and a sign of stress on cash will be if Lind is paid in shares. If contractors start to have doubts then they may not accept payment in shares and that could be a tipping point.

The prolonged silence by the BoD doesn't fill me with any confidence that all is well (no pun intended). If they see a bright future than why don't they come out and say something before the SP dips well below 1p? They are well aware that investors are frustrated with lack of news.

Just my thoughts and opinion. Feel free to disagree. I watch with interest how events unfold in the coming days and weeks.

He did at least admit his trolling is less than third rate.

I see PRD investors are complaining of being kept in the dark. It sounds like Paul and Leo may be singing from the same hymn sheet. Whatever the reason, it doesn't inspire confidence in either company.

Then we have Tony Hawkins busy with the Lekoil investigation. I wonder if CERP is no longer a priority?