Member Info for LayLadyLay

The last time I remember such a long period of radio silence was when the drill got stuck in GY-678 back in October 2015. They had to give it a good old shake rattle and roll in an effort to free up the pipe before throwing in the towel. Has the curse of LGO struck again at Saffron? Surely not but Columbus haven't even reported reaching TD which should have been ages ago, so what's going on? Hopefully flow testing and not cement mixing! Come on Columbus, it's time to tell the poor investors if they're going to have a happy Christmas.

LK has a fanbase that buys into the myth of a consummate salesman who is proving long on rhetoric but short on fact. Has Schroders been given a wink, wink? They call him mellow yellow, quite rightly!

Make sure you don't lose concentration with idle chit chat. Are Schroders being given a head start?

If Saffron is non commercial or a duster, I would expect news after hours today rather than continued silence.

The sp is looking very weak at the moment and any prolongation of the news blackout on Saffron could see this slip below the 3p mark. It seems to me that if there is any positive news at Saffron then this should be conveyed to shareholders without delay even if it's just in general terms. Either they have found some sections(s) of oil pay or they haven't and if they have what is the likelihood of this being commercial? Shareholders need to know what's occurring, if anything, at the drill site.

LK has talked about his willingness to say it like it is and give you the good, the bad and the ugly. Radio silence tends to suggest the latter as surely good news would be announced without delay in order to shore up the sp which is critical in maintaining the minimum MC defined in the Lind loan agrrement. The current MC is only just above the minimum threshold set by LInd and continued decline could see CERP unable to make any further drawdown on the loan facility unless Lind relaxes the conditions which it may not agree to do. Remember the BNP Paribas oil swap deal back in the LGO days?

It seems to me that the Saffron result is geared to negotiations on the possible extension of the Goudron IPSC as any extension would include a minimum work obligation and CERP needs to be sure it can fund the required capex before committing to renewal conditions. That would explain why a decision has been put off until the new year.

Good luck to those who have been here years waiting for the SWP to be the gateway to the future. One way or another I think it will be a crucial element in determining the ultimate fate of the company.

Anyone able to shed light on this?

02/12/2019
14:33 Not having received a reply to my email I have just tried to phone their office. The contact number 0207 203 2039 given on their RNS, the same as is given on their web site results in a 'not in service' message Anyone in voice contact with Columbus of late?
carpadium

If there is bad news and the well is not commercial, you are likely to get a RNS after hours today. No news after hours today may well be a positive sign.

Don't you know, pump it up

https://www.youtube.com/watch?v=0HtyF0jux2Q

I have a feeling that once the dust has settled on the Bovis deal there could be further M&A opportunities. I'm looking at Costain Group and wondering if they are a good fit? Perhaps this or a deal with a similar group could offer a way forward? Just food for thought at this stage.

Hands up all those who think that Schroders haven't had any updates from the drill site?

I see the board police are active today to suppress non ramp posts. I haven't even given my opinion on Schroders selling another chunk of their holding. That's for me to know and you to wonder. I can't wait for Saffron results then we know where this is headed.

I'm happy with the deal and will vote in favour. There's no alternative plan going forward because I believe that institutional holders are already onboard and this is essentially a done deal. BVS should go from strength to strength and GFRD will be well positioned with a well capitalised balance sheet, strong order book and a slimmed down and strategically focused management and workforce.

It's somewhat disrespectful for the GFRD construction business to be referred to as the rump. I see some exciting prospects and M&A opportunities on the horizon.

Emily - I didn't know you are lurking ready to pounce on anything less than a full ramp comment. It's just a bit of banter Emily and you shouldn't take my comments as a prediction of the likely outcome of drilling as I am as much in the dark as you until results are announced. I hope for your sake it's a positive outcome but if it isn't I will not be rejoicing, nor celebrating if it's a gusher, as the result is of academic interest only. All the best.

Cheesie - have you thought about a career as a racing commentator. I think you have what it takes judging by your constant trade commentary and MM manipulation conspiracy theories?

I can imagine it now .....

"With 3 furlongs to go it's Rampers Delight from Saffron with Kootsie's Wink coming up on the outside. But as we enter the final furlong, almost out of nowhere comes the rank outsider Duster and as they cross the line it's Duster by three lengths followed by Hawkins Folly and Kootsie's Wink and the fans favourite Saffron is pulled up short of the line after failing to fulfil it's initial promise. Oh well, that's racing for you. It's all a bit of a gamble!" ;)

Cheesie - "We no longer work for Columbus Energy Resources." from Camarco

Maybe they objected to being paid in shares? Just a guess but seems an odd thing to happen and no word about this from CERP.

Cheesie - I think I've found what inspired you as a child to become a sparky by trade (the only trading you do methinks) ;)

https://www.youtube.com/watch?v=xwzjQYZp5ZI

g_r_q - "You're trying very intently for a fictitious figure to be pulled out of the air with determining how much production to get to x."

That's an interesting point you make to Irene because isn't x (500 million MC) a fictitious figure plucked out of the air? Just because the plucker was Leo we have heard nothing but 500 million MC mentioned by rampers as a dead cert. Personally I think it's more likely the company will become a dead duck.

Three years into a 5 year plan, how close is Leo to hitting his target?

If Saffron is unsuccessful Cheesie may find himself on toast.

All the best ;)

Obelix

Timing

Subject to the satisfaction or waiver (where capable of waiver) of all applicable conditions under the sale and purchase agreement, each of the steps of the restructuring (including the Scheme) is expected to be implemented and to become effective after the close of trading on the London Stock Exchange on 2 January 2020. Completion of the Transaction pursuant to the sale and purchase agreement and admission of the New Galliford Try shares and the Consideration Shares, respectively, is expected to occur not later than 8.00 a.m. on 3 January 2020.

New Galliford Try shares

New Galliford Try will publish a prospectus in relation to the admission of the New Galliford Try shares on or around 25 November 2019. Application will be made to the FCA for the New Galliford Try shares to be admitted to the premium listing segment of the Official List, and to the London Stock Exchange's main market for listed securities. It is currently expected that admission of the New Galliford Try shares will become effective at 8.00 a.m. on 3 January 2020.

Consideration Shares

Bovis Homes will publish a prospectus in relation to the admission of the Consideration Shares on 7 November 2019 and the Galliford Try Board has been informed that application will be made to the FCA for the Consideration Shares to be admitted to the premium listing segment of the Official List, and to the London Stock Exchange's main market for listed securities. It is currently expected that admission of the Consideration Shares will become effective at 8.00 a.m. on 3 January 2020.

With a large number of TT’s oil-producing fields nearing the end of their lifespan, Energy Minister Franklin Khan has said new exploration techniques have to be employed to boost oil production both onshore and in the Gulf of Paria.

“Oil and gas exploration is a complex science. These oilfields are old – when I say old, I mean very old. We have been producing oil for over 100 years. Most of these fields – the Palo Seco field, the Fyzabad field, the Forest Reserve field, Point Fortin central, FC, FW – they were all discovered in the 1910s, 20s and 30s. Cumulatively they have produced a billion and half barrels of oil. But they are coming to the end of their lives.”

He said new oil and gas must be found onshore, “possibly Trinmar, in the Gulf of Paria.” The entire energy sector had migrated to the north and east coast of TT: “They have left us behind.” Exploration must now come up with new ideas and concepts for the to search for new oilfields, he said.

Khan was speaking at the launch of Heritage Petroleum Company Ltd’s corporate social responsibility (CSR), at its Santa Flora Administration building yesterday. He said the future of the state oil sector “lies virtually” in the hands of Heritage Petroleum, which currently produces between 37,500 and 38,000 barrels of oil a day.

With members of the company’s fenceline communities in the audience, Khan said a major factor affecting production is the theft of equipment from its pumping jacks.

“One of Heritage’s major challenges as we speak is theft. When bandits or thieves or wherever they come from, they come into your community and they thief the motors from your pumping jacks, you lose production.

“Heritage survives on one thing and one thing only: the sale of crude oil. Without the sale of crude oil, it has nothing, absolutely no other source of income. So if you humbug the sale of crude, you hitting at the heart of the company.”

https://newsday.co.tt/2019/11/05/khan-new-techniques-needed-for-oil-production/