Member Info for LayLadyLay

... here's something to pass the time.

https://www.youtube.com/watch?v=WpTsr3XyhSE

LL208 - " Is there any official announcement that would contradict this fag packet analysis on current and likely cash position - is this why LK isn't releasing Q2 financials?"

It's a red flag for me that they have not released Q2 financial position. LK has always mainteined that funds are sufficient for planned work commitments. It would be seriously embarrassing for him to have to dilute holders at this stage before drilling commences.

Is it somewhat strange that none of the posters on Peter's list ever reports a sale? Long and strong, never ever sold a single share? It would be very interesting to compare fiction with reality.

It's interesting to note the importance of compliance in obtaining a Petroleum licence. CERP recently (May) obtained a PPL licence for Bonasse.

Leo Koot, Executive Chairman of Columbus, commented:

"The grant of the Private Petroleum Licence ("PPL") for the Bonasse Licence Area in the South West Peninsula ("SWP") of Trinidad, which includes the Bonasse field, is formal recognition by the Ministry of Energy and Energy Industries that Columbus has the right to exploit any oil and gas in the Bonasse Licence Area. Whilst, in some ways, this is merely an extension of the current de facto situation, I believe it is an important step in that it formally recognises our rights and grants us the regulatory certainty to continue with our operations and planned drilling campaign. "

But what are the penalties for not obtaining a licence? Perhaps Leo understated the importance of obtaining a licence?

It is an offence under the Act for petroleum operations (whether relating to public or private petroleum rights) to be conducted without a licence. The fine for failing to obtain a licence is currently TT$500,000, and in the case of a continuing offence, TT$50,000 for every day in which the offence continues.

This is useful information to be aware of in case of further need for compliance elsewhere in T&T.

Razorman - " Also vsa will be reviewing their broker rating on the enhanced COS"

Fixed for you - Also vsa will be reviewing their broker ramping on the enhanced COS

mossma - "No doubt the attendees will have a raft of questions, which will tease out a bit more info."

There won't be anything that isn't already in the public domain.

"Few traders daz.......! I calculate there's 3 and a half........!"

Who is the half-a-trader Chesh? Is it Eric the Half-a-bee?

https://www.youtube.com/watch?v=MlrsqGal64w

Irene - I think the line from the rampers is now "it was never about Goudron Waterflood" it is "all about SWP.

Exactly so. The transformational expectations are moved from project to project and always further into the future.

Are the BoD the new Likely Lads?

Obadhia - you are correct that I missed the £2.5m fund raise but, nevertheless, the increase in shares in issue since LK took over the reins is still substantial.

Dazbrad - "By what percentage have the shares in circulation increased since LKs arrival?"

LK took over after LGO had carried out a share consolidation resulting in there being approximately 418m shares in issue.

"Application will be made for the New Ordinary Shares, which will number approximately 418 million, to be admitted to trading on AIM, and dealings are expected to commence at 8.00 on 8 March 2017."

There are currently 830,881,192 shares in issue so the percentage increase is approximately 98.8%.

If this is CERP, Is it a concern that no other company was interested? Is it a case of beggars can't be choosers?

http://opportunities.staatsolie.com/investment-opportunities/onshore-opportunities/

From Columbus website - "Mr Koot is a Dutch national, currently residing in the UK,..."From Companies House - 22 Nov 2018 Director's details changed for Mr Leo Willem Koot on 20 November 2018 - Country of residence - PortugalIt's about time that the official website was updated with correct details.

LGO-fan "you do realise that even a 5 year plan is nothing more but a sequence of shorter term deadlines and deliveries"

Exactly so, in project management terms 'milestones' are the means by which a project is measured to be progressing. Missing deadlines can be costly and in some cases can bring a project to a complete standstill if it is on the critical path. It's all well and good having pretty charts on the wall or in a presentation but in the real world progress has to be measured and communicated to shareholders.

2018 accounts will be published in June and this will indicate the viability of the business going forward and whether or not current plans can be executed without recourse to fund raising.

Anyone still hoping for more M&A activity?

Here on The Value Perspective we never cease to be amazed at the enthusiasm with which companies embark upon mergers and acquisitions in the face of all the evidence such deals tend, on average, not to create value but destroy it. Are companies working on the basis that, the more M&A they do, the more they learn from past mistakes or are they perhaps hoping the law of averages means they will eventually get one right?

https://www.schroders.com/en/uk/the-value-perspective/blog/all-blogs/merger-mystery/

I couldn't resist this price point. It may drift lower in the short term but mid and long term this is a steal IMHO

Chesh - "I hope all your new trading accounts picked up the MM manipulation currently going on...........!"

Ha ha Chesh, what are you smoking? I've lost count of how many times you claim that MM's are manipulating this stock. It's called 'making a market'! You are the David Icke of LSE.

ps MM's rock! IMHO ;)

It's a good song for the locked in long term spiked ;)

I'm a believer I couldn't leave her if I tried

Daz - "LK is already producing oil, which has actually increased once he took over."

It's true that production has increased since the last days of Ritson but there's something people overlook when they proclaim that LK has increased production. Goudron requires constnt well workovers to keep the oil flowing. Stop doing workovers or minimise them to save costs and production soon falls off a cliff. In the final year of Ritson he was unable to carry out much of this well maintenance because BNP-Paribas were in control of finances and they only allowed minimal well interventions to keep the oil flowing sufficiently for them to recoup the money that LGO owed them. Given the funds that LK has at his disposal I believe that Ritson would be more than able to achieve the current production numbers.

LK hasn't worked any miracles and he has struggled to reach the production targets that were hinted at when he first arrived. He has funds available but is currently in cash conservation mode and is limiting the number of rigs being used for workovers as they cost real hard cash to operate. So he balances cost against production so as to maintain his claim of being operationally cash flow positive.

Note what he says in this latest RNS and you can see how he managed to hit his 1000 bopd target at the end of December.

" Lower production was due to significantly reduced well work activity. A single workover rig was utilised continuously in Q1 2019 compared to up to 4 units simultaneously in Q4 2018"

When LK talks of cash flow positive you have to remember that this is at the operational level. Overall the cash balance in Q1 reduced by US$540,000 from the start of the quarter despite generating cash from operations.There is a quarterly cash defecit that has to be bridged to avoid an inevitable future funds raising exercise of some sort, be it placing, loan or via some other mechanism, all of which are likely to impact on shareholder value. LK seems to be hoping that the SWP will provide that boost to production that will bridge the gap. It may well prove to be successful but as in all things of an exploratory nature the chances of success has to be viewed in the context of industry norms.

I think CERP is sailing close to the wind but that's just my opinion. SWP is an unknown and until one or more drills have been carried out we can only speculate on whether or not SWP is going to be transformational or not. I hope that talk of a possible acquisition outside of T&T is a viable option and not just a diversion. CERP may fly high but has to be careful not to fly too close to the sun or it may suffer the same fate as Icarus. GLA.