Member Info for LayLadyLay

Cheap as chips at this price, but maybe not for long!

Yes we should hear some news in the coming days on the evaluation of Colter South and the implications for potential targets within the onshore licences PEDL 330/PEDL 345.

We should also know in Q2 if BOIL has been successful in the 31st UKCS Licensing Round.

SE Asia and Peru may also yield short term revenue generating opportunities so there is much going on in the background and the new board structure will be keen to make an immediate positive impact.

thechancers, your PF is based on the current bid price. Often the MM's raise the ask price to widen the spread and this gives the impression that the sp has gone up as it moves the mid-price upwards.

LK, who prides himself on his professional image, is issuing teasing tweets about tomorrow's RNS update. Why, I wonder? If the update isgood then I would expect it would stand on it's own merits. Does he have a need to give the sp a shot in the arm before the news is released? It's not the first time that holders have read between the lines and come to the conclusion that something is about to happen. The colour of Koot's tie and did he smirk in that video have all been quoted in the past as indicators that something transformational is about to happen. But so far it's all holders guessing and mostly guessing wrong.

If the reason for those tweets is to get the sp up before news is released then again you have to wonder why? Is there a placing on the way, or a deal that involves issuing a lot of shares to a third party or is there some other reason? I hope there's no bitter disappointment tomorrow when all is revealed. Good luck!

The possibility that Predator might exercise their option re the Innis-Trinity field and the US$4.2m that CERP would receive is often mentioned but not the shares that would be issued as a result to the sellers of Steeldrum.

"The consideration for the purchase of Steeldrum is the issuance to the Sellers of 92,743,775 shares in Columbus (the "Base Consideration Shares").

Columbus may also pay deferred consideration to the Sellers, as follows:

1. 16,422,434 shares in Columbus following the re-issuance of the Cory Moruga E&P Licence and 16,422,434 Shares following either a positive final investment decision being made to develop the Cory Moruga field or a sale to a third party (the "Cory Moruga Shares"); and

2. 16,920,083 shares in Columbus in the event the Innis-Trinity field is sold to a third party for no less than US$4,200,000 (the "Innis Trinity Shares") - see option held by Predator Oil & Gas Limited"

I've been in and out a couple of times over the last fortnight. As Fagin would say, "you gotta pick a pocket or two". I don't think it's a great idea for people to load up ahead of news but each to their own. I prefer to be on the sideline and act accordingly when news emerges. If news is good and the sp takes a rise then I'll maybe buy when the market makers take this down to trigger your stop losses. If news disappoints then this will slide as traders take profit in anticipation of another news void. There are always trading opportunities. Long term holders ... I expect you will do what you always do. Have a good day.

Management fees have increased post acquisition. It will be interesting to see if this is covered by an increase in production in Q1.

"Steeldrum currently engages Gelco Energy Consultants to provide Managing Director services for the Steeldrum group. Post completion of the Steedrum transaction, the Company will continue with these arrangements on terms commensurate with the current Columbus management team."

As far as I recall, we have never had any update on the consent issue. Do we assume that all is tickety boo or is this going to bite them on the bum sometime soon?

"In completing the purchase of the Steeldrum, the Buyer (Columbus Energy (St Lucia) Limited) waived the requirement of Petrotrin's consent to the transaction ("Petrotrin's consent"). Petrotrin's consent applies to the Innis-Trinity Field IPSC and the South Erin Farmout Agreement. Pursuant to the terms of the relevant agreements, Petrotrin's consent is not required prior to completion. Columbus will continue to seek Petrotrin's consent post completion. There is a risk that Petrotrin may not consent to the Steeldrum transaction and seek to terminate the relevant agreement although the Company does not expect this to be the case and will continue to liaise with Petrotrin to seek its consent. "

There's a realization within the T&T government of the importance of EOR as many onshore fields are mature. Krishna Persad thinks that the government should provide incentives to encourage appropriate investment. I feel that the economic climate will improve in the near term to make projects like this economically viable. As for the price PRD are paying for CO2, I have no idea, but I'm sure that the cost is factored into their projections of future profitability.

This could be the dawning of a new age of prosperity in T&T. For CERP it may just be a stepping stone to expanding it's operations elsewhere but we shall see how things develop over the next year or so.

And the potential recoverables. I am happy for you to have a different view. Time will tell.

Ross

You must be suggesting that PRD would pay $4.2M for something that is worth a lot less? How do you draw that conclusion? PRD would not go ahead if there is no upside to the transaction. I am optimistic that the CO2 pilot will be a success. This method of EOR is well proven technology.

I wouldn't be surprised to see some kind of announcement ahead of the quarterly report. Several RNS could be in the pipeline if they are close to finalising a deal. News has been slow but things could move fast when the next deal is done.

Could CERP & PRD be a marriage made in heaven? M&A activities are stated to be firmly on the agenda so it would be foolish to ignore the possibility that something is being worked upon in the background of both companies.

neon

The asset is arguably a lot more valuable than the $4.2M that PRD would have to pay CERP to acquire the interest. So we have to factor in the loss of the asset against the gain of $4.2M cash. My view is that it would be a good deal for both parties as CERP has arguably bigger fish to fry in the SWP and $4.2M would enable drilling plans to be accelerated.

Interesting times ahead!

Wylie be­gan op­er­a­tions De­cem­ber 1 with HP­CL's ad­vent as part of the re­struc­tured Petrotrin en­ti­ty un­der hold­ing com­pa­ny Trinidad Pe­tro­le­um Hold­ings Com­pa­ny Ltd. Oth­er sub­sidiaries are Paria Fu­el Trad­ing com­pa­ny and Guaracara Re­fin­ing, cus­to­di­an of re­fin­ery as­sets.

Tex­an-born, it's Wylie's board-man­dat­ed task to get HP­CL to the Top 25 in­ter­na­tion­al com­peti­tor lev­el (from Petrotrin's bot­tom 25 rank­ing) and en­sure ex­plo­ration and pro­duc­tion (E&P) dri­ves the re­struc­tured en­ti­ty as the Gov­ern­ment plans.

Wide on qual­i­fi­ca­tion and ex­pe­ri­ence glob­al­ly, Wylie's man­age­ment of the re­struc­tured en­ti­ty is al­so in­formed by the plight of work­ers who lost jobs in the changeover: his fam­i­ly al­so ex­pe­ri­enced that when he was a child.

"As in all things…that was a be­gin­ning and this (Her­itage) is al­so a be­gin­ning—not an end­ing," Wylie said.

"An ex-Petrotrin work­er told me, 'Mike, I grew up star­ing at that (Petrotrin) fence hop­ing one day, I'd work there. I'd dream of it and I built my­self and ed­u­ca­tion around that as it was the best thing I could do for me and my fam­i­ly'.

"I can't think of any­thing in the US I look at that way," Wylie added.

"It tells me how im­por­tant Petrotrin has been to T&T. I want peo­ple to feel the same way about Her­itage. I want to build it in­to one of the best em­ploy­ers on work qual­i­ty, train­ing, hap­pi­ness, and work­place suc­cess."

He was on the "ground" from Mon­day. Eighty per cent of his lead­er­ship team now in place, met Wednes­day. He's met some of­fi­cials of Paria Fu­el Trad­ing which will clean the crude oil pro­duced by Her­itage and store it. A me­chan­i­cal en­gi­neer since in­tern days at Exxon-Mo­bil, he said he has "ze­ro re­fin­ery ex­pe­ri­ence" and has no in­volve­ment in Guaracara Re­fin­ing com­pa­ny.

The Gov­ern­ment had sum­marised Wylie as the per­son who'd get T&T's oil out of the ground and mar­ket it. He likes the de­scrip­tion with one ad­di­tion, "We're go­ing to do it prof­itably. You won't see growth pro­duc­tion at all costs—on­ly in a prof­itable, re­spon­si­ble man­ner."

He's em­phat­ic that T&T's oil pro­duc­tion fu­ture is in en­hanced oil re­cov­ery—his field of ex­per­tise in many places. "How well you con­trol risk and un­der­stand and mon­e­tise the as­sets is what makes a suc­cess­ful E&P," he added.

https://www.guardian.co.tt/news/heritage-petroleums-mike-wylie-6.2.732907.17c32b9e05

in4cedros - "it's a ' claim ' but it's not made by me it's made by LK"

If you are hanging LK out to dry should his forecast prove to be inaccurate then you should at least quote what he actually said and not your spun version.

in4cedros - you keep banging on about claims of profitability but each time you miss out the word 'operational'. I'm not sure you have quite grasped the meaning that LK intended but I'm sure he's happy for you to stress what you understand he meant. I wonder also if you know the difference between a forecast and actuals? It doesn't always rain or shine when the forecasters say it's likely.

" Group is forecast to remain operationally cash flow positive despite the recent international oil price reductions, with operational profits forecast to cover all Group costs in Q1 2019."

If the upcoming quarterly update is followed by another 3 months of silence, I can only see this as a trading opportunity. The herd will come to take a look but I expect it to be a fleeting visit at best. Traders trade and take what they can then move along. It's not in their interest to sit on their hands in hope of a future windfall which may or may not ever materialise. This mini spike is fuelled by speculation. Let's hope that the quarterly report doesn't disappoint.

And what is Life? An hour-glass on the run
A mist retreating from the morning sun
A busy bustling still repeated dream
Its length? A moment’s pause, a moment’s thought
And happiness? A bubble on the stream
That in the act of seizing shrinks to nought

John Clare (What is life?)

Scarface72 - "You need to ask yourself... if shorting is not permitted in all the main markets around the world... then why do they allow it on AIM. Its called a Casino for a reason."

When did shorting become not permitted on main markets? Another myth that will become accepted by repetition.

http://www.morningstar.co.uk/uk/news/165058/5-most-shorted-uk-stocks.aspx

"After success with outsourcer Carillion, hedge funds are currently looking for their next shorting opportunity. We check out the top positions "