Member Info for LayLadyLay

Sales revenues in 2017 showed an increase when compared to 2016, impacted by the loss of production and sales from the La Lora field in Spain in late January 2017. Production across the Company averaged 368 bopd in 2017, reaching a peak of 561 bopd in late December 2017.

The stated objective of the new leadership was to refocus resources in Trinidad onto optimising production from the existing well-stock at the Goudron field. The capital and workover programme was geared towards achieving a cashflow positive position from operations in Q4 2017 with this being achieved once production exceeded 550 bopd in late December. The cashflow being generated from operations is being reinvested into further growth in 2018 and the increase in the oil price environment has helped increase revenues further, albeit offset to a degree by the imposition of Special Petroleum Tax ("SPT") once the oil price received from Petrotrin exceeds US$50 per barrel. 2017 was a year of change where the Company looked to establish a stronger platform for growth as it entered 2018. The Company's financial objectives were largely achieved during the year and as production grows in Trinidad the netbacks being achieved should also continue to improve as stable operating costs are spread across greater production volumes. 2017 was a good year for the Company financially and we will continue to work hard to generate greater cashflow from our operations to provide the funds to help us unlock the huge potential we see in the SWP. We have resolved most of the legacy issues which existed in 2017 and can look forward to the future with a greater focus on value-adding issues, rather than issues which hold back our business growth.

Commercial reserves are proven and probable oil and gas reserves, which are defined as the estimated quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. There should be a 50 per cent statistical probability that the actual quantity of recoverable reserves will be more than the amount estimated as a proven and probable reserves and a 50 per cent statistical probability that it will be less.

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions. The Board has determined there is a single operating segment: oil and gas exploration, development and production however, there are six geographical segments: Trinidad & Tobago, Spain and Cyprus, St Lucia, the U.S.A. & the U.K., four of which are non-operating. Spain and Trinidad & Tobago, have been reported as the Group's direct oil and gas producing entities and are the Group's only third party revenue generating operations. The UK is the Group's parent and management entity and is reported on as a separate segment. The entities in Cyprus, St Lucia and the U.S.A. are non-operating in that they either hold investments or are dormant. Their results are consolidated and reported on together as a single segment. Although the concession in Spain has expired and is formally closed, it is still classified as operating, due to the Company intending to participate in the re-tender process for a new concession.

The new Executive Directors being Leo Koot and Gordon Stein, and the new Executive Management Members being Stewart Ahmed and Anthony Hawkins, initially agreed to receive 50% of their fees for the first year of their employment in the Company's shares however, in May 2018, it was agreed that it would be more appropriate to issue share options instead. See the Directors' and Strategic Report for further details. The agreement to issue share based securities was to align director and management interests with shareholders and conserve cash resources. The figures above include accruals for the fees to be settled by the issue of share options following the first anniversary of their appointments. At the year-end, Leo Koot was owed £97,000 and Gordon Stein was owed £52,000 in fees.

On 22 February 2018, the Company announced that the removal and dismantling works at the Ayoluengo field in Spain, which would allow the Spanish authorities to formally close the expired concession, had been completed and, that it was intended that the Company participate in the re-tender process for a new concession. It was also announced that a Collective Dismissal Procedure would commence due to the uncertain timing of the re-tender and the significant costs of suspended operations until a new concession is awarded. On 26 March 2018, the Company announced that the Collective Dismissal Procedure had been completed and the final cost was approximately €410,000. This amount will be reflected in the 2018 Group financial statements. On 29 March 2018, the Company announced that it had received official notification from the Spanish authorities of the closure of the expired concession. The formal closure was a necessary precursor to the re-tender process for a new concession. It is the Company's intention to participate in the re-tender which is not anticipated to be awarded to the winning bidder until 2019 at the earliest.

As at 31 December 2017, the Company had the following material commitments: In Goudron E&P Ltd, under the Incremental Production Service Contract, there are capital commitments relating to exploration activity to be completed by 2019, which are estimated to cost US$150,000. As at 1 January 2018, the Company, acting through Leni Trinidad Limited, was party to a sale and purchase agreement to purchase the remaining 75% equity in Beach Oilfield Limited ("BOLT") that it did not own. As part of the commercial arrangements associated with the BOLT transaction, the Company agreed to pay for ongoing day to day costs associated with BOLT (namely lease payments, bank interest and the Bonasse oil field running costs) so that, should the sale and purchase agreement complete, BOLT and the assets it owned would be in good standing. Those obligations will cease once the BOLT transaction closes. In Q2 2018, the Company, acting through Columbus Energy Bonasse Limited a new subsidiary set up in 2018, signed a sale and purchase agreement to purchase 50% of the Icacos oil field (it currently owns 50%). The transaction is expected to close in Q3 2018.

At 30 June there was a pre-tax group loss for period (1H) of �1,964,000 We can say that this loss was attributable to the old LGO. This is a good starting position from which to judge financial progress with the new BoD who were in charge for the second half of the year. Will the end of year pre-tax group loss be greater or lesser than the 1H loss? I suspect it will be higher but we shall soon see.

Next accounts made up to 31 December 2017 due by 30 June 2018 How much of a loss do you think the company made in 2017?

Tomorrow is only a day away.

in4cedros - you are the undoubted master of misleading. Remind the board how you championed the BNPP deal, declaring it to be emminently affordable. As for your claim that those who did not sell in September 2015 are vastly better off today. Perhaps you can explain your workings because LGO was 27.13p on 4 September and was still trading at 20.35p on 2 October 2015. How is 5.25p today better than 20p+ in September 2015? Your placing story is based on Neil's failure to make a placing at an opportune time that would have resulted in far less dilution than actually occurred when he did make his multiple placings. That he didn't make a placing when one was expected had no discernible effect on the sp which had been in constant decline since it peaked at 75.58p on 2 June. I notice that you have some kind of issue about placings because you are often seen to be hounding 12b on the other board if he ever speculates on the likelihood of CERP making a placing. Now perhaps you can explain how you convinced posters that the BNPP deal was the best thing since sliced bread and I wonder how many bought in on your advice and have since regretted listening to you preaching from your ivory tower. Have a nice day.

Oh Emily. It's results that matter, not posts on a message board. Don't be demoralized, believe in your investment. This track is 23 from the album of the same name. Blonde Redhead are one of those bands that are not that well known but are appreciated by those who have discovered them. Maybe 23 is a prediction of the sp sometime soon. You never know! Kazu Makinu is a bit special. She has her own style and an angelic voice. The male members of the band are twin brothers from Milan. https://www.youtube.com/watch?v=Uger0WtSUso

in4cedros - you certainly like to spin a yarn. Why would you think I demoralise investors let alone take glee in doing so? If reality is demoralising then so be it. I can only comment on how I see things and I don't create the reality, that's the work of the BoD. This is a post of mine from 21 September 2015 which I think backs up my point. Remember that the sp quoted in this post is pre consolidation so 1p then is equivalent to 20p now. Hi Lisa, I wish I could give you some positives on LGO but I can only see more pain with placings and dilution just to keep the ship afloat. It seems to me that LGO has less oil not more, due to the decline rate, but it has burned huge amounts of cash drilling and has debt repayments looming. How will future operations, water flood, GS drilling campaign etc be funded? I can't see any light at the end of the tunnel right now and even sub 1p I am not really tempted except maybe just an occasional trade. Sorry I can't offer any words of comfort to long term holders. It gives me no pleasure to know that many bought in at 3p, 4p, 5p+. That's the work of rampers and I think the talk of shorters and MM manipulation is nothing but a myth. The sp is where it is because the market has downgraded it's long term view of LGO and doesn't see any growth potential; quite the opposite in fact. I can only tell it as I see it and I truly wish I could say something to give you all hope of a massive uplift in sp. Maybe that will happen anyway, stranger things have happened on AIM, but how many of you will again miss the boat and fail to capitalize when given an opportunity to sell or top slice? The lure of the pot of gold at the end of the rainbow is what makes people get greedy. Plus 10% is far better than minus 75%. I hope you are well and your other investments are in better shape.

Emily - yes the Icacos deal could potentially complete in Q2 but was originally verbally announced by LK as a 'small deal' that was expected to be announced in Q1 but in the event wasn't mentioned until 16 April. It's somewhat puzzling that Touchstone haven't mentioned this potential deal at all as far as I can see. They haven't denied it either so who knows whether it will materialize or not.

offerman - I haven't suffered any losses at all from LGO in the past. Quite the contrary. I understand why you might think that but it's not the case. I don't hold any stocks long term as my preferred methodology is to trade the highs and lows. I don't comment on whether or not I'm invested in any particular stock and I don't expect anyone else to divulge those details. I suspect some of our declared long term holders are traders but I don't recommend trading per se as it can involve a higher degree of risk. Good luck with your investment but don't forget that profits and losses are only realised when you sell. Don't let greed make you hang on too long and see a potential profit melt away. Many of the current long term holders did just that with LGO and that's why they are still here. Some will never break even let alone make a profit. Some you win and some you lose and it's the same whether you are investing or trading. Nobody is perfect and you shouldn't beat yourself up if you choose the wrong time to sell or buy. But you have to eventually sell to realise a gain or minimise a loss so always have an exit strategy in mind and stick to your plan. All the best.

LGO was the darling of AIM from 2014 through mid-2015. Some believe that a change of name and a change of management is all that was needed to make the company successful. I see the same people spouting the same hype that they did in the LGO days. The only way is up, 10p by Xmas, think of a number bopd. Maintaining production at Goudron is like the cat chasing its tail, requiring constant well interventions in order to keep the oil flowing. There is no magic bullet and the SWP is an unknown quantity which may yield more water than oil when drilling eventually takes place. Place your bets, red or black. Watch out for red flags. The small deal (Icacos) that will be completed in Q1 but shows no sign of completing. The big deal that will multiply the MC may turn out to be like the 5000 barrel tanks and the LACT in LGO days. If the big deal does materialise, what will be the cost to existing holders? Talk is cheap and a chart on the wall is just a chart on the wall. Deliverables is what you need to see. NR had big plans which simply never came to fruition. We see big plans again but I am always wary of pinning hopes on a vision of the future that could turn out to be more about style than substance. Good luck with your investment but take care to watch for those red flags. Beware of being blind sided by the CF+ chatter. We won't know for another year whether Koot & Co can make CERP profitable at the bottom line. The real test will be when the company drills its first new well for 3 years. Is CERP merely LGO in disguise? Only time will tell so place your bets. Good luck!

It's difficult for you to respond when I haven't posted anything! I appreciate your efforts to sanitize the board to only reflect your opinion. If you don't want balance discussion it's no skin off my nose. It's only results that will affect the sp so you're wasting your time trying to filter posters that are not wearing rose tinted glasses. I notice some of you referring to historical documents. Strange that when I do the same it is greeted with howls of indignation. I'm looking forward to the 2017 Annual Report & Accounts. It should make interesting reading.

... will make interesting reading and must be imminent. 2016 Annual Report & Accounts were published on 4 May 2017 2015 Annual Report & Accounts were published on 9 June 2016

Peter ... with all due respect, $45 is a convenient number that doesn't incur SPT which is a substantial hit at $50 and above. SPT is chargeable on the gross income (derived from the sale of crude oil) less royalties and overriding royalties paid on the crude oil sold. The tax is computed separately in respect of land and marine operations and is a quarterly tax based on the actual gross income for each quarter. The SPT is deductible in arriving at profits subject to petroleum profits tax. LK hasn't revealed his calculation in full so we don't know the cost base he used. Costs are unlikely to be fixed for many reasons so any positive cash flow will be variable depending on actual production and actual costs.

CF+ as stated in the Q1 business, operational and financial update is clearly only applicable to operational costs at Goudron. Cash flow from operations in Q1 2018: US$0.70 million operating netback achieved after payment of operating costs, workovers and well interventions, royalties and SPT. It would be foolish for anyone to imagine that CF+ indicates profitability at a corporate level.