Member Info for LGO-fan

Does NOT EQUAL BIG BRAINS!!!

People often say, “follow the money”on herez As a way to justify their investment: “look, this rich dude bought shares, so surely he must be right”.

Please think again. If you considering voting on this deal, use your own common sense. Ask yourself simply if you feel the offer on the table reflects your own judgment. Then follow that judgment , not those of the so-called bigs, or liars like VSA who recently said 21p!

No disrespect to any of those bigs intended: some of them were born rich, others are very successful business men and women. But even so, investing in equity is a very different ballgame than running a business. Even they called the potential for this share price much much higher, and also they were wrong - just like the rest of us.

I agree w Bamps:
1) Vote NO
2) Get a new BOD
3) Deliver the plans

Above all, follow your own judgement. You had a share price target, and if that target was 2.6p: Vote YES (and it looks like we will get half of that at this rate) and if it wasn’t Vote NO.

Simples.

Leo is a failure, W. Accept it.

He has loads of shares, gets a little job advising the company. Is in the interested of the new owners.

Even Ritson advised LK for a year (if you wonder why things turned sour here, lol).

Leo was nothing more than a failed door to door salesman, who threw in the towel because it was all a bit too difficult for him. The fact that none of the BOD survived tells you we didn’t exactly have an A-team...

I know, these guys are a complete joke. Zero credibility.

I agree, but now with this RNS I can’t see how CERP is going to press ahead for progress on any front. They will put everything on ice!! Imagine the the SP doubles, BHP couldn’t afford CERP anymore!

It sounds very much like we have been sold out here. Some big explaining to do.

Hopefully it doesn't go through and we end up with a new BOD. Anyone who still has confidence in Koot needs to get their heads examined.

I think they will have thrown in the towel, not so much because of the assets itself, but because of the fact they under delivered massively on expectations. I think the assets need more time, and the major shareholders have lost patience with them. Just my read.

Sadly, when people lose patience they resort to kneejurk reactions. This sales feels like one; it's the wrong time to sell.

I think, old Leo flushed that ambition down the loo a long time ago.

CErp’s assets are certainly very interesting but they are not in a state (too soon IMHO) to sell the company:
1. Goudron has too many limitations until the contract has been renewed
2. SWP: you really want at least 1 successful production well and a reserve report
3. WNZ: we haven’t even started.

So, I can’t see how we can get a decent price now for CERP?

if the price per CERP share is linked to BPC than this is a terrible deal.

Note that BPC is downn 15% and CERP almost down 10%. So fair to say the shareholders are...a tad underwhelmed...

"In addition, a special resolution will be proposed at the Columbus General Meeting to deal with certain matters ancillary to the Scheme, including the amendment to the articles of association of Columbus, which will need to be passed by Columbus Shareholders representing at least 75 per cent. of the votes cast at the Columbus General Meeting."

Min 75%. Would be interested to hear what the "bigs" have to say on this.

Something to digest here, that's for sure.

Initial reactions:
1. I am not too surprised: I have been saying for a while here that LK's time is over. Despite all his best efforts, and some good progress, but overall he simply (and sadly) did not deliver on his promised
2. Price seems low, but then again none of the current assets are exactly "stars". SWP remains to be proven, despite progress, Goudron needs a new contract and WNZ has yet to start.
3. With 2 in mind, the timing seems strange: why not wait a bit longer until we are clearer on SWP?
4. Brings me back to 1: patience has run out with LK
5. and therefore I assume the larger shareholders pushed for this

Just a guess, wtfdik.

Initial reactions regarding BPC: seems an even higher risk/reward play, but more prospects means higher chance of success/diversifying risks.

The new BOD: that tells a story! Just a non-exec job for LK. ...

hmmm, this is really interesting! ...Bamps, just so I get this right: are you saying that production for WNZ could come on line far quicker than most of us originally assumed?

hahahaha, absolutely brilliant!! Oh boy, this made day.

thank - agree SWP is a better bet. I guess it is about finding the perfect balance between extracting profitable barrels of oil out of Goudron so that we become less/no more reliant of equity raises to pay contractors. If they get a good contract sorted on Goudron, we should be able to get back to 1,000 bopd at relatively low cost.

Hi Bamps,

Assuming a successful renegotiated contract, and acceptable WTI-levels, would you agree that a return to 1000bopd from Goudron is a reasonable short term objective?

I am starting to think that if that Goudron contract gets successfully negotiated, that Goudron could move from “means to an end”, to a pretty nice “end”. Would be wonderful to have 3 fabulous assets: Goudron, WNZ and SWP (for me still in that - increasing - order). And we still have the potential CO2 super-sub sitting on the bench.

Didn’t the company say they didn’t expect to be producing from S2 in H1/21?

For all you geeks :-)

The earliest known oil wells were drilled in China in 347 CE. These wells had depths of up to about 240 metres (790 ft) and were drilled using bits attached to bamboo poles. The oil was burned to evaporate brine and produce salt. By the 10th century, extensive bamboo pipelines connected oil wells with salt springs. The ancient records of China and Japan are said to contain many allusions to the use of natural gas for lighting and heating. Petroleum was known as Burning water in Japan in the 7th century.

For clarity, I prefer Lk’s way of drilling a well (just before you start getting any silly ideas!) Would be cheaper though, lol.

Or in “Fiddler on the roof?”

one thing is for sure: this BB had "2 cats and 1 mouse posting" for a long time.Now the masses have arrived. Much better place to be in now than ever