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that would be great. Let’s see if the company states the same next time they communicate about this. Could be good question to the team

*hasn’t

the money has got to come from somewhere, G to be successful in the SWP. We still have no detailed plan for this as you know. The only thing I can think off is that following latest rise in WTI, CERP increases production to build cash for the SWP exploration. Failing that it is the dreaded P-word, or more delays and the real excitement for SWP gets moved into 2020. In my mind this has always been the case, it’s just disappointing LK has come clean on this and insists to continuously over promise. Look at the sp, the grin ain’t working no more.

and whilst I am at, rather than this fake MM-evil story we hear all the time (“the company is so fine, but the naughty MM’s kill the sp”. Duh!)....why did LK issue that Tweet. Lots has been said about that. Here is another scenario: “I am going to get me a sweet new deal. I will have to do a placing...will simply call it accretive...Worked last time !” “Hmm, SP a bit low....could Tweet something to get it higher, so the placing price is higher too. Genius!” “ On my way to sign me a deal now” Other party sees right through it and tells LK “we will sign after your RNS”, thinking he will disappoint yet again, and they will get the shares cheaper. All speculation, wouldn’t be surprised

8. Following Steeldrum, “we are sitting string of pearls” => forget the pearls, forget deep explanation at SWP, I am going to South-America. CEO’s get fired all the time for missing targets, doing the M&A deals. Why should this be any different? For me it is simple: I like Leo as long as he delivers. Simple. He did a great job initially, but the latest set of performances and broken promises has been very disappointing. You would be a fool to say otherwise. This is not a football game where we support our team come what may, it’s an investment. Criticism is not only sound, but justified. Anyway, at least if LK gets sacked by end year, you will have had a heads up here.

sorry, meant 2018....

As a reminder: 1. “No dilution” => Schroeder one week later 2. “between 1000-1600bopd by end 19 in Goudron alone => not even close 3. Material M&A before end 2019 => still waiting 4. Q1 production to be more in line with1000 bopd production in Dec => 600 bopd 5. SWP: 2-3 deep wells costing min $2million=> one shallow well at 0.5 million. 6. Goudron WF: Judge me by barrels of water injected => no more update 7. “Something massive lies underneath Goudron => gone very quiet Probably missing a couple of others....Starting to feel a bit Charlatanesque....He has a massive job to do, to regain his credibility.

and to be clear, I am not in CERP for LK. I was here before him. I was here for the SWP. I don’t care who gets the job done. Plenty of CEO’s in the sea. Dry your eyes out, mate.

For me it is simple. I judge a man by his word, and then I judge him by how he delivers against it. He has missed far more targets than I care to remember. In my world, people who don’t deliver, get the opportunity to look for the “next phase of their careers”. Same for Leo.

and btw, I saw his latest interview. Call me a cynic, but that was not the same LK from 2 years ago. Not the same confidence, not the same openness. I didn’t like his body language at all. Felt we saw a man forcing to grin, like a farmer with a terrible toothache

if I were an II, it’d give him 1 more qtr to get his act together or I’d replace him. With someone who does deliver on commitments. That is absolutely vital. LK has gotten in into this terrible habit of promising things he never delivers on. I don’t care about the man’s track record, I only care about what he delivers now. He acts way too much as the door to door salesman of vacuum cleaners. Not enough as a CEO. And the thing is, no one other than himself sets the targets, that he then communicates to investors. So if they don’t deliver, it’s only LK to blame. He either is not competent enough to understand the chances of success linked to said commitments or he is blatantly ramping.

the simple fact so mason here are debating....the facts, only means LK needs to start communicating better. Note that I do recall that LK states production for q1 would be around 1000bopd level. But that they would not seek to further increase. That was my understanding. He made a big song and dance about how material a player CERP was now that they achieved that level. I assumed he was over promising again, so thought we will be around 800bopd, but 600bopd....really?

Which CEO we will end up with when LK gets the sack in Q1/20, after having missed 2 more quarterly targets? Any thoughts?

good post

I now have no more reasons, Faz, to believe this will be a transformational year. Hope, yes, but no facts as they were not in the RNS. A half a million $ we’ll is not going to cut it. Feels like everything is delayed and we will be saying soon that 2020 will be a transformational year.

I think so too

half of share are in hands of pi’s. If not more. a lot are traders. Some of them even call themselves LTHs. Go figure ;-)

hardly transformation, is it?

agreed!

that is his major issue: continuously over promises and under delivers. I really thought after Q4/18 he had learned his lessons. Apparently not. He has a tendency of getting ahead of himself