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I think the Bahamas is faced with major economic obstacles that will force the government into seeking oil at some point as an way out. They are going to have to give the people bread and circuses at some point going forwards and they will need money for that.

BurrenBoy,

Like I've been saying it must have been Psilocybin mushrooms all round the executive board.

BurrenBoy,

Well in the Mid East 80 years ago the goat herder would stick his thumb in the ground and find oil. Can't be that difficult - I jest...

Perhaps we ought to post him some mushrooms to sharpen up on his business acumen lol rofl...

Davie46,
BurrenBoy,

The hippy is in a position to give a potential farm in an excellent deal knowing that even 10% or an oil discovery in the Bahamas would produce good income; given that the focus is on TT what's to lose.

Meanwhile, MAY (ASX) continue to print positive news of material oil finds in Northern Cuba and the SP has appreciated 270% so far. Perhaps, the Hippy ought to give MAY a call at some point.

Srdoddy,

The hippy stated the following ( just go back through RNS releases):

"However, notwithstanding the non-commercial results of that well, based on what we have learned we continue to believe that the licences in The Bahamas are highly prospective. As such, we advised the Government of The Bahamas of our desire to renew the licences into a third three-year exploration period, and are working through that process, which will likely take some time. Meanwhile, we are continuing with our evaluation of the exploration potential of the licences, working to reduce technical uncertainties, and continuing in our efforts to secure a farm-in partner for the future. We will keep shareholders appraised of material developments."

The company still has a right to renew 50% of the Bahamas licence and the last communication we had was that that process is ongoing until we hear otherwise.

Davie it's a bit daft that oilers are discovering oil around other countries bordering the Bahamas and yet CEG that holds exclusivity is poking the other way. Surely, the company is holding the crown jewels and the hippy can't see the wood for the trees. To many mushrooms.

Yes picking up the phone when it rings and pitching the prospect. Keep an open mind, stay positive on the Bahamas. CEG might not be able to drill but a major will.

ShareScare,

Did you ever think that Starchild probably fell for his own hype and poured in more than he could afford. Given the latest dilution he is probably in intensive care. It never pays to have to much faith in AIM.

Davie46,

Agree in terms of CEG doing a P2. However, there is no reason why CEG can't work on obtaining a farm out agreement as originally planned. It's just involves picking up the phone and talking to interested parties.

Well, pre-P1 spud I was researching peer companies drilling for oil in the same region. This bought my attention to another oiler that most likely the hippy knows about. MAY (ASX). This company was drilling in north Cuba (so close enough) and they have been rising ever since.

Here's a recent article: themarketherald.com.au/melbana-energy-asxmay-encounters-strong-oil-shows-in-alameda-1melbana-energy-asxmay-encounters-strong-oil-shows-at-alameda-1-2022-02-01/

So, you have to ask yourself why the hippy is running scared from the Bahamas and putting out statements like the focus is elsewhere in low production TT? Surely, it would make sense to pitch the Bahamas: pitch it or fuk 'em off. But pitch the same.

Bohemia,

The low production was most likely the real reason for the heavily discounted placing to institutions. Even so, this heavy discounting, judging by the report, isn't really heavy enough. We need the hippy to put his money where his mouth is and publish production figures - doubt he will do it.

CEG at the present time is behaving like a ponzi-like stock issuing shares to pay debts and skimming the income from those shares to pay director salaries. Those shares are also being flipped by the institutions in a ponzi-like fashion. The pyramid can't last and eventually it collapses. Without an increase in production income this company is just a house of cards.

The hippy was on top form today putting out this statement:

"I would especially wish to thank all shareholders - existing and new - for their patience and support. The entire Challenger Energy team is now focused on the core tasks ahead: to build production, to build cash flow, and to restore shareholder value."

Will the hippy regularly publish production figures on a weekly or monthly basis or is this the mushrooms talking?

mcadder,

Would be nice to be proven wrong with this one - doubtful. The hippy stated it's producing "about 500 bopd" the focus now being in TT with a view to expanding production; ditto Kootsie did a runner. Flower childs are never in a reliable state of mind at the best of times.

Potter is leaving but hippy Eytan is at the helm and tripping daily by all accounts.

There's an old saying that goes: once bitten twice shy. In CEG's case it's several times bitten and almost dead.

About 500 bopd isn't going to cut the mustered due to the massive dilution. There's no make it big or go home here. It's just steady as she goes walking egg shells. They have to come up with a bolder plan. Perhaps, Eytan should take more mushrooms and try and figure out that it's not back to the drawing board with a new concept rather pay attention to the Bahamas again and work on farm-ins.

Got the violin out as it feels like I'm on the Titanic.