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Yes , majors moving back in to Tanzania. Lot's of investment coming there way. They need the gas flowing. I expect it makes Aminex' Nyuni farmout more likely. As has been said, receiving the gas payments from TPDC opens the door. Could we have an RNS ?

Who bought the 1 share? Seems odd.

Full year gross revenue, $3.3m+$5.7m = $9m
Net revenue to CEG $6.3m

At average of $75 per barrel 2H production at 428bopd gives gross revenue of $5.7m, net $4m to CEG.

For the period Jan 2021 to May 2021, aggregate gross production from the Company's five producing assets in Trinidad was 64,319 bbls, generating gross revenues of $3.3m.

Bit of maths, roughly 428 bopd at an average price of $51 per barrel.

The interims pre date any production from Saffron 2.

https://dailynews.co.tz/news/2021-11-01618015f2dd79e.aspx

Be great if Aminex find oil and can supply the new refinery.

jono44, yes Bo is inaccurate in that the £6.9m that was raised as part of the company reset was for the next 12 months of activity relating to the drilling of Saffron 2, drilling of the Weg Naar Zee, and maintaining production at existing fields in Trinidad. The money raised was not to pay for any historic liabilities costs of cost saving initiatives, or future T&T obligations.

Antha, please don't worry about me buying shares in CEG. I've bought shares in companies in far worse state and have done very well. It's the interpretation of older holders which leads to these bombed out opportunities in the market that then goes on to make a recovery, leaving those old holders that sold with an even more bitter taste, for having given up at the lowest sp.

Bo, Yes it's inaccurate.

jono44, please don't worry about me buying CEG shares. IAs I said I read the interim report today which laid bare the situation. It look a value proposition based on the market cap. That's all. If CEG get the restructuring by the end of the year, and enter 2022 with no debt or very little debt and a rising oil price, with the current G&A costs of $200k per month, the free cash deliverable and investment increasing in production by 300-500bpd, I can see in 12 months a much healthier company. So based on the market cap of today, this is a low or at least near to it.

I'm interested in the situation now at CEG, mainly because of the value of the company and it's recovery potential should a financing restructure take place. I believe today's share price could provide a decent profit and so have bought some shares today. The majority of posts I see are from disgruntled holders or, ex holders, I presume. I'm seeing comments that are rather bitter and emotional, indeed inaccurate, based on today's detailed interim report, which for me was a very frank and revealing read.

Londonwhale, oldbutnowiser. Be interested to hear how would you have funded and drilled P1 and what you would have done post results, assuming you don't agree with the decision of BPC merging with CERP. Would it not have been curtains a long time ago?

Bohemia, yes I agree, however the situation CEG are in, the importance of operating at breakeven or cash generative, allows for them to restructure through a finance facility that can manage the payments owed to creditors, increase production and cash generation and eventually be debt free. This would be a huge turnaround, that will lead to increased profitability.

No worries, : )

Bohemia, they have already reached self sustaining cash flow break even. They are projecting free cash flow generative in 2022.

The Company's revenue in Trinidad from oil sales in the period, net of Government-take and other deductions, was $2.3 million. This represents an increase of 28% as compared to the comparable period in 2020 for Trinidad pre-acquisition revenues. Coupled with cost reductions achieved in-country during the period, this has meant that during the period operations in Trinidad have reached a point of being self-sustaining / cash-flow breakeven, and with the Company projecting the Trinidadian business to become free cashflow generative in 2022.

ShouldveSold, Doubling the expenditure to $9.5m is a misinterpretation. There were a lot of one off costs in the $4.7m expenditure figure, such as paying legacy debts left behind by Columbus.

PLP ran the election on granting oil licences and further drilling.
https://thenassauguardian.com/plp-govt-would-be-open-to-extending-bpcs-licenses-within-existing-legal-regime/

The Company's revenue in Trinidad from oil sales in the period, net of Government-take and other deductions, was $2.3 million. This represents an increase of 28% as compared to the comparable period in 2020 for Trinidad pre-acquisition revenues. Coupled with cost reductions achieved in-country during the period, this has meant that during the period operations in Trinidad have reached a point of being self-sustaining / cash-flow breakeven, and with the Company projecting the Trinidadian business to become free cashflow generative in 2022.

ShouldveSold, yes you have misinterpreted. Those net income figures are for 6 months. You can double the $2.3M. Probably more than double with WTI rising. Those operating and admin costs include one off payments. So should be lower for the next 12 months.

Obviously a farmout of Saffron or The Bahamas would do wonders. There is a new government in the Bahamas that is pro oil drilling so maybe these assets can be monetised. There is the possibility of selling an asset also to fund the company..