Member Info for PageofCups

It's pretty clear that all of CEG's licences are in the pink hatched areas on the tip of the SWP. If you look at the legend for the map, pink = licenced. CEG has a dominant position.

vike1,
Good insight. You might be onto something.

I think stale and crusty could do with some wine to cheer him up. ;o)

2.5m buy gone in 0.794

Ufufuo, thanks for reminding. Even better. Don't tell stale and crusty. ;0)

Who's to say a farmout of Nyuni 4Tcf of gas is not next. All seems to be happening in Tanzania with gas. Majors are moving in spending $30B for the LNG projects. Aminex in a hot place. Gas soaring. Perfect storm for a turnaround.

Crusty, They only need cash ?to last until drilling starts next year. By your own admission, the sp by then will be up. Makes for any fundraise a lot easier, if they even needed to.

2.7m buy

They didn't include the gas receivables in the going concern. Definitely a a boost.

You have to remember Aminex has cut G&A costs by 75%, so are very lean. $1.85m is more than enough for them to be funded until drilling Chikumbi. They still can take the loan from ARA of $1.7m. They had $490k in cash end of June. So have available cash of approx $4m.

Up next 3D seismic.

T&T are trying to encourage oil investment at the moment. Not sure not renewing licences sends out the right message.

I note CEG never mention any barrel of production increase as a result of Co2 injection. PRD seem to be the only ones that say anything about it.

I'm not sure what PRD are doing still hanging around at I-T. Are they still trying to prove that Co2 injection works. If so are they hoping to still get a share of the production? Have PRD been told to go away, unless they are interested in still buying the field for $4.8m, or has the price gone up? Whatever it is, it clearly backfired badly on PRD. Maybe they haven't been receiving any payments for any oil that has deemed to come from injecting the Co2? Who knows.

The option was to buy at the agreed price 4.8m. The option to buy lapses if the agreed price is not met. I think PRD felt that the reserves could not be enhanced through Co2, so paying $4.8m was of no interest. I presume if they felt Co2 was successful then it would have been a good deal for them to pay $4.8m. You may be right they only felt $1.7m was a fair value, but that would have then meant the Co2 injection did not enhance the recovery of the reserves. Alternatively, PRD may have chanced they will try and get the field on the cheap, and were told to buzz off.

I-T is 100% owned by CEG. I'm not sure what PRD's angle is other than the Co2 EOR pilot and any production increase from that. It's been done at pretty much their expense to prove the concept. They had an option to buy the field and it's reserves for $4.8m if they felt Co2 injection was successful, but for some reason instead chose to make an offer of $1.7m, after which time their option to buy the field reserves lapsed. I guess PRD didn't have enough faith in their Co2 pilot.

Well, the same can be said for those that talk it down. I guess those that have sold will want it to fail so they can say they were right to take a loss. I would think they are worried in case they are wrong. Time will tell.

Lets not forget the reserves report coming for the Saffron 2 field. Estimate for the lower cruse is 12MMb, however there is now additional middle and upper cruse to be considered, now it has proven to produce at commercial rates.

Any RBL is based on 2P reserves and not current production. The lending is secured on the reserves.

We are all entitled to our opinion, but the reality is the oil price is se to go higher, there is a change of government in The Bahamas who are pro oil drilling, and of course The Bahamas needs to know if they have oil in commercial quantities which could be produced and help reduce their deficit. I think the Perseverance findings of oil in the lower Jurassic go a long way to enabling a commercial find, which mirrors the fields in the Eastern Gulf of Mexico. This, I prsume will be of interest to majors, having already developed similar projects.