Member Info for petersalkeld

Wishing all the cerp investors.
LTH's and the pesters.
Rampers, trolls and derampers
and those apparently still in Pampers.
Also all the cerp employees,
working hard on all our oilies,
B O D and drilling crew,
The great new year that we're all due.

I think we have been talking at cross purposes

I have been talking about revenue all along and that, I believe, is what Leo was talking about in that presentation

I've been trying to do the arithmetic as to how cerp became cash flow positive from Goudron at $3 a barrel

I think I will have to do some maths revision

I don't quite understand this post from harel

As Leo talked about the $50 a barrel, why is it irrelevant? - Does harel know more than Leo?

Where did the $3 come from?

Good morning LGO-fan

I agree, Lord Bamps post is probably the most sensible but I must say I love your optimism so will hope you are right

Good morning Bamps or is it Right Honorable or Sir

Having read your various posts, am I right in thinking that you believe we should reach about 8p after the results of Saffron are published or have I misread them?

Thanks neon but I did notice this short sentences at 52:02

"We are treating this as an exploration well so we don't expect to get revenue from this well."

Bamps, couldn't they tanker the oil away until that infrastructure is in place?

I thought it useful to put them together, to summarize the present situation

"The drilling of the Saffron well is continuing as planned with encouraging results to date. The 8 ½" pilot hole was successfully drilled to the planned depth and encountered hydrocarbon bearing zones within the tertiary target. This provided the Company with the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing, which would allow future testing of encountered oil zones on a successful completion of the well.

Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures. This has required careful measures to ensure the well bore is in a stable condition whilst continuing to drill. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prog-nosed Lower Cruse primary target. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.

As with any drilling campaign, it is prudent to have sufficient cash resources to complete the well safely and efficiently and without compromising the objectives of the well. Drawing down Tranche 2 under the Agreement allows us to do that and also allows us to monetize it in the event of a successful discovery. I would stress again that the Company remains committed to finding the lowest cost options for appraising and developing its assets and looks forward to updating the market as to the results of the Saffron well in due course."

Bamps, you see that, I see that, why doesn't the market see that?

Not me either as I have so many greenies I wouldn't even know who to report

Part way though the Saffron drill,
We live in hope it will fulfill
Our wildest hopes, bring home the bacon,
Confirming great decisions taken
By this highly competent team
On the way to a half billion dream.

With encouraging results so far,
it does seem increasingly bizarre
That trolls should still be plying their trade,
Whether from malice or poorly paid,
To knock the company any way they can.
A kind of an investing AIM hitman.

I believe this is a very good update

Summarised
1. Encouraging results to date.
2. The 8 ½" pilot hole was successfully drilled to the planned depth.
3. Hydrocarbon bearing zones were encountered within the tertiary target.
4. Rhe Company now has the knowledge and confidence to widen to the 17 ½" hole size and set 13 5/8" casing.
5. This allows future testing of encountered oil zones on a successful completion of the well.
6. Whilst drilling the 12 ¼" section, further shows of oil bearing intervals have been encountered within the secondary target as well as high formation pressures.
7. Careful measures taken to ensure the wellbore is in a stable condition whilst continuing to drill.
8. The Company is currently drilling ahead the main 8 ½" hole section with which it is planned to reach our prognosed Lower Cruse primary target.
9. On achievement of the TD (Total Depth) criteria the Company intends to log and perform production testing of the well, as appropriate.
10. The Company will update, when appropriate, as drilling continues.

Supplementary
1. The drilling of the Saffron well is progressing towards our total depth target and we have been encouraged by various oil and gas shows throughout the drilling campaign.
2. Leo has been at the rig-site during the critical phases of the well campaign and continue to supervise day to day operations.
3. The knowledge of the formations and rig systems gained so far from drilling the Saffron well is being applied to the final stages as we reach the primary target.
4. This will also prove valuable information for the future wells within the Southwest Peninsula including any development drilling.

Who has overall responsibility now for writing and deciding when the RNS should be issued?

Is it the new CEO or the Chairman?

Having no knowledge whatsoever, I was trying to imagine what options might be being considered and what might cause a long delay for the RNS

LTID - if the results were very positive and as I understand it, they were drilling a small bore hole, do oilers ever drill a bigger bore hole alongside?

neon, if it's a duster, why take 43 days to tell us?

I wonder if it is reading correctly on the premium service?

How long d you think it will take LSE to correct this?

Do not help an Aim SP