Member Info for Razorman

It we are running out of time for S2 - I refuse to accept Potter could miss this date after reaffirming it so recently. Would be incredible incompetence.

Worth stating that I whole heartedly believe that S2 will provide a great result. If it wasn’t for the BPC take over the SWP would have made me a millionaire by now. Instead it’s now just going to ‘hopefully’ get me my £200k back. (voted against the merger with me 9m CERP shares - but that counts for FA now).

Hi Riceman,

Saffron 2 is one drill, what is the other?

Only problem is I don’t know where to value BIRD.
We should soon be operating at a small profit - like tech firm BGO which is priced at £160m (which would be one bag)

However it’s the scaleability and value of the tech which I can’t put a finger on.

Anyone have any valuations they are working to?

I agree... I have taken a colossal hit on BPC and this plus PRD, ECR and OMI - are hopefully my golden geese. BIRD feels like the safest of the four, with plenty of upside!!

i hope so - just sold £15k PRD to top up here.

As a CERP LTH I must say I feel completely shafted by LK for gambling a bird in the hand for two in the bush.
I voted against the deal. But I could have sold and moved... I didn’t and we are where we are now. Let’s make the most of it

Potter needs to get things moving if this is going to be achieved!! 4weeks for a prospectus, obtain approvals, to provide update on procurement and get the drill turning. I don’t know why they are wasting time on an appraisal well when they have capital ready to deploy and the oil, under pressure, was found with S1 - plus they have an ambitious target to achieve. I am going to contact BPC/Simon Potter today requesting clarification - although that’s already being drafted.

MAX 6 WEEKS TO S2 SPUD

Present

makes no sense selling today. Hold, and price will recover - check out the terms of the SWP and the fact that oil has been found at S1 for peanuts drilling costs - $800k from memory and S2 will reuse the already paid for S1 infrastructure (road drilling platform etc).

Oil came spouting out under high preffure - watch the video, it was the high pressure at the lower cruise which meant S1 couldn't be competed and why S2 is needed

But why did he sell up CERP after making the SWP discovery?!?! As a cerp shareholder and voting against the merger I am very flat this morning

lots of buys rolling in.... !

Mon, 27th Apr 2020 07:00

RNS Number : 8833K
Columbus Energy Resources PLC
27 April 2020

27 April 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Saffron Discoveries - Lower Cruse and Middle Cruse

Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce that the Saffron well has discovered oil in the Lower Cruse and Middle Cruse, located in the South West Peninsula, onshore Trinidad.

The Company has made a Saffron oil discovery presentation and video available on its website. The presentation also includes a corporate and operational update. To view them, please visit https://columbus-erp.com/investors/reports-and-documents/ and https://columbus-erp.com/news/videos/

The key highlights of the Saffron well are:

• Oil discoveries in the Lower Cruse and Middle Cruse

• 2363 ft of Gross sands with six reservoir intervals of interest with a 47% Net/Gross ratio

• Well reached Total Depth ("TD") at 4,634 feet, as planned

• 6 intervals identified for testing, with 3 intervals tested to date

• In the Lower Cruse, high quality, light oil (circa 40° API) recovered to surface

• Results in line with the Company's pre-drill estimates for recovery of oil from a Lower Cruse development (11.5mmbbl)

• Signed terms for a full carry of the second Saffron Lower Cruse appraisal and development well (expected Q3 2020)

• In the Middle Cruse, discovery of a medium quality crude (17° to 20° API)

• Currently producing oil from first perforated interval in the Middle Cruse

• Middle Cruse oil processed on location and first 340 bbls oil sold through existing infrastructure

• Preparing to test the Middle Cruse in additional oil bearing zones

• Preparing individual development plans for the Middle and Lower Cruse discoveries



Leo Koot, Executive Chairman of Columbus, commented:

"We have found what we were looking for - the Saffron well has discovered oil in both the Lower Cruse and Middle Cruse formations in the South West Peninsula, onshore Trinidad. These discoveries are transformational for Columbus creating two valuable standalone field developments.

Our main pre-drill goal of establishing the existence of hydrocarbons in the Lower Cruse has been achieved, significantly de-risking what we expect will be an imminent Saffron field development. We achieved light, high quality oil flow to surface (circa 40° API) from two test intervals in the Lower Cruse. For operational reasons (including prudent cost management), our testing was deliberately limited to a combined perforation of 16' even though the logging of the Lower Cruse showed over 300 feet of high-quality sands. As such, we believe that the appraisal of the Lower Cruse, expected in Q3 2020, will be stage 1 of a Lower Cruse development that we now calculate has an NPV of circa US$90m.

I am particularly pleased to share with our investors and the market that, in order to fast

South west peninsular - of Trinidad.

Thanks blanka

What are the expected time frames of those potential inflection points

Conclusion 8 reads well !

8. The economics outlined above appear robust and suggest that CCS may well be more
economic in an Irish context than in some other economies. In this case there is a strong
case to pursue research into the geological and technical viability of carbon capture and
storage in further phases.

Is it live?

5 weeks earlier than last year!

Last years trading update was 10 Feb. I’m looking forward to seeing this years in the next few weeks. It’s easy to forget how much progress was actually made last year! If in doubt re watch the interviews from before Xmas

Brilliant to see the SP gaining some traction as other investors are finally hearing the dinner bell ring. Interested to see where PRD will settle ahead of the drill ! From memory don’t PRD receive a £1m payment on spud? can someone clarify the mechanism please. Hope I haven’t dreamt that one up (?)