Member Info for Razorman

If they are flooded with emails they will have to address it in the Q and A at the very least.

Ive sent an Email in (as many have over on advfn) asking the BOD what their plans are to mitigate the impact of schroders divestment. As a competent BOD they should be on this. One for our new CEO to write onto his todo list and underline!

Not schroders?

Could be tomorrow.... 30days up or any time over next week 15days

So unrelated to the drill

*sell

The only positive I can see is schroder started this well off before the well drill began.

Shedding their holding is the reasons we are being held back. I wonder how much insight Leo would get as to the strategy behind the move of a major shareholder. It would be good to get a statement but of course that won’t happen..

Starting to get the feeling this well isn’t so tight. They should be at depth now with the drilling as at AGM they said 3 weeks. The extra 1-2weeks is to choke back and evaluate. If the team working on the well see evidence of oil they would find ways to buy stock... and the lumpy buys are continuing today. Onwards to 5p today/Monday. Remember Finncap have valued cerp at 18p with saffron unrisked. VSA 21.6p

Saffron is “ Lively “

Leo sounds excited - all looking good for a great Xmas present

Starting my weekend watching Daniel Day Lewis “there will be blood” - a good omen I thought (for the oil not the murder!). Great acting by the big man. We are so close to finding out our own oil fate... next week maybe we will get some early news

OPEC’s Barkindo: Shale producers are concerned that their slowdown is becoming a ‘fast deceleration’
KEY POINTS
U.S. oil rig count dropped by 2% at the end of October to 700, the lowest in two and a half years.
The industry is facing capital retreat as investors pull away from drilling companies, unwilling to spend more money on unprofitable growth.
OPEC will determine its forward trajectory at its Vienna meeting on December 5, where it may extend its oil production cuts or choose to deepen them.

VSA https://www.proactiveinvestors.co.uk/companies/news/906838/vsa-capital-market-movers---colombus-energy-resources-906838.html VSA Morning Flow Test, 12/11/19 Columbus Energy Resources (LON:CERP) Columbus Energy Resources (LON:CERP) has announced that the Incremental Production Service Contract for the Inniss Trinity has been extended to enable the full implementation of the CO2 injection pilot project from January 2020 to December 2021 providing the project is implemented by 28 January 2020. Perhaps most positively, the Minimum Work Obligation has been amended to be fulfilled by the implementation of the pilot project as opposed to the prior condition of drilling seven wells. This is particularly beneficial to CERP’s partner Predator Oil and Gas (PRD LN) who are responsible for funding the MWO whilst CERP is operator. As well as a lower financial burden, not having to drill seven wells will enable CERP’s management to focus on capitalising on a successful CO2 test, should that be the case. CERP is continuing to make progress on delivering on its three key aims in H2 2019 with SWP drilling, new country entry and the CO2 pilot project. We reiterate our Buy recommendation and 21.6p target price.

No worries - I have positions in both companies so I keep an eye out on both boards.

Additional from PRD this morn...
Project Costs and Supplementary Petroleum Profit Tax ("SPPT")

The CO2 EOR Project costs, given the regulatory classification of the investment, are able to be offset against SPPT by FRAM, thereby improving project economics attributable to the Well Participation Agreement.

Well Participation Agreement ("WPA") amendment

The WPA has been further amended to extend the period to acquire FRAM under the terms of the WPA to 30 September 2020, or 30 June 2020 should CO2 injection in accordance with Phase 2 of the work programme for the extension to the IPSC not occur.

Operations schedule

Initial results from the Pilot CO2 EOR Project are expected in Q1 2020 as previously guided.

The CO2 Delivery System designed by Predator for Inniss-Trinity is scheduled to be assembled and tested by Massy in their work yard during December 2019 before moving to the Inniss-Trinity site.

Paul Griffiths, Chief Executive of Predator, commented:

"We are pleased that the extension to the IPSC has been secured by Columbus. It is a recognition of the importance of this project not only to the potential enhancement of Trinidad's onshore oil production from mature oil fields if successful, but also for the potential to sequestrate significant CO2 volumes to advance a reduction in Trinidad's carbon footprint. The Company and its partners have worked hard to coordinate and develop all aspects of this project to give the best opportunity for a successful outcome. It is rare for a company of Predator's size to create and fill a niche position outside of the USA in the field of CO2 EOR. That it has only taken 18 months to reach this position from scratch is remarkable. We now look forward with excitement to the beginning of operations that will evaluate whether or not the benefits of CO2 EOR will be transformational to the onshore oil industry in Trinidad."

Enquiries:

If someone could clarify that would be nice
1- I don’t get this statement
· The Funder has the right, upon certain terms and conditions being met, to re-invest up to 50% of the Tranche 1 amount (and, if drawn down, the Tranche 2 amount) on similar terms and conditions.
2- it says the company decides if repayments are made in cash or equity, but then says the funder ‘chose’ to convert shares in two occasions of the prior deal - isn’t this a contradiction?
“All monthly payments were made in cash, apart from two exceptions (in September and November 2017 when the Funder chose to convert US$150,000 and US$300,000 into shares at 3.0p and 4.5p respectively). Lind and Columbus have established an excellent working relationship ”

Appreciate the reply, thanks

Interested to hear your take on today’s news...
Considering the fully funded for all 2019 activities point reiterated a few times.

I appreciate it’s noted as a prudent insurance/ what if contingency plan. Also that it’s planned to accelerate Suriname - and that is better than standing still, relative to the wider industry of course.

Irene “How are you arriving at a figure of 3.5p for Suriname. What is it based on ?”

Better take that one up with Finncap

Remember, the 2nd work over rig was due to be fully operational in Q3 - we should also get some
News on this soon as it will improve the base production whilst keeping work over costs down.