As I said, it tells us nothing that most of us on here don’t know already from the September webinar (e.g. the VAT repayment). It is just some of that information repackaged. Perhaps though it will, as you suggest, bring TXP to the attention of a slightly wider audience.
I deliberately used the word “funding event” rather than “placing”. It is always useful to compare and contrast. You cannot evaluate a company like TXP in isolation from peers such as CERP. That valuethemarkets article was well spotted. It is a bit of a puff piece - it tells us nothing that we don’t know already - but it explains the volume this morning.
It is wrong to talk about these wells being self financed / self funded. You are forgetting about the raise in February this year, while a realistic reading of the current financials suggests that there will be another funding event in the near future. As this will likely be on the back of success at Coho-1 and Cas-1, it is though nothing to worry about. In contrast you have CERP, seemingly now running on fumes, awaiting the result of its 45% geological (geological!) CoS Saffron well (once it finally spuds). CERP’s forthcoming funding event is one to worry abound - failure at Saffron would likely make it distinctly unfriendly to shareholders. We are lucky that Paul Baay is not the kind of CEO who exposes shareholders to that level of risk..
Typical Leo Koot. First some catnip for the rampers - an adjacent field producing 16,000bopd. Tell us Leo, how much CAPEX has it taken over the years to bring that field to 16,000bopd? Ah, you are saying that CERP will be using a similar strategy to Trinidad. How is that strategy working out for you, by the way? I only ask because recent quarterly updates seem to have become lost in the post. Ah, talk of waterflood. How is Goudron waterflood coming along by the way? Leo? Did you put that data in the same envelope as the quarterly updates ? Leo - what are you like?
A serious question. If you think that I am telling lies about CERP’s bank balance being next to nothing after drilling costs, what do you think that bank balance in fact is?
I have set out my reasoning very clearly. At the end of 2018 CERP had $2.60M in the bank. At the end of Q1 2019 it had $2.06M in the bank. At the end of Q2 2019 it had approximately $1.30M (£1.053M to be exact) in the bank. Here, almost one-third of the way through Q4, even assuming that Q3 saw significantly less cash burn than Q2, CERP is unlikely to have much more than $800,000 in the bank, which is what we have been told that Saffron will cost.
PB talked about the first week in November (possibly he meant the first full week in November) for Coho-1 flow test results and Cas-1 logs. Not expecting anything before then, certainly not expecting anything more this month.
The financial gain is through watching and learning from CERP how not to do it and keeping companies like CERP with CEOs like Leo Koot out of your portfolio. I have not had a position in CERP, long or short, for two years now.
“We have the a number of the big operators keeping A VERY CLOSE EYE on the scenario here at the first SWP drill.....”
On a 4500 foot drill with a 45% geological (geological!) chance of success that might flow 200bopd, at least for a while, if everything works out? Not even on the radar of the “big operators”. The only thing that any AIM-listed T&T operator is doing in the near future that might be of interest to a “big operator” is TXP’s Royston gas well.