Member Info for rossannan

If it does we will all be seeking some kind of Sanctuary!

TrekMadone

If anyone thinks that Brent might be heading sub-$50 they should be running for the hills, not buying shares like TXP!

Scarface72

Little details often tell a bigger story. Just look at CERP’s peers, TXP and TRIN, both drilling away as we speak. CERP has made a frightful meal out of Saffron by comparison.

What a painful process.

zeusfurla

Can’t see it being as bad as 1700bopd - that would be more than 50bopd below the Q3 2018 average. But I take your point - perhaps anything beginning with 17 would be a problem for this market.

zeusfurla

Have now listened to the audio. The bits that I missed were at the start and at the end. He does indeed refer to current production of around 1800bopd, at about 3 minutes in. At the end though, when he is talking about future news flow, he talks about the Q3 financials in November but makes no mention the Q3 operational update that I was expecting this week. Q3 average production would help to gauge the current cash position. I now wonder whether this figure dipped below his 1800bopd target. I hope that he is not following CERP’s bad example and ditching the inconvenient quarterly update...

https://www.valuethemarkets.com/2019/10/09/video-touchstone-explorations-paul-baay-details-trinidad-focused-firms-plans-for-ortoire-in-exclusive-valuethemarkets-presentation-txp/

shellguy

In fact their Government Pension Fund had a holding back in 2014. Not sure this is anything new.

shellguy

No, happened about two years ago, I believe.

zeusfurla

I heard about 80% of it but not that bit - did he say anything about an operational update that would confirm Q3 average production? Last year’s was on 11 October so I was expecting one this week.

Goodbody

There are no shorts to squeeze!

Lancygeo

A slight delay? So PRD’s option to purchase doesn’t need to be extended again?

LEXION

There is a difference between the Q3 Operational Update (11 October last year) and the Q3 Financials (14 November last year).

No sign yet. Would like a figure for current production and the Q3 average, like last year. PB set himself an important target when he said “Field estimated production through the first six days of August 2019 has averaged approximately 1,829 bbls/d, which the Company anticipates maintaining in the third quarter of 2019 through further well optimization and recompletions.” This is his chance to put the production problems earlier in the year behind him.

neon

Is the loss relief point not in fact about your accumulated PPT losses and more of a problem the more profit you make? So why is it more of an issue for TXP than CERP?

neon

Because the CERP BB was the first BB on which anyone highlighted the reduction in loss relief. “This would appear to be worse than the present” was how petersalkeld put it, and he was spot on. I don’t understand your reasoning why this would be worse for TXP than CERP though. Please explain.

neon

At 10:22:25, as soon as I became aware of these measures, long before petersalkeld raised the issue on the CERP BB. But why would I expect TXP or even CERP to fall below 2p on the back of these measures? Just because they tipped the balance for me, that doesn’t make them some kind of black swan event

neon

Do you not agree?

petersalkeld

Spot on. Having focused last night on the tiny bone that they threw their oilers over SPT, I am very disappointed by the reduction in loss relief and the potential effect of the new straight line capital allowance. These measures come as a real sting in the tail. T&T is a very hostile fiscal regime to be operating in.

Scarface72

Have you anything to say about CERP?

LL208

The investment tax credit for SPT goes up to 25% (from 20%) from January. A small positive but if they had really wanted to stimulate their local oilers they should have gone for 50% or even done something about the SPT “death zone”.