Member Info for rossannan

LexLugar208

Is (apparently) ditching the Q2 update “playing with a straight bat”?

faz7475

Don’t tread on me. Who is the biggest threat to the unrealistic expectations that folk have for their investments in CERP? Sceptical posters or Leo Koot himself, the man who created most of these unrealistic expectations in the first place.

Prime

Not sure why you would want to come anywhere near this if you think that there is a real possibility of oil prices falling back from these already low levels later this year. For a company like CERP that would just be a recipe for yet more dilution.

Jim1556

Sorry, I’m only just over two years into my five year plan for this BB.

Razorman

Shareholders did not recommend LK to ditch the quarterly updates, they asked for more RNSs in between the quarterly updates. That is what they were saying on here.

MrMagoo31

Not a large cash burn? Why no Q2 update then?

LexLugar208

I am paid by the market makers, apparently.

MrMagoo31

A large chunk of that raise was to repay Steeldrum debt and some of it was for upgrading facilities. Some of it was certainly earmarked for SWP drilling though. So where is that money? At that time CERP’s cash balance was $2M, so CERP’s cash balance should be $2M plus now, shouldn’t it? But wait - at the end of Q1 2019 the cash balance was only $2M and LK has now gone all coy about what the cash balance was at the end of Q2 2019 - I think we both know what that means.

It is obvious that he has already spent it and is going to have to raise it again,

MrMagoo31

If cash flow is negative, how can they be funded from cash flow? The reality is that everything CERP does is funded from diminishing cash reserves. It sounds to me as if the presentation that you set so much store by is going to look pretty misleading with hindsight. If, as you say, Leo Koot stated that Q2 production is in line with Q1, that already looks misleading in the light of the updated MEEI Bulletin.

Earlier presentations now look like failed share promotion exercises in the light of subsequent RNSs. Why should this one be any different?

MrMagoo31

So you will offer me a profound apology if Leo Koot surprises you with a placing?

MrMagoo31

Funded already? It is only funded if Leo Koot bets the diminishing cash balance on it - a huge risk. His financial management of CERP has been shocking.

MrMagoo31

And Leo Koot doesn’t dare tell you how much CERP has in the bank today. How big a red flag do you need?

MrMagoo31

Look at almost any BB - it is the same mantra from the uber bullish posters - any sceptics just want to get in lower. This betrays their belief in BB posts having potentially significant traction on share prices. That is just not clear thinking.

MrMagoo31

Funded from cash flow? No chance. Cash flow is clearly negative - why else has the Q2 update been withheld?

Yoghurt

Define negativity. My interest is in challenging the nonsense spouted by the local rampers. As I said on Monday: “...although the local rampers are way off the mark, that doesn’t mean that folk buying in today have no chance of making money over the short term by trading or over the longer term by sheer patience.” Is that negativity or realism?

For me the shine has well and truly come off LK. The credit that we all gave him initially for not being Neil Ritson has, for me, expired. He has done a couple of things in particular that I really did not like, the latest being his apparent skipping of the Q2 update. That was a big red flag for me - Bonasse appraisal wells and new country entry are just not enticing enough against that background.

Probably not huge risk at 18p. All cash offer of 20p+ from M&P next I’ll bet.

Was amazed to see that the LSE BB Police pursued me back to my home AMER thread on ADVFN. Thought I would be safe on a thread that I have been posting on since 2017, but apparently not. Cannot understand why talk of a 25p outcome is such a problem for these individuals. Opinions expressed on BBs have zero traction on the underlying commercial realities of these situations, which will play out in their own good time for good or for ill. The BB Police may think otherwise, but that suggests that they are not thinking straight.

If they had the courage of their rampy convictions they would be buying these up big style at current levels rather than wasting time hounding posters that they disagree with!

Lancygeo

Do you ever look back at your posting history and think that, with this still struggling to stay above 3p even here in H2 2019, the sceptics maybe had a point?

PTLP

Fair enough if the big one comes in, though it would be boepd rather than bopd, but PB himself is clear enough that at year end production will still begin with a “2” so I have no idea where Alchemyex is getting his figures from.