Member Info for rossannan

mikemike

Okay, let’s talk about Q4 cash burn. We know the starting point for Q4. We just use the available information - the $1.97m that we know about from the Q3 update plus the further $3m net raised via the mid-October placing then deducting the $1.25 million of that used to pay off the Steeldrum loan. This all gives us a Q4 starting point of $3.72m. Subtract the announced EOY cash balance of $2.6m and there’s your Q4 cash burn - $1.12m.

This trajectory suggests an end Q1 cash balance likely to be less than $2m. Even $2m doesn’t take you far in the SWP. Draw your own conclusions and ask yourself why on earth did LK not come clean about the continued cash burn before now and take advantage of the LIND Facility while he still could?

Garnhiem.

How do you explain the market’s reaction then, bearing in mind the progress currently being made by indices, WTI etc.

mikemike

“Now that is what I call an RNS. Time for the trolls to tuck their tails between their legs and crawl off.”

You need to go back and read it again. The “trolls” were right.

https://oilprice.com/Latest-Energy-News/World-News/Large-Crude-Draw-Fails-To-Impress-As-Gasoline-Distillates-Inventories-Soar.html

“Garnhiem.”

Okay, let’s talk about cash burn and funding (it’s okay, they are in the heading).

Hawkspear

Are you logging in on the website or the Mobile Site?

MrMagoo31

If that is the case, the MEEI Bulletin could well drop before then, maybe even this week, providing an early/partial indication via the performance of the IPSC assets in November.

Hawkspear

More fool him.

Disc0verer

Do you have an example of successful CO2 injection involving lighter oil in T&T that contradicts the point that Leo Koot was making?

Disc0verer

I refer you to my original answer which was to refer you back to the originator of the quote, one Leo Koot, and suggest that you take it up with him. But if you don’t want to bother him (and to be fair he will be busy today letting the LIND Facility and a significant chunk of shareholder value slip through his fingers), just consider the point that he was making about API and compare the heavy oil (sub-20 API) that was involved in the projects that you are referring to against the lighter oil at TI.

We were not given what we needed to calculate Q3 cash burn but we will be able to calculate Q4 cash burn because we know the effective starting point for Q4 (near enough). We just use the available information - the $1.97m that we know about from the Q3 update plus the further $3.22m gross raised via the mid-October placing then deducting the $1.25 million of that used to pay off the Steeldrum loan and allowing for the expenses of the placing (estimated at around $200,000 unless bigmj or anyone else has the exact GBP figure). This all gives us a Q4 starting point of around $3.75m. Subtract the EOY cash balance once we have it and there’s your Q4 cash burn.

bigmj

Do you know what the fees and expenses associated withthe £2.5million placing announced on 15th October were? I’m assuming that the total was around £150,000. Can you confirm the actual figure?

HH

Yes, it’s a bit of a plate spinning exercise. Anyway, spent long enough debating all this on the TXP ADVFN BB so no need to rehash it here.

HH

Don’t think you can go wrong with TRIN over the longer term. I’d be warier of TXP though, where the funding looks tighter. Knocked mine on the head at 19p in October but TXP is certainly on my watchlist and way above CERP (though CERP could potentially leapfrog it if LK changes his mind about the LIND Facility before it’s too late).

HH

When was the last time you had a proper look at TRIN? Very expensive? Really? Bulk of their production coming from off-shore? Really? The offshore drilling figure for October is right there in the current MEEI Bulletin, which you know well.

Don’t fall into that “I’m in CERP so everything else, not just RRL, is rubbish by comparison” mindset.

Garnhiem.

“Ross”? Really? I’ve said often enough that I post under my own name because it removes the temptation to get nasty/personal behind the safety of an avatar. If you think I am someone else I would be fascinated to hear your theory!

edgar222

You are here for the long term yet you believe in 14p in 2019? An MCAP of well over £100M? Would you not just take the money and run? Do you ever compare CERP to its peers? TRIN with 3000bopd right now, a ton of cash in the bank to cover all of its near term funding requirements and an MCAP of only just over £50M, for example?

It’s interesting to note that TRIN describes itself as “not an idea; ... a well-established profitable business”. What is CERP other than an idea that folk are still waiting to come off? In the meantime they play around with fantasy numbers and valuations while they wait.

All worryingly reminiscent of the LGO days, in fact even some of the folk are the same. Increasingly convinced that far too many on here are simply hoping that others on here and newbies will go mad for this for long enough, on whatever basis, to provide them with an exit. “Spike a newbie” may be a traditional game on here, but not all traditions are good.

offerman

You don’t agree and therefore think that it is tripe but the share price chart says otherwise. Beware of echo chambers.

Garnhiem.

For not being able to come up with the data that you were either unable or unwilling to produce to support your position? Harsh!

Garnhiem.

You are dodging the question. As I said, I am not aware of a successful precedent in Trinidad for either waterflood or CO2 injection, hence my skepticism on both fronts (with some support from LK no less when it comes to CO2 injection). You are free to counter with me tales of EOR triumphs and all credit to you if you can. Still waiting.

*me with