Member Info for somm

The Presentation said the $15 million 2024 CE hire was NET - no doubt this will mean net of all costs.

The 2024 CE hire was agreed before the 50% CE sale so is the $15m also net 100% to CASP (AGM attendees said not).

If not and the $15m is split 50%/50% that means in effect CASP will have received $12.5m net from the 50% CE sale.

$22.5m less taxes ($20m net) less $.7.5m = $12.5m net to CASP.

Even so there’s $20 million net shortly going into the kitty which will help

towards this years operations.

With several wells coming online and a couple of more wells to spud production should have significantly increased by year end/Q1 and the quarterly dividend should be back in play by Christmas. Imo.

I wonder if the pending audited accounts will mention if the $15m will be spilt?

You're having a giraffe aren't you, no they will not be backdate the dividend.

Next payment should be around end of December, if no dosh from CE sale.

Production should have shot up by significantly by year, multiples of today.

Get these 2 wells producing 800 bopd again along with the 2 planned horizontal wells producing 1k bopd each and Block 8 could be pumping 3k bopd next year, increasing annually dosh/ rigs allowing.

Thanks bluemango.

Bluemango,

Did anyone ask the question at the AGM how deep are they intending to drill the 802 Deep Well to re stopping at the 4,300m initial target or are they carrying to the original 5,200m TD (they said they need a further 2 months - is this for continued drilling to 5,200m TD or parts to arrive from China) and if so what was Carver's answer, and did anyone ask if they are targeting the 4 deeper intervals in the 802 Deep Well (hence needing another 2 months) and the 803 Deep Well and what is the 803 Deep Well TD - 5,200m?

We will find out the 803 Deep Well TD in the spud RNS but was more interested in if they're drilling the 802 Deep Well deeper.

What's all the fuss about the CE payment?

The funds are highly unlikely to be paid before the audited accounts are releases this/next week and besides the audited accounts are for 2022 not 2023 and the 50% sale will be shown in next years audited accounts. imo. When the sale goes through it will be reported in a separate RNS i.e. the dosh is in the bank.

End of, let's move on.

Bluemango,

Did Carver confirm the 2024 $15 million CE dosh was 100% going to CASP or if split 50% with the new partner?

Has anyone get feedback on this question?

''And I see the usual Cheerleading traders who still have their heads firmly in the CASP love clouds are spouting their usual positive nonsense again.

A trading suspension on Monday is now looking likely, I'm not looking forward to Monday mornings RNS either way. The only good thing to come from this carp period is it brings an opportunity for those who didn't get in between 2-3p to now do so and hold for a serious multi bag Q4/Q1 2024. imo.''

Told you so.

Thanks bluemango,

Yep we're all optimistic about CASP's potential and 17p should have been in the rear view mirror years ago.

Having been waiting six months for an Op's Update that was supposed to have shown operations progressing at lightening speed to a glacial pace has put operations significantly behind circ. 9-12 months again.

The reason is parts and materials now have to be sauced from China with a longer route and upfront payments combined with lower production and oil prices has taken a toll on CASP's bank balance and no doubt the reason to sell 50% on the CE was to shore up their CAB to see them through new production payment coming through in Q4 - current local payments from the 2K bopd is enough to keep the lights on with minimal operations work/purchases.

Q4/ Q1 2024 should be the start of the end. imo.

Blue mango,

Was the question asked re when/if was the G70 rig was bought and why hasn't it been used to re-drill the A7 or sidetrack A5 Deep Wells in the meantime circ. 5 months?

CC,

It would appear you have a hare in your rabbit stew.

Bluemago,

Tom Cruise might agree with you, but back in the real world....

........a one off $20 million dividend payment. lol!

CC,

You don't half talk tripe.

I bet you could conjure up a rabbit without a hat, that reminds me got to go the magic show is just starting.

Richy,

What this means is the BOD will be able to buy back shares with the 75% they've put aside from their reduced salary's.

They WILL NOT be buying shares back from the open market, and if they did it would have to be in the hundreds of millions to make a difference to the share price, and buy then the share price would be much higher - not going to happen.

Directors are sorting themselves out for possible T/O share allocated from their reduce salary dosh.

Proving the 802/803 Deep Wells are connected (and the 801 Deep Well deeper down) and both are flowing commercial quantities of oil could bring in offer as early as next year, especially with the A5 Deep Well flowing again this/ next year to boot.

2024 end game could be on the cards.

Kheldar,

Told you so.

Thank bluemango, much appreciated feedback.

The BOD's 75% pay cut will be paid back in shares at an average share price for each month over the years, they will not lose that salary, so they would get a very hefty chunk of shares come T/O or when back to full pay, which could end up in the tens/hundreds of millions of shares by then.

''27 June

The last Op’s Update which the market waited 6 months for was absolutely carp and that is why the share price is down with no dividend announced to boot, there’s no other reason, and if tomorrows 2022 FY Results confirm the dividend for Q2 has been cancelled or delayed to next quarter due to lack of CAB and with nothing happening operationally for the next couple of months (apart from 803 spudding next month) re an increase in production then the share price will sink further that’s where savvy investors will start to buy back in (4p is still cheap imo).

Everyone wants to see what the next RNS says before making an informed decision. I personally expect the share price to bomb further with poor Op’s/ low CAB and no dividend, the only saving grace is if they’ve received the CE dosh, but I very much doubt they have yet.

Low hanging fruit to be had in the 3p range as CASP are back to sub 2K bopd? and low CAB days.

Roll on Q4/ Q1 2024................another year another wrinkle.''

2022 FY Report will see another share price dip based on the above post analysis and todays dreadful rinse and repeat RNS, especially with no news for a while thereafter.

And I see the usual Cheerleading traders who still have their heads firmly in the CASP love clouds are spouting their usual positive nonsense again.

A trading suspension on Monday is now looking likely, I'm not looking forward to Monday mornings RNS either way. The only good thing to come from this carp period is it brings an opportunity for those who didn't get in between 2-3p to now do so and hold for a serious multi bag Q4/Q1 2024. imo.

Anyway, told you so.

Echo Energy have just suspended trading due to needing more time to file their 2022 FY Report.

Carver's leaving it late if he has to suspend trading, will we get the 2022 FY Results this afternoon? tomorrow at the 11th hour?

Snippet from Echo's RNS @ 11:49

''As stipulated by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), the Company is required to publish its 2022 Annual Report by 30 June 2023. However, the Company's auditors have requested additional time beyond the originally planned timetable to complete their audit.''