Member Info for steward1

I'm not GR's biggest fan and I was serious about writing off my holding... the last 12 months or so has been a farce by any standards.

If a change at the top was going to happen, I fully expected GR to become chairman or consultant. I didn't expect him to opt for being CEO. Perhaps, this is a transitional move for Foster to bring in another CEO or, perhaps, Foster will oversee a break-up leaving GR with the bones.

Either way, this is a positive move. Emotionally, I would rather that GR stopped his dilutions. Objectively, I think that it gives PREM some scope to make some headway. If Foster does his job properly, GR can't continue with his erratic, opportunistic approach and without delivering something. I'm feeling strangely upbeat for the first time in a year!

I had written off my PREM holding so looks like I'll get something back at some point in time!

First job for Foster is to sack GR! Hopefully GR now appreciates that he can be sacked now.

Just watched the AGM presentation... excellent.
What strikes me is that there is clearly a much bigger goal which they are not being explicit about. Mention of 18 other operators in Trinidad, possibilities in other South American countries and that transformational deal... the current bopd that we worry about is likely to pale into insignificance by this time next year. This is going to be a very exciting ride!

Will be interesting to see if Schroders will want to maintain their % holding level in CERP or allow it to be diluted with the new acquisition. Personally, imho, I think they know when they're on to a good thing and will look to add.

Anyone at the AGM? Would be nice to hear some snippets

these are real basic, rudimentary figures but LK has achieved a pretty good deal on this basis.

The new shareholders will own 18% of CERP but will be contributing 26-30% of bopd (on current output). There is potential in both the existing and new assets to increase production and no doubt LK will be able to deliver some rationalisation of costs plus he's got more experienced people to deploy across the whole of CERP.

What's not to like!

after this news.
Great team to be invested in.

Excellent RNS! Clearly shows LK's ambition and ability to grow CERP. Should be seeing jump today.

We're also waiting for that big deal to be announced. Could they be looking to finalise something before announcing Q2 performance?

Anyone know if we're going to get a Q2 production update?

Honestly didn't think that GR had it in him to do any deal so hats off to him. sp should motor north from here with a substantial upgrade.
Lots of questions look unanswered though - as always with GR, we don't get all the detail.

Haven't posted for a while but thought I would again draw a comparison between PREM and CERP. I invested in both at the same time last year - CERP has just issued an RNS with notice of their AGM and annual report... it oozes with progress and confidence... and highlights what a change of leadership and strategy can do to a struggling firm. And where is PREM at? Not even sure that there will be an annual report on time or when the agm will happen. PREM has gone backwards and the outlook with GR in charge is very poor... Oh and there's that little indicator call the share price...���.

and oozing with confidence! Textbook turnaround story - progress has been excellent in the timescale LK has had. Future looks very bright - lots of potential. I really like that some other staff and advisers are taking some of their pay in shares as well and that the London office will be closing. Confirmation that there is a deal on the cards, as well. What's not to like? Looking forward to the Q2 update.

I'd be very happy with a year where LK delivers on his plans... unexciting as that might be! As we all know, he's got big ambitions and, no doubt, he's busy in the background looking to take another step in his long term plan. I can't see any sense in being out of CERP for now - I've added another �2259 this morning to my sizeable holding. I'd be very happy to see a steady increase in sp rather than the spikes and drops that are prevalent elsewhere on AIM.

ihavenoclue - the irony is that all of us are probably thinking that it can't get any worse than it is but....??? I'm simply gobsmacked that GR hasn't delivered on anything that has had a positive and sustained impact on the sp, and the longer that it takes him to do so, the worse it is going to get... there is still plenty potential for this to drift lower. I've long lost all confidence that GR is going to deliver anything worthwhile - the continual snippits from GR and Faud that deals are imminent and in "late, advanced" negotiations irritate me more and more. There is something fundamentally wrong that GR can't deliver a deal with what we believe to be world class assets - my strong opinion is that, even at this sensitive stage, it would be best for GR to step down completely. I'll declare that I've been reducing my holding since the sp dropped to 0.21 (and like moneytolose, I've invested elsewhere and recovered some of the losses). I will re-invest in PREM if there is some good news but, unfortunately, I see no prospect of that with GR at the helm. I sincerely hope that I am proved wrong!

Badgernator- I'd suggest that the RHA ownership is priced in. What is not priced in is a deal to get finance to progress RHA. I'm rather pessimistic about whether GR can get a decent deal. It's one thing having interested parties, it's another thing getting a deal that folks are going to be happy with. Personally, I think the RHA situation is laughable... if there is money to be made why is GR not striking a deal with a jv partner now (could always be subject to ownership being resolved)... why can't there be a deal to re-start RHA now... the ownership question is just a smokescreen to me I'm very sceptical on whether GR has a jv partner for RHA. As for Zulu, again I'm really sceptical on whether GR can do a deal that will be acceptable. I fully expected a deal to be struck by last autumn but it didn't happen. PREM are in a much weaker position now and any investor/potential partner worth their salt will be using that weaker position to prise a bigger chunk of PREM out of GR's and our hands. If deals are not being struck for RHA and Zulu then I've got to ask myself why. I'd conclude that either GR is demanding a significant role going forward (and no-one wants to give him one) or the price is too low... GR is singularly responsible for where we are and my take is that we would get further and much quicker if someone else was running the show. For those of you who are happy to leave GR to sort all this mess out, how long do you give him to get RHA re-started and to get a deal for Zulu before you, too, lose your patience?

My understanding from other posters is that GR does not need the money he has invested in PREM. I think that he is desperate to end his career well so there's a lot of hubris in his thinking and actions. Just can't see GR getting a good deal on RHA or ZULU at this point in time - any potential partners will be looking to get a huge chunk of PREM. Whilst GR shpuld never have got us into this mess, i'd rather see all options on the table including another placing (Any deal should include GR's departure). If he's being asked to give up a disproportionate chunk of PREM for a few million quid, I'd rather stump up more cash.

I've been taking a break from Prem recently but feel compelled to comment since he's again used a podcast without having any concrete news. I have to ask myself why GR did the podcast today - why not wait until a deal is actually struck? If there are serious discussions ongoing then the potential suitor won't be happy that GR has done this podcast. I don't think that anyone could argue that GR is in a position of strength at this point in time so I take this again as a bit of a desperate measure... to drive the sp up. I noted that he used the term "personal preference" several times and I'm guessing that there's a sticking point. Any potential partner knows GR's predicament and will be bargaining hard for a big slice of PREM... which, personally, I don't think GR is willing to give up. There's no news of a replacement either so I think GR is hoping that we'll all forget about that. I can't see GR striking a decent deal for Zulu or RHA so I read today's podcast as preparation to come back to shareholders with a big fund raising for Zulu and RHA and that there won't be any new money coming in from partners. Hey I could be wrong but, until GR departs, I don't think anyone will be making money from PREM.

There's a nice wee Scottish word to describe LK and team, and this deal - it's "gallus". It means confident, bold, cheeky! Nice wee deal which shows LK's confidence that he can get more out of the ground than current operators!!!

BlobBlob - I'm happy to keep accumulating at this level. Whilst the lead up to the last announcement could have been better, LK is the real deal and I'm pretty sure that he'll also be responding to the performance in the first quarter by ensuring that the second quarter delivers an upturn. Get the impression that he's the kind of guy that will take the response to the announcement as a sleight on his professional reputation! He knows that there's a solution to every problem that they face and I'm confident that he'll already be delivering improvements. Pretty sure that he is agitating to get the announcement of the small deal out of the way. With the investment conference next week, I wouldn't be surprised if we hear something positive before that.

Yep Chesh - my cheeky question about the size of the deal was due to LK's smugness. He might be playing it down. Personally, I don't think he's into doing things unless they are significant... might be wrong about that but we'll soon know.