Bahamas Petroleum Share Discussion Threads

[mr woodland] 02/4/2021 13:12

Just Filter the salted egg

[specialistlegionsupercharged] 02/4/2021 12:51

Lintard even have puss taken out by dog 🐕 Zxie. Hahhahahha
Hahhahahhahah haha
Hahhahahahhhahhahhahhah👏👏;👏👏👏👏
28079;👏€465;🗑㈮5;🗑

[specialistlegionsupercharged] 02/4/2021 12:48

Poor Zxie dog 🐩 bankrupt too. Throw him and over left of food 🥘 in his bin. Next to Lintard. Woof. 🗑

[specialistlegionsupercharged] 02/4/2021 12:48

Guys have pity on bankrupt Lintard who lost everything after the muppet put all his money in one share BPC.

On Easter 🐣 Sunday donot throw away your left overs. Any bones with or without meat throw it into Lintard’s bin 🗑 in Green Park. Poor loser who got mugged by us in BPC repeatedly is hungry.

Hahhahahah Hahhahahah Hahahhahahah 👏👏👏🗑8465;🗑ԅ12;😀😀;👏👏👏👏

[eggchaser] 02/4/2021 12:33

Linters who is this Zizy chap... looks like he has the measure of our Bristol Bum Chums...?

[zxie] 02/4/2021 11:28

When everyone won't talk to you. It's like euthanaasi.

[12bn] 02/4/2021 09:53

So a year and half ago Cerp were getting $16.72 a barrel and angryarry thinks they could be getting $30-$50 a barrel (WISHFUL thinking ).

[12bn] 02/4/2021 09:50

RNS Number : 1141L

Columbus Energy Resources PLC

04 September 2019

4 September 2019

Columbus Energy Resources Plc

("Columbus", "CERP" or the "Company")

Unaudited Interim Results for 6 month period ending 30 June 2019

Focus on profitable growth and preparations for exploration drilling in south west peninsula

Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to announce its unaudited Interim Results for the six month period ending 30 June 2019 ("1H 2019" or "the period"), a copy of which will shortly be made available on the Company's website www.columbus-erp.com.

1H 2019 was a period in which the Company prepared for potentially transformational growth in 2H 2019 and into 2020 through the following activities:

-- Disciplined cash management and optimisation of cashflow profits from production operations - recognising that the WTI oil price was "stuck" in the US$50-US$60/bbl range for much of 1H, a range which attracts Supplemental Petroleum Tax ("SPT");

-- Preparations for the commencement of drilling in the South West Peninsula ("SWP") in late Q3 2019 - the culmination of many years of commercial negotiations, technical analysis and operational planning to get to this point;

-- Technical and commercial preparations for commencement of the CO project on the Inniss-Trinity field in 2H 2019 (in partnership with Predator); and

-- Undertaking exclusive negotiations to establish an operational footprint in a South American country which will allow a low-cost entry in 2H 2019 into another onshore jurisdiction - to improve the Company's overall risk profile and commercial position.

1H 2019 Highlights


H1 2019 H1 2018 % Change
Average realised oil price (US$/bbl)
1 57.60 61.17 (6%)
-------- -------- ---------
Average production (bopd) 561 485 16%
-------- -------- ---------

Net Revenues (GBP'000) 2 3,407 3,615 (6%)
-------- -------- ---------
Gross Profit (GBP'000) 691 429 61%
-------- -------- ---------

Administrative Expenses (GBP'000) 1,474 1,666 (12%)
-------- -------- ---------
Capex & Workover Costs (GBP'000) 647 1,030 (37%)
-------- -------- ---------
Spain - ongoing costs 126 637 (80%)
-------- -------- ---------

Netback per barrel (US$/bbl)
3 16.72 13.13 27%
-------- -------- ---------
Cash balance (GBP'000) 1,053 1,800 (41%)
-------- -------- ---------
Corporate debt @ 30 June (Lind)
(GBP'000) 116 402 (71%)
-------- -------- ---------

Management salaries taken in
shares (GBP'000) 248 248 (-%)
-------- -------- ---------

Notes

1. Realised price: Actual price received for crude oil sales per barrel ("bbl")
2. Net revenues after deduction of royalties and partner oil-take as defined in the IPSC (First Tranche) and other partner agreements

3. Net cash received after revenue and cost of sales by barrel of oil sold
Period Highlights

For the 6 month Period ending 30 June 2019

FINANCIAL

As previously announced, the Company's focus in 1H 2019 was to increase operational profits and cashflow through targeting more profitable barrels and implementing operational efficiencies, instead of growing production "for growth's sake". The Company's workover rig count was reduced and cost reductions introduced to reflect a lower oil price environment.

-- Gross profit for period was a profit of GBP691,000 (1H 2018 profit of GBP429,000), an increase of 61%

-- Averaged realised sales price from operations in 1H 2019: US$57.60 per barrel (1H 2018: US$61.17 per barrel)

-- Net revenue for period of GBP3,407,000 (1H 2018 GBP3,615,000), a reduction of 6% mainly due to lower average oil price achieved (6% lower)

-- Pre-tax group loss for period of GBP1,721,000 (1H 2018 loss of GBP2,465,000), the 30% reduction due to cost efficiencies and reductions in Group administrative costs and exceptional costs in Spain

-- Cash in hand of GBP1,053,000 at 30 June 2019 (30 June 2018 GBP1,800,000) - reduction reflecting debt repayments, impact of SPT, technical work on SWP and ongoing Spain costs

-- Special Petroleum Tax ("SPT") has been payable at the end of each quarter throughout the period as the sales price received has exceeded US$50.00 per barrel with payments of GBP331,000 in 1H 2019 being incurred (1H 2018: GBP240,000)

-- Administration expenses for period of GBP1,474,000 (1H 2018 GBP1,666,000) a reduction of 12%, despite the addition of 7 additional management & administrative staff upon the acquisition of Steeldrum in Q4 2018

-- Costs of meeting ongoing obligations in Spain reduced to GBP126,000 in period (1H 2018: GBP637,000). Burn-rate in Spain now down to approximately GBP20,000 per month whilst first stage decommissioning activities are completed.

-- Lind loan balance reduced to GBP116,000 at 30 June 2019 (GBP402,000 at 30 June 2018) - corporate loans to be zero by mid-October 2019

-- US$3.25 million Lind facility, announced in July 2018, allowed to lapse in January 2019 without drawdown

OPERATIONAL

-- Group oil sales in 1H 2019 were 92,154 barrels net to Columbus (1H 2018: 88,830 barrels), a 3.7% increase

-- Average production in 1H 2019 was 561 barrels of oil per day ("bopd") with production peaking at 1,019 bopd in February 2019 (1H 2018: 485 bopd, peaking at 648 bopd)

-- Solid production base, despite a number of technical challenges, delivering steady cashflow and base for future growth in operational profits

-- Netback per barrel of US$16.72 achieved in 1H 2019 (1H 2018: US$13.13 per barrel)
-- Workover rig count reduced from three rigs to one during Q1 2019, in keeping with the strategic shift to prioritise profitable barrels

-- A second workover rig was purchased from the USA in late Q2 2019, with intent of making the Company self-sufficient in workover rigs (owning a total of 2 workover rigs). This will significantly reduce future workover costs. The second rig will be fully operational in Q3 2019, allowing far more flexible and cost-effective well-work activities between the Company's fields

-- Company operational strategy focuses on fields where higher margins are available from production and also where oil sales are paid in US dollars

-- Company took over operatorship of the Icacos field from Touchstone Energy on 1 January 2019
-- Company continues to progress the Inniss-Trinity CO project with its partner Predator Oil & Gas Holdings plc ("Predator") and has commenced site preparation activities.

South West Peninsula ("SWP")

-- Detailed technical work completed during the period by EPI Group, independent geoscience specialists, on the exploration prospectivity of the SWP, allowing the high-grading of the Saffron prospect for drilling in 2H 2019.

-- First SWP prospect (Saffron) chosen with commencement of drilling operations planned for late September 2019 - well targeting un-risked STOIIP of 66 mmbbls (Pmean), with a geological chance of success of 45% and potential development recoverable oil volume of 10 mmbbls.

-- Currently undertaking the necessary pre-drill activities to commence drilling, subject to receiving relevant Governmental approvals.

-- Second SWP prospect (Clove) available for drilling. The Clove prospect has an un-risked STOIIP of 0.21mmbbls (Pmean) and a geological chance of success of 66%.

CORPORATE AND M&A

-- Company is in exclusive discussions for award of a concession in a South American country, after a successful three-month tender process in Q1 2019. Potential for low-cost entry into a discovered onshore oilfield with a detailed work programme for 2019-2021 submitted as part of the Company's bid. Announcement of new concession forecast for late Q3/early Q4 2019.

-- A number of additional M&A opportunities have been considered and investigated during period, consistent with Company's strategy roadmap.

-- All management have continued to take 50% of their salaries in Company shares in the second year of their employment, aligning management with shareholders and resulting in cash savings during the period of approximately GBP248,000.

OUTLOOK

-- The main focus of the Company for 2H 2019 will be:
o the commencement of the drilling in the SWP;

o the commencement of the Inniss-Trinity CO project; and

o announcement of a new country entry.

-- Additionally, the Company will to continue discussions with Heritage to renew the Company's Incremental Production Service Contracts, in particular for the Inniss-Trinity field and Goudron field.

-- The Company will continue to assess M&A opportunities in other countries in South America and the Caribbean which meet its strict investment criteria.

Leo Koot, Executive Chairman on Columbus, commented:

"The first half of 2019 has seen Columbus secure its operating base and set itself for a busy second half of the year. The Company expects to bring to fruition a number of projects, in particular the drilling of an exploration well in the South West Peninsula, the commencement of the Inniss-Trinity CO project and announcement of a new country entry. We look forward to an exciting second half of 2019."

NOTES

All figures are net to CERP unless otherwise stated.

[12bn] 02/4/2021 09:44

deltalo1 Apr '21 - 17:45 - 53130 of 53149
0 2 1
Saffron 2 not viable, I already know it's viable.//////Who mentioned Saffron 2 wasn't viable? Until the well is drilled nobody knows if it will be financially viable and profitable.There is plenty of moronic comments on this thread from deltalo and angryarry.

[12bn] 02/4/2021 09:42

angryarry,where is your written proof? Do you know what IF means? You are spouting a WISH LIST dream as proof,idiot! I do not know what the Heritage cut is but if it is added to the WTI price to get your 29% limit it makes an extremely high WTI price is needed for that to happen. We do have a covid world, parts of which are having a 3rd wave so there are no guarantees on a very high WTI price. More WISHLIST hopes.

[specialistlegionsupercharged] 02/4/2021 00:20

Zxie soon no more. Lintard in bin 🗑 forever. Loser bankrupt home none. SAD 😢

[zxie] 01/4/2021 22:41

When everyone won't talk to you. It's like euthanaasi.

[zxie] 01/4/2021 22:38

I have dog food

[linton78] 01/4/2021 22:35

Thank you Zxie.

That’s good to know.

[zxie] 01/4/2021 22:24

I like two dogs same time barking.well done happy day

[arrynillson] 01/4/2021 21:22

12bn - I’m awarding you dummkopf of the week for your post number 53129 where you had the temerity to call me a liar seemingly because I have more relevant information than you on the IPSC details!

Truthseekers should go to the PRD website under OPERATIONS and select Trinidad read on until you reach this quote ‘ In the event that realised oil price ( after deduction of the Heritage discount) is greater than US $50.01 brl and less than US $90 brl the Heritage royalty increases such that the combined State and Heritage royalties are 29.5%.

Before Senility and Spite became your cherished bedfellows I understand you claimed to be a Maths teacher so you’ll be able to deduce that I was being generous with my calculations. Note I was referring to any extra production the company put on, which is the stated objective 12bn!

BTW Is it true that those losses on KOD, MRS and TOOP have wiped out your pot so you don’t even bother with ridiculous ramping nowadays- you just seem content misleading people on here with your ignorance - very sad indeed 12bn!

[linton78] 01/4/2021 21:05

It’s a pleasure to meet you two.

You raise the bar compared to fantasy traders or those from Bristol.

[zxie] 01/4/2021 19:18

Yes this dog today lose SYME . To filter out

[moor sir] 01/4/2021 19:15

WoW oh The dog can't understand human speech . LinL8 Member since: 31 Aug 2009