Challenger Energy Share Discussion Threads

[pwhite73] 07/3/2024 10:19

Where is the contradiction in my two statements?

[givmesunshine] 07/3/2024 10:10

12 - I wasn't replying to you .. PW two contradictory statements .. you just cut and paste so why bother ;0)

[zxie] 07/3/2024 10:00

Looking forward

[12bn] 07/3/2024 09:54

givemesunshine,do you have difficulty understanding what a cut n paste is? (Or are you comparing my comments to PWhites and finding a difference?)

[12bn] 07/3/2024 09:51

12bn - 06 Mar 2024 - 07:25:43 - 20536 of 20581 challenger energy group - CEG
· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay./////// This cut n pasted from the recent RNS. It is clear that there will be no drilling until after the 3D seismics and CEG will need to stump up if the costs of the first drill exceed $40m but I admit that is unlikely.

[givmesunshine] 07/3/2024 09:49

It doesn't matter what way to try it cut that statement to get your own way..your second calc is completely different to the first .. now you say CEG are responsible for 50 % Upfront Capped at $20 mil ? It easy if you can read an RNS

[12bn] 07/3/2024 09:49

TT,as CEG loses $175k-$200k A MONTH on its Trinidad operations as a group,(see last results) just how do they keep running without more short term cash? Imo CEG will soon need to do a fund raise and results could adversely affect the share price

[trotterstrading] 07/3/2024 09:44

Despite the excellent RNS I'm not at all surprised to see the sell-off, every spike is being sold off across the AIM market, it been that way for some time, the selling here will dry up over the next few sessions, it will find a new base and then start to rise again. AIMHO

[12bn] 07/3/2024 09:38

12bn - 06 Mar 2024 - 07:25:43 - 20536 of 20581 challenger energy group - CEG
· Chevron will carry 100% of CEG Uruguay's share of the costs associated with a 3D seismic campaign on AREA OFF-1, up to a maximum of US$15 million net to CEG Uruguay.

· Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay./////// This cut n pasted from the recent RNS. It is clear that there will be no drilling until after the 3D seismics and CEG will need to stump up if the costs of the first drill exceed $40m but I admit that is unlikely.

[12bn] 07/3/2024 09:35

Time for one of my popular posts,TIMBERRRRRRRRRRRRRRRRRRRRRRRRRRRrrrrrrrrrrrrrrrrr.

[trotterstrading] 07/3/2024 09:35

"Chevron will carry 50% of CEG Uruguay's SHARE of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay"CEG's SHARE is 40% and the RNS States Chevron will cover 50% of their costs.This is a great deal whichever way you try to spin it.potential world class asset now with a world class partner (who would have done extensive DD before chucking $12.5m at CEG)

[12bn] 07/3/2024 09:33

Another good post from PWhite,no doubt the rose coloured glasses brigade will be upset. The time line to a drill could be a long one,3D seismics have to be done first before any decision is made to drill or not. Gamblers/holders could well see funding news and or results before then.

[arrynillson] 07/3/2024 09:32

PWhite73 - just post up the evidence for this:-

‘ Needless to say the only way Chevron can ensure CEG honour their 50% is by ploughing the $12 million farmout fee straight back into the business.’ - from your post 20634.

Having read Disgraced Compulsive Liar 12bn for more than a decade on here I’m certainly getting more than a strong whiff of bullshyte from your post!

[zxie] 07/3/2024 09:28

P73 work hard . but still idiots

[pwhite73] 07/3/2024 09:27

givmesunshine - If that's how you've read it then you are mistaken. The 40% that CEG own is non-operational. All the costs are on the 60% that Chevron have taken.

"Chevron will acquire a 60% participating interest in the AREA OFF-1 block, and will assume operatorship of the block. CEG Uruguay will retain a 40% non-operating interest in the block"

In short Chevron will cover all costs until the drilling starts. When the drilling starts CEG will be expected to put up 50% of the money up to a maximum of $20 million. Needless to say the only way Chevron can ensure CEG honour their 50% is by ploughing the $12 million farmout fee straight back into the business.

If you think Chevron will be handing $12 million for the board to buy houses, lamborghinis and yachts, you are wrong. CEG will see no money until the oil is sold.

[alhambra1] 07/3/2024 09:26

With CHEVRON on board - raising won't be a problem.

[arrynillson] 07/3/2024 09:22

givemesunshine - you’re correct CEG aren’t getting a free carry for the drill and will have to raise cash at the time to meet their share of the project but that’s in the future.

It’s only people like 12bn who seem to have the risk profile of a Post Office account holder who don’t understand the shape of a high risk drilling proposition where rewards are salivating enough to attract plenty of investors when needed.

[givmesunshine] 07/3/2024 09:08

I know CEG - will have to fund drilling costs However I read that in this way 50% of CEG "share" of the drilling costs net to 20 Million CEG's share is 40% - so they will need to fund 20% of drilling costs net to £100 millino gross project cost then 40% there after 100 million total 60 million Chevron 40 million CEG share - 20million net back from Chevron

[bsg] 07/3/2024 09:05

They'll be able to give themselves a pay rise now.

[alhambra1] 07/3/2024 09:04

The Idiot was very wrong previously.

Farm out not on the cards - it said!

Now we have CHEVRON for the first one....

🙂

[12bn] 07/3/2024 08:59

Good post PWhite73,a rarity here. I expect that we will see a big fund raising here soon and a share price collapse.We shall see.

[arrynillson] 07/3/2024 08:58

12bn27 Nov '23 - 11:05 - 19691 of 20626
0 1 0
A farm-in is not 'on the cards',it is just a HOPE of the BoD. The farm-in that CEG are looking for is JUST FOR THE SEISMICS and they cannot even get that it seems. CEG are skint imo,so how will they afford to drill? They are hoping for a partner to fund everything,imo they will not get one. This share price has been pumped up for a fund raising imo.

Serial hater, compulsive liar and misleader - regularly publishes CEG RNS but clearly unable to understand or malevolently chooses not to!

[pwhite73] 07/3/2024 08:41

givmesunshine - "how this is only 4p higher than tuesday is silly.."

Quite simple if you understand the RNS.

"Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the AREA-OFF 1 block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum of US$20 million net to CEG Uruguay."

CEG will have to put up 50% of the drilling costs. The US$12.5 million cash it received in the farm-out transaction will have to be ploughed back into the drilling. CEG will only make any money from the joint venture when the oil is sold on the open market. Furthermore none of the above is going to happen for a few months

"Completion and financial close of the Transaction will be subject to the satisfaction of conditions precedent and customary third-party approvals from the Uruguayan regulatory authorities, which are anticipated to take several months to finalise - the parties have commenced engagement with the regulators. "