Columbus Energy Resources Share Discussion Threads

[edgein] 21/12/2017 09:33

Offer,

Yes open tomorrow, it used to be to 12:30, but someone posted 1:15 on one of the threads. Usually not much happens on the half days.

Regards,
Ed.

[edgein] 21/12/2017 09:29

Esmerelda,

You'll find that they've $6m in cash and they've paid the last couple of payments to LIND from cash and have limited to no debt. TRIN have had declining production since 2014, they almost went bust after a terrible offshore drilling campaign, at one stage their cash was over $35m! Another campaign like that one and their shareholders might not be as lucky next time! Goudron is a huge field, could produce for another 20 years from the growing production, contingent on waterflood is 60mmbbls+ from a STOOIP of 1.3bn bbls. That's the main focus for CERP, no high risk/high cost offshore drilling like with TRIN. TRIN are a huge gamble, hopefully they'll have a turnaround like CERP but there's no guarantees in this sector. In contrast though LK has come in and delivered a 71% production increase since taking on operational improvements since June, similar planned for 2018 here. Identifying problems and getting them sorted. TRIN are on my watchlist, but too high risk at present, they need to prove they can do better than last time. Something that LK has already done here to date.

Regards,
Ed.

[offerman] 21/12/2017 09:28

Sorry to ask again but does anyone know if the stock markets are open tomorrow and if so until what time

[12bn] 21/12/2017 09:27

Operations

Goudron

Goudron Field wellwork has comprised of over 70 separate workovers since August 2017 performed under a new Wellwork Planning Procedure followed by a new Active Well Optimisation procedure aimed at maximising the potential of the existing producing well-stock. Simple well integrity checks have preceded water injectivity testing and combined well clean-outs and stimulations termed "Perforation Washes" on 20 wells, which have resulted in some significant improvements in oil rates. Perforation Washes on wells GY-190, GY-211, GY-257, GY-290, GY-673 and GY-683 have resulted in instantaneous oil rate gains of 20-60 BOPD per well. /////// 70 wells with oil rate gains if 20-60 bopd is 1400-4200 bopd but production is at 561 bopd and that may be an optimum production point imo,something stinks. My guess is that the work-overs only increase production for a VERY SHORT TIME,AS THEY DID IN THE PAST!!!!

[greatfull dead] 21/12/2017 09:15

Ed,

Have not had the time to watch the video but will once I have done my chores, "Travel preparations."

Yes LK has built some good foundations in Trinidad. Solid ones IMHO. Looking forward to the completion of the Trinidad part completion of Rome.

Have A Merry Christmas. Mine starts tomorrow, travelling to see family way down South.

ATB,
GD

[northpole2] 21/12/2017 09:11

12bn. Day to day running costs INCLUDE all salaries and loans and everything except discretionary investment costs. That's day to day costs! Spain costs have been included in the costs too. All in, the Nomad wouldn't have allowed such costs to be excluded. And production targets were achieved, you said they wouldn't be. You were wrong there too.

Esmerelda - it was announced when LK and GS were appointed in May that they would take 50% of their remuneration in shares to align themselves with shareholders in the raise that had just taken place before they joined. This is not new but is highly unusual for execs to forego cash and link to future share returns. Shows confidence in the business. And TRIN have huge debts still to solve. That's a timeclock ticking. TRIN better growth prospects? Laughable.

[esmerelda] 21/12/2017 09:11

Edgein I suggest get off your high horse and listen to a few home truths for a change. CERP delivered exactly what it said it would do, around 550 bopd. So we should expect they will do likewise next year, a similar increase with 900 bopd from Goudron. The other fields will produce a little and Spain will be a liability if equipment has to be removed prior to the concession decision, now late into 2018. This isn't yet a profitable company, we know what cash flow positive means don't we? Don't shoot the messenger, why buy into a company that is currently valued the same as a profitable Trinidad based company that is producing almost six times MORE than CERP before they drill new wells next year? It's not CERPs fault that the pump and dump merchants have priced it above where it should be today.

[edgar222] 21/12/2017 09:06

JcgswimsTotally agreed.

[12bn] 21/12/2017 09:06

I respect your opinion esmerelda,it was you who spotted that 2000 bopd was wrong years ago,it was a good call and helped me exit these at around 3p which is 60p in todays prices. I think that you are still over-optimistic here as even 561 bopd may be a struggle to maintain if the wells production continues to drop dramatically,like it used to do. The carefully worded 'achieved production of 561 bopd within the last week' could be a very temporary production number with a lot of factors involved that we are not told about. A production number over the last 3 months would give us a better idea.

[edgein] 21/12/2017 09:01

GD,

Very true, Rome wasn't built in a day, but LK has set some good foundations achieving cash flow +ve and hitting his year end target. He thinks he can get another 20 years out of Goudron from the growing production and he's identifying and solving any issues as they go. A very professional video they knocked out today too.

Regards,
Ed.

[kazz] 21/12/2017 08:59

Great post jcg (2702)
Regards.....Kazz

[edgein] 21/12/2017 08:58

Offerman,

They mention that the BOLT deal could complete in the near term, it might be Q1, it might be Q2. So its perhaps not wise to think that the next update will be the Q1 quarterly.

"Negotiations with BOLT and other stakeholders have been slower than the Company would have wished but it hopes to be able to announce improved and re-structured commercial arrangements for these very exciting assets in the near future."

Also Bonasse reactivation may also occur before the next production update, we'll just have to wait and see.

Regards,
Ed.

[greatfull dead] 21/12/2017 08:55

Offerman,

I am in fine fettle and I hope the same applies to you. You made a good move buying into CERP. I still hold PVR, not a huge amount but will eventually make a nice profit from them.

Have a Merry Christmas,
GD

PS. I don't post that much these days, just watch and comment when I feel its right to do so.....

[esmerelda] 21/12/2017 08:54

Well, I was right in my estimate of a few days ago on current output and what the share price should be at EOY. I note that output figure must include early results from waterflood tests so I would pencil in 900 bopd for EOY 18. I see the company is cash flow, not cash free, at this point but makes no mention that it has to pay additional Trinidad SPT taxes with the oil price above $50 so maybe a little further to go. Also Senior executives paid in shares so cash must be tight. (No conversion price quoted so must be 'as issued' when falls due). Because of all the hype this will be received badly by the market. It's a recovery stock but no more than that. I'd rather put my money in TRIN which is profitable now and has better growth prospects.

[oilforex] 21/12/2017 08:52

Make hay while the sun shines. Don't believe the hype.A wise mantra that many would do well to make their resolution for the New Year.Super heroes don't exist. A solid update from the company that has delivered.Have a great Christmas all.

[offerman] 21/12/2017 08:49

With next RNS expected end of much ( 1sr quarter ) not much will happen with share price or any news so quiet but steady times ahead. Traders will continue pillaging this but fair play as they seem very successful in what they do . I still believe CERP will come good just a matter of time. I'm going to watch the video shortly

[edgein] 21/12/2017 08:48

Astor,

You cannot count fella! TRIN produced around 2600bopd this time last year at their latest count it was just over 2750bopd for average daily for October 2017. That's tiny production growth I'm afraid, running to stay still. CERP have increased production 71% since LK took over since June, therefore they're the fastest growing of the small Trin players. With another 71% increase predicted in 2018 its a heck of a lot more than TRIN will get for sure. You know what % increase would be if they hit their 900-1600bopd next year? Or do you need Ed to help you? Muppet.

Regards,
Ed.

[greatfull dead] 21/12/2017 08:47

TG,

Regarding you mentioning the lack of news from the CERP. I personally am satisfied how the BOD have reported events. CERP is run by highly experienced oil and gas professionals and imho by not reporting ever hick up encountered in the oil field. They have shown all investors they are there to run CERP as an accontable and well managed Oil and Gas EP company. The hick ups are reported by oil field worker/professionals and then dealt with by mid to higher management. That how the Majors work.

ATB,
GD

[12bn] 21/12/2017 08:46

550 bopd and becoming cash flow positive by year-end 2017. It is my pleasure to announce that we have achieved and exceeded these targets, with the Company achieving production of 561 bopd within the past week and will be generating more cash than we are spending on our day to day activities across the Group as we enter 2018. ////// So much for 650 bopd as ramped by edgein. (Who hasn't even worked out that I only post as 12bn,NOT 12bm,not 12IQ,12bm is an impersonator,eos). Note the carefully worded 'generating more cash than we are spending on our day to day activities',sneaky or what? Translated this means that Cerp/Lgo are creating more cash,just,than it costs to extract the oil BUT it ignores salaries,loan repayments etc !!!!!!! My guess is that they are still running at a big loss,probably still near £4m p/a imo.

[offerman] 21/12/2017 08:42

Helloooooooo GD Finally I can see your posts on the app. ADVFN upgraded a couple days ago on my iPhone and while different layout . So hope you're keeping in fine fettle .

[tsmith2] 21/12/2017 08:37

What's market cap?

[jcgswims] 21/12/2017 08:37

So if they had kept us up to date will the problems they have had, especially the "ugly" well on the video where we lost 50-70bopd down a hole for a couple of months, where do you think the share price would be? Nowhere near it is now I am betting. Problems occur, they tackle those problems and go from there. It's about taking each quarter as it comes, the good, bad and the ugly. I personally don't want to be updated every month on every success or failure like the last regime (although they didn't really update on failures) Maybe now the shareholders who are left will have learnt and will manage their own expectations in line with the management promises.

[tmmalik] 21/12/2017 08:28

It will come back next year ,it's time.reload around 5.50Here goes another 15k

[the guardian] 21/12/2017 08:27

My honest opinion is that Leo's AGM presentation made us all feel that we were in the presence of a super hero. Work did not proceed as planned but in the absence of news, there were those who came up with ridiculous expectations. Had we been given regular news updates, shareholders would have been aware of the problems being encountered and adjusted their expectations accordingly.

I mentioned the lack of news on here several times and also passed my feelings onto the board. In reality, a lot has been achieved and it is still early days but communication has turned out to be a disaster.

Let's hope that the guys on the ground are learning from past problems and improving their game. The board need to keep us better informed if the market cap is ever going to grow from here.