Columbus Energy Resources Share Discussion Threads

[holly day] 22/6/2018 11:32

Rossannan, Whilst I'd like the bank balance to be healthy this quarter (it may be down a little), 1) I don't think they will tell you what it is as it is likely to be a production update. 2)I wouldn't read too much in to this quarter's bank balance as it's the 3rd 1/4 that will be the real test as all directors will be paid in cash and our head count has gone up. There's the redundancy payments for the Spanish workforce + costs associated with the 'smaller' deals.

[offerman] 22/6/2018 11:30

For me the key going forward is total transparency . Right from salariesTo each producing well. Deal updates and why delays with beech bonase iocos deals. Declines. Successes of any ? Bad wells non producers etc Full transparency of everything to give true account of where we stand where we are going to date . No point announcing any more on material deals imho as hype pie in sky until they happen. We had enough over excitement in years gone by only to be deflated. Just focus on facts .Of course a road map is good to a point but say no more until deals actually get cream of the crop status .

[offerman] 22/6/2018 11:25

Could well be Holly, Does seem a coincidence . The other statement by LK seems any tax refunds are taking there time but the taking off CERP is quick enough . So any taxable written off aren't even finding there way back to us too for reinvestment .

[holly day] 22/6/2018 11:14

offerman, yes, may be I am reading too much in to matters, but I find it a real coincidence that CF+ POO followed each other rapidly and suddenly...as soon as we hit the death zone, we appear to have stagnated. Just seemed very contrived imo. I accept that a lot of expenditure can be offset against the taxes, but I personally wouldn't want to see the tax man taking a chunk of my hard work when there is a review imminent.

[h van der h] 22/6/2018 11:10

good points holly, not sure what the answer is tbh. SPT is an issue as it prevents extra investment back into the field, as for restricting the production more likely lesser producers are being switched off due to the tax demands making them uneconomical maybe?

[offerman] 22/6/2018 10:59

Hi Holly, a well thought out theory and quite plausible. However I do disagree about the throttling. ( hope I am wrong ). I just think Goudron is far trickier more difficult than LK and team envisaged. I can see this by his huge enthusiasm and bang for your buck webcast ages ago and in that webcast highlighted how fantastic each well result was on those first 5 wells. However , since then those all these wells must have reduced considerably ( I expect even the most reliable workhorse 100bopd well too because when you look at total output and all the new wells 1-2 PER WEEK then the sand also hampering ramp ups even with new equipment the totals are not exactly awe inspiring . I personally think LK and team are finding Goudron very tricky. This does not stop them from making deals and continuing the roadmap and making good all the promises but this will not likely come from SWP and from that of any success can give excellent bargaining power . They might even get a good deal on sharing the SWP risks before any drilling .I'd like to see them go for one deep drill alone as everyone seems to talk of the area awash with oil so maybe the three zones within the first drill could bare fruits then negotiate from their and eventually sell on SWP for massive amounts.

[h van der h] 22/6/2018 10:32

that interview was just another interview running through company objectives, and maybe it answered some peoples q's on their minds and cleared up some loose ends about current deals but nothing in that was rns-able. good information of the current direction of thought but no top secret giveaways. Q2 update still on the cards..

[holly day] 22/6/2018 10:19

I want to throw something in here for some input....help me out with my thought process please... re. the SPT.

When Leo arrived, the POO was languishing near it's bottom. No one could've predicted it will recover so much in such a short space of time (almost doubled).

Leo and the team worked their socks off to get us to cash flow positive.....also helped by the rising POO.

And suddenly we appear to have stagnated.....????

IMO, the 'Death Zone' may be an answer to this. Why see your hard work wiped out by the SPT?, Why not turn the taps DOWN and 'manage' the flow until a revised SPT is introduced?

Should we drop below CF+, open the taps a little more?... reduced flow can also be seen as optimising the well life.

My understanding is the the revenues and SPT are based on what is RECEIVED at Petrotrin and not what comes out of the ground (?).

So we either wait for POO to go up another 20 odd % or the SPT terms are revised favourably.


Basically, I don't accept that the in the last 6 months the whole of 34 staff have managed to increase production by a meagre 50 bopd. Leo (in that interview) seems at pain to emphasise the delays in SPT revisions....It's the 1st time he has brought up the issue in an interview and highlighting the 'Death Zone'.

If the SPT is not revised this year then 800 bopd seems financially manageable. We turn our focus to other areas whilst the authorities get their fingers out.

[arrynillson] 22/6/2018 09:30

12bn - I'm very worried about how you view Placings in view of what's happened over on KOD - that .13p Placing was for cash you said wasn't needed - what's going on over there 12bn???

As always no apologies for your appalling advice to buy KOD at up to treble the current price - no surprises there - none to readers here who acted on your 2p sell advice for CERP some weeks ago!

I do like to see the positives in people and I'm going to hold you up as a model of consistency 12bn - you always get it wrong!!!!!

[offerman] 22/6/2018 09:02

Does anyone Think we will still get a early July quarterly update or was the recent 20th of June interview with Leo it?

[offerman] 22/6/2018 08:53

A very strange thing is going on with holdings. Over the last couple of months or so there seem to have been a vast amount of Sells in comparison to buys . Only the other day when I purchased some shares there also seemed to be quite a few bit on that day ( last Friday ). However whenever any Buys have appeared a very large number of sells would appear straight after. What seems clear to me is we have more than one very large seller. And the amount of shares over the last two or three months sold far outweighs the buys. So I wonder what rules there are when people have to disclose their holdings different brackets where it needs to be declared. For example if someone held 10 percent do they then need to declare at 9% 8% 7% and so on when they're selling . Does anyone know what the rules are as it's clear we have a massive seller but so far has been very stealth as no disclosure of holdings being produced has been announced.

[12bn] 22/6/2018 08:06

A quality post well worth posting again.//////12bn,as LK isn't doing much for several months do you think PIs will lose interest here? Undoubtedly 12bn,the share price is at a massive premium to its value and that will worry the more astute. 12bn, do you think another placing will arrive here this year? Yes I do 12bn,the share price does not reflect a company who is losing £5m every 6 months,so while the share price is high I think more cash will be raised. It will be wrapped up to sound like money raised for acquisitions,drilling,etc but reality is that some of it will be used for running costs,imo. 12bn,we hear very little from LK and what we do hear usually down plays previous forecasts. I agree 12bn,I think LK ramped LGO/Cerp to get the share price up and put himself in a good position to raise funds. That sounds very cynical 12bn but also very likely. Nice to have a sensible conversation here today,it is a rarity on Cerp threads,thanks. :)

[carpadium] 21/6/2018 16:51

LK describing the average realised sales price between $50 & $61pb as the 'Death Zone' is very apt.

With government and Petrotrin combined royalties at 30% CERP receive the same at $49.99 (average over the quarter) as we do at $61, with SPT @ 18% applied to the royalties paid balance, ie $35pb.

At,say, $51pb CERP receive $29.27, at $65pb $37.30 - just over $2 more than received at an average realised sales price of $49.99pb.

Frustration entirely understood.

[h van der h] 21/6/2018 08:49

Ross,
current/average has always been a talking point. Production total changes daily dependent on many factors within the field. wells are on or off pressure changes, separation times vary to some degree. i'll agree that based on previous announcements i'm too expecting in the region of 630bopd current. it does appear the low days seem to be reducing that in turn gives the average more solid feel, longevity.

Bring on a new IPSC i say. Hopefully they are not to late to throw their hat in the ring for Catshill!

[12bn] 21/6/2018 08:11

Don't say that you haven't had KOD tipped. There is also a rumour of a David Lenigas led consortium about to bid on Kod.

[12bn] 21/6/2018 08:09

From skiboys Kod thread./////////Edgein21 Jun '18 - 08:02 - 503 of 503
0 1 0
Good lord! Our secondary target is now 1.4kms in length and continues to grow, more excellent grades in there. Csnnot wait to see the JORC when it arrives as its gonna contain these discoveries. Gonna be building up some substantial tonnage over these distances how long can this tiny cap last before the market realizes the scale of KOD's assets?

Regards,
Ed.

[12bn] 21/6/2018 07:10

The Guardian20 Jun '18 - 13:41 - 4859 of 4874
0 2 0
I agree with your comments offerman:

Two points that disturb me:

1. He can't keep saying 3-5 years a year later.

2. 500-600 bopd from Goudron means that there has been no improvement in production this year.

I think that the hype that was created when the new BOD took over was very much overdone. There may be a lot going on in the background but the production and the share price have changed little during the last 6months.

Looking at the low and high production graphs, we appear to be behind on water injection and of course added production from the SWP.

No doubt it will come at some point but I would like to see less boasting and more growth.////// I agree,I said so at the time. LK came in and ramped this like a conman and up went the share price but now his ramps can be seen for what they were.

[the guardian] 20/6/2018 20:48

Agreed. Very difficult to make a definitive calculation.

[h van der h] 20/6/2018 20:02

Trinidad production Q4 2016 was 459 bopd average. This from 10th July 2017 rns “Average production from Trinidad in Q2 2017 was 327 BOPD, with production at the end of the quarter significantly affected by Tropical Storm Bret, the worst storm to hit Trinidad in over 10 years. Operations at the field have re-commenced and production has subsequently returned to pre-storm levels of between 380-420 BOPD” it gets confusing because The reporting switches from average to daily bopd in different media and presentations imo..

[offerman] 20/6/2018 19:58

Changing the subject a little.Recently I have seen a few posts mentioning about G.S F.R capabilities and over 2b of funds raised in many different guises. So is there any history available of companies where he was CFO and what type of deals he made and the way he raised capital ?