Columbus Energy Resources Share Discussion Threads

[edgein] 25/6/2018 18:54

Some light reading for you chaps as it covers Suriname's onshore as well as offshore oil industry:



Regards,
Ed.

[carpadium] 25/6/2018 17:23

Holly, think you mean Bonasse.

[holly day] 25/6/2018 17:19

Thanks Nexus7. So at least we have both Icacos and Bonasse numbers. The quarterly update must surely mention the progress in Icacos, seeing it was to be worked upon in 2nd 1/4.

[edgein] 25/6/2018 17:19

Count your lucky stars fellas you could have been in TRIN, they hope to be self financing in the years ahead and needed that heavily discounted placing to cope with their debt. LK acheived self-financing here within months and are already planning to drill SWP next year from internal cashflow, CERP practically debt free. Is he gonna land the biggie in Suriname? Or will it be a flurry in Colombia?

Regards,
Ed.

[nexus7] 25/6/2018 14:53

holly day

From CERP Operations

Bonasse Oilfield (Columbus, 100%*)
At present, Bonasse is intermittently producing at around 10 barrels of oil per day but with Columbus taking over operatorship, Columbus is confident that the existing 16 wells at Bonasse can be profitably rejuvenated at minimal capital expense from the Company’s existing cash resources in a manner similar to those successfully adopted on the Goudron field.
• Discovered in 1911 by the Grieg 1 well
• Delineated by 16 wells, the field currently has 10 wells available for reactivation
• Production was suspended in mid-2016 following which a subsidiary of Columbus performed limited reactivation work on three Bonasse wells in June 2017
• Additional shallow drilling targets available within the field boundaries
• Columbus believes significantly greater potential exists for additional production through the application of proven technologies which Columbus has already used on its Goudron field
• Reactivation programme to commence in 2Q 2018, fully funded from available cash resources
*subject to completion of the BOLT transaction

[holly day] 25/6/2018 12:07

On that note, does anyone have an idea of how many wells are in the Bonnasse field?

[holly day] 25/6/2018 11:55

offerman23 Jun '18 - 20:06 - 4900 of 4906

offerman, TBH, I don't think there's any need to keep us informed on every well they may be working on.

However, my main point was, allegedly we have circa 90 wells in Goudron(?), I'd like a generic statement along the lines of they have re-activated 50% of the field and are progressing or that perhaps 75% of the wells are targeted to be re-activated.

I just feel there is not enough for us LTH's to go on with to allow some sort of guesstimates and to have our own realistic targets. I'd also like to know what exactly was done to get the initial output to double and what is now slowing the matters. Have we come to the end of picking the 'low hanging' fruit?

Hope they also give an indication of where we're up with the 'smaller' acquisition and have we progressed the following:

From the BOLT RNS of 19th March 2018:

"Our fully funded 2018 work programme in the SWP includes commencing a well reactivation programme in Q2 2018 on the Bonasse field....."

[offerman] 25/6/2018 10:45

So does that mean VSA price targets will be higher than the 26p they were banging on about for ages??

[nexus7] 25/6/2018 10:19

From bigdouble Today 07:48
-------------------------------------

VSA

Columbus Energy Resources (CERP LN) has announced that it has signed a sale and purchase agreement for the previously announced transaction covering the remaining 50% interest in the Icacos field in the South West Peninsula. The transaction is between the respective subsidiaries of CERP and Touchstone Exploration (TXP LN); Leni Trinidad Limited (LTL) and Primera Oil & Gas Limited. LTL will subsequently become the 100% owner of the Icacos field and the operator.

Gross production on the field was consistently around 22bopd during 2017 having peaked at 34bopd in 2011. The Field consists of six wells with three on production although new work programme activities and workovers have been limited recently. The transaction terms are unchanged and valued at US$500,000 and will mean operatorship transfers from TXP to CERP along with the 50% share of production. This will be paid over time until 1 January 2021 with Primera receiving net revenue it would have received had it retained its interest. In the event of increased production, Primera will also receive, 25% of any net revenue above the current baseline; until 1 January 2021.

The transaction remains subject to certain regulatory approvals although the effective date has been agreed as the 1 April 2018. We believe that the transaction enables both companies to focus more keenly on their core strategies and provides CERP with a stronger platform from which to explore and unlock the significant potential value we believe exists in the SWP.

Our estimates and target price are under review

[nexus7] 25/6/2018 09:57

Columbus Energy Res
SPA signed for 50% Interest in Icacos Field
RNS Number : 3243S
Columbus Energy Resources PLC
25 June 2018

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

SPA signed for the acquisition of a 50% interest in the Icacos field - Trinidad

Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, provides the following update about the acquisition of a 50% interest in the Icacos field, in the South West Peninsula of Trinidad ("SWP")....

[offerman] 24/6/2018 10:42

I just like to see transparency Arry, and also to see and plot the wells myself on a map to see if there would be any distinguishable pattern. Would be just nice to see right through the whole company no secrets whether it be good or bad. I do see your point though about some creating scare stories etc.

[arrynillson] 24/6/2018 09:00

Offerman - applaud your enthusiasm to be involved with every well but individual details would be manna from heaven for more anal posters on here to generate all manner of scare stories about Goudron which, IMO, only those on the ground have the ability to explain and manage effectively.

[keiwi] 24/6/2018 08:51

....maybe you can live with your value dropping share investment when you are a multi millionair.

[offerman] 23/6/2018 20:06

We need a full breakdown of how many wells there are in totalHow many as you said Holly to work on , 90? How many have been attempted rejuvenation How many have failed how many have increased ? Give a steady consistent production table either monthly or per quarter but be consistent on figures whether it bopd on an average. Don't swap and confuse holders as has been the case and of much debate .Explain why the deals have been delayed ?

[holly day] 23/6/2018 16:01

With the wells stimulation/optimisation I find the quarterly updates too vague to deduce how much more can be squeezed out of Goudron. Some said earlier that there were approx 90 wells they could work on. It would be useful to know how many have been re-activated and what is the potential from Goudron. All the other deals seems to be taking a lot longer than expected and the share price is reacting to lack of significant production increase.

I didn't in my cloud cuckoo land expect the production to keep rising by double every quarter, but 50 odd barrels?...c'mon, clearly things have stagnated or the focus has shifted. Yes, the bank balance will be an indicator...can do without a red flag which imo will start to question their statements... hate to think how the share price might react.

Rossannan, did yo notice that 4.75 floor gave way :0(... horrible trend.

[arrynillson] 23/6/2018 00:47

TG - I’m still very impressed the new team have increased the production to current levels without regular new well drilling - the previous model was just not viable.

Even if LK maintained 600 bopd from Goudron that would be an achievement and would enable CERP to continue development but that scenario is unduly pessimistic - if there is a standstill let’s hear the explanation - these guys seem to be able to solve problems others couldn’t.

[the guardian] 22/6/2018 21:48

Some good posts and I agree that the main question that the board should be at pains to answer is WHY HAVE THE ADDITIONAL STAFF AND THE BOASTED FORMULA FOR WELL RENOVATION HAD SO LITTLE EFFECT ON INCREASING PRODUCTION?

I do not want to see videos where Leo gets carried away - exploration tick - where?
Doubling of production - really?

I think that the BOD need to accept that they are not achieving much on the ground, despite the promises and additional staff costs.

[h van der h] 22/6/2018 11:34

Good call Offerman on the subject of finding Goudron very tricky. one of the aims of the pilot wf is to add back much needed pressure to keep those wells ticking along. its probably like watching one of those plate spinning fellows where work on wells is concerned. i too have come to the conclusion another field is required and soon if LK continues to want to go it alone in SWP. although as it stands Goudron is achieving his objective of supporting company running costs, just its not leaving cash to invest elsewhere.