Columbus Energy Resources Share Discussion Threads

[thebull8] 20/6/2020 18:55

Also the cost for Saffron 2 is being carried by the driller for 25% farm in (75% until costs repaid)

[beggarman] 20/6/2020 18:20

Ride Dalce

Are they referring to the arrangement with Predator. I believe there is a 50/50 split on any revenues.

[ride daice] 20/6/2020 17:57

From the horses mouth. A farm-in is still on the cards before or after P1 spud.



and regarding....

"but the same holds true for Columbus's assets, and indeed Columbus themselves have already put in place various farm in type arrangements that if we choose to continue we could and which would defray a big chunk of the capital cost"

Q) Can somebody please clarify the farm in type arrangements which Columbus have in place as suggested by Mr Uliel as I can't recall any disclosure of this by LK & Co. ? Or is he just referring to the deal to drill Saffron #2, Predator Co2 etc... ?

[cashandcard] 20/6/2020 17:42

Ah, the old 'johnny come lately' fallacy when I've already said I've been following the assets since previous incarnations of lenigas and lgo. It's you who needs to learn how to read.Not claiming I am an oil Industry professional. But you cannot expect folk to stay silent and not question what on the face of it is a poor deal for CERP shareholders.If the current assets at CERP are as described in RNSs and other company channels, they don't need BPC and certainly not at the transfer value of this s deal. You cannot have it both ways.But keep playing the man, not the ball. That's your MO.Cash

[eggchaser] 20/6/2020 17:32

Oh I nearly forgot - You clearly have not read my post following the LK interview - again shortsighted on your part. I'm not here to convince others of what to do it's up to them - I said my bit - question is why are you and a few other Jonny Come Lateys here - spreading your negative view and questioning someone of LK's calibre implying he's lying! I'd say he has more than you in running a company let alone drilling for oil.

[eggchaser] 20/6/2020 17:27

Nah cash you are the sad one pal. Where were you when Saffron came good or when the Suriname deal was announced? I'd say I got your number.Toodlepip

[cashandcard] 20/6/2020 17:07

I have read your post, perhaps you should read your own posts again and think hard. You are still unable to to present a decent case for CERP shareholders, your only strategy now is to attack those who ask questions. Very sad indeed. Cash

[eggchaser] 20/6/2020 17:05

There are some here that would argue with themselves in a telephone box ffs.Read my posts again - this merger in my opinion solves funding and speeds up the work at SWP not to mention other projects end of story.You have a choice - Bamps did the gentlemenly thing - no more from me until after the vote where I may exit and rejoin once the consolidation is over!!

[eggchaser] 20/6/2020 17:03

And how long would that take if the current production has a high water cut meaning more tanks were needed to carry out that function?Don't know why you are twisting my view - anything was possible but if you recall I said I could see the merger (not a sale) would accelerate things up! What's hard to understand about that?

[eggchaser] 20/6/2020 17:01

I don't liken it - you have trouble reading the my first post where I brought GKP up?Must be that time in your age bless x

[eggchaser] 20/6/2020 16:59

If perseverance is merged then it ain't a binary play is it?

[pr100] 20/6/2020 16:43

EggChaser, I did no diligence on the Saffron well - until June 11 I was an LK fan-boy, happy to leave him to get on with things in whatever way he chose. However, had that well been a duster then it would not have meant the end of the road for CERP. The relatively modest funds for another well could have been raised. It was certainly not the binary play that Perseverance is.

[cashandcard] 20/6/2020 16:43

Eggchaser,What are you talking about? I'm calling out the nonsense about those likening BPC and other small oilers to GKP. Circumstances were exceptional. One was in a heavily derisked worldclass oil province whereas the other is yet to be derisked, not even drilled a well yet. Of course there was local politics, dodgy management, conflict - no one is denying that. But GKP prospered mainly because they made the initial discovery just as the worst was over for the market after the crash, the market reaction was magnified to the upside. As I mentioned previously, the circumstances for small oil was alot more benign which it isn't now - odd decisions must be held to account. I'll stick to smallcaps as I see fit, I'll ask questions when I deem it necessary. Cash

[thebull8] 20/6/2020 16:42

The profits from Saffron....

[eggchaser] 20/6/2020 16:27

Pipe line out to sea was over $2mill - there are other costs associated with bringing SWP on line - so where do you think the cash was coming from?

[thebull8] 20/6/2020 15:53

Can you kindly enlighten me as to where the funding is to develop SWP and what this would perhaps cost? I pretty sure from the interview with BOC CEL that they indicated the exact opposite of this tactic

[eggchaser] 20/6/2020 15:35

Bingo and I see it that way too because after the merger we still have Saffron and the other blocks and have gained an extra Gorilla - oh with a small matter of funding sorted!

[eggchaser] 20/6/2020 15:34

Steady on Cash that's four or five posts on the CERP thread oh and likening CERP to GKP is bonkers or have you forgotten the political unrest not to mention the tension in the region not to mention TK's Gung ho way of running the company - LK is in a different zip code - I could go on but this is CERP.If that's your view why not follow Others choice and move on? Maybe the FT100 is a safer bet for you?

[beggarman] 20/6/2020 15:33

I hope once this merger is completed, that they will spend the rest of the year developing the SWP assets and not just sit and wait for the P1 well to be drilled.

[eggchaser] 20/6/2020 15:29

PR100 and with respect - funny how you didn't mean about the 35% COS at Saffron or were you one of the keyboard CEO managers that stated we should have started with Clove??!!!

[eggchaser] 20/6/2020 15:27

One to ask the board thebull but I suspect in the Covid climate, low PoO securing funding would have been difficult at best - this way it's sorted and we get the chance on something huge - that's my opinion and I stand by it.Other point is we have not been sold but merged!!

[pr100] 20/6/2020 15:02

LK may well like the look of the Perseverance well but that isn't a good enough reason to subjugate yourself and your shareholders to a 70% chance-of-failure out of the blue.

And even if he's an expert on deepwater wells, he is no more expert than the majors who have previously rejected a piece of Perseverance. And he can't improve the COS.

No, I'm convinced this was a fire sale by CERP because LK has realised that he can't deliver on his Trinidad promises - and may even be facing liquidation if not rescued. For me, that is the real reason for this merger - which would mean that shareholders have been kept in the dark about the extent of our deteriorating fortunes.

That would at least be a valid reason and an understandable one. And the truth (my truth) would have hurt the share price making the merger even less attractive to CERP (and even more attractive to BPC) but if those are the facts, we must be told.

[livinginhope] 20/6/2020 14:54

Having just watched the excellent BPC presentation I have renewed confidence in the prospects of Columbus. I think Columbus has been struggling for some time with severe cash flow constraints.

The lack of regular updates to shareholders and the constant issuing new shares to pay salaries, contractors and loan costs caused me to cut my shareholding by around 90% recently. I am pleased that Leo Koot is still to be involved albeit only in a non-exec role.

I was severely underwhelmed by Tony Hawkins recent interview and although he may be a good deal maker l didn't rate him as a CEO. Gordon Stein however will be a big loss as I rate him highly. I am sure that BPC have an excellent board witnessed by this deal with Columbus which shows very astute timing and opportunism.

In summary, I am pleased about the proposed merger and more excited about the prospects of the joint operation. we should also now receive regular news flow which has been sadly lacking in Columbus. I have started to build my holding again as a result.

[cashandcard] 20/6/2020 13:33

Eggchaser,


I was a buyer of GKP in the market crash 2008 when there key asset was still HBH Algeria. Well aware of it. The dynamics of smallcap oil investment have changed markedly since then. There is alot more scrutiny now, money isn't as easy to get.

But the fundamental difference between GKP and many others folk try to liken to it, Kurdistan is floating on oil and gas, with production and huge fields in and around GKP's blocks. BPC does not have this wealth of data as a luxury to fall back on.

No one is claiming to know more than LK', that's a silly argument - he's an insider, most others are not. Merely looking at data does not mean he can see the oil under BPC's blocks - but he's willing to take this risk where others have looked and walked away. What does he see that majors missed? What folk are doing is questioning actual RNS data, house broker forecasts and recent official statements of the company (not social media or podcasts). Why does this cause such a problem.

The weight of evidence that this is a better deal than what they have under CERP, is upon those that make the claim it is. I have made my position clear, it's a great deal for BPC holders, not for CERP holders. A final point, you don't need to setup an oil company to question a decision based on actual statements and disclosed data and RNS's - only an amateur would make such a silly assertion. Being critical of smallcaps in any industry is essential to testing the robustness of the claims they make and also ensures you have covered the investment case from various angles, not just accept management decisions blindly.


Cash