Columbus Energy Resources Share Discussion Threads

[nexus7] 01/7/2020 08:57

Aramco CEO Says The Worst Is Over For Oil


The worst in the oil market is over, Amin Nasser, president and CEO of the world’s biggest oil company, Saudi Aramco, says, adding that he is “very optimistic” for the second half of this year.
Currently, global oil demand is somewhere around 90 million barrels per day (bpd), up from 75-80 million bpd in April, Nasser told IHS Markit Vice Chairman Daniel Yergin in an interview for CERAWeek Conversations…

[carpadium] 01/7/2020 08:25

Loss of office payment in shares had to be, all remaining cash earmarked for merger costs, as per Potter's remark. Hugely generous awards, size unwarranted for only 3 years in business in which they added absolutely zero shareholder value.

[arrynillson] 01/7/2020 08:25

12bn - was that you buying the LIND shares at 2.1p - wasn't that above the market rate? Make hay while the sun shines 12bn LIND will be fully repaid when the merger proceeds!

[12bn] 01/7/2020 08:12

Down again,I expect it was that 600k sell,shown as a buy,at the open. Good old Lind. :)

[12bn] 01/7/2020 08:10

Oh dear,arry is annoyed again,stand back while he spits his dummy out. :)

[arrynillson] 01/7/2020 08:08

12bn - the timing of the drill and conditions were clearly discussed at the time of the agreement - if the driller had your moronically negative views 12bn they would not have offered to assume the financial responsibility for the drill in the first place!

It says in the first chapter of Trolling For Dummies that your suggestions should have a whiff of plausibility about them!

[12bn] 01/7/2020 07:56

( above US $35 for a sustained period) and operating environment.' Arry,Eggy,just how long is a sustained period? Obviously the driller will decide that!!!!

[12bn] 01/7/2020 07:54

Lind selling again,another 600k!!!//////(a) Purchases and sales

Class of relevant security Purchase/sale Number of securities Price per unit
Ordinary Sale 600,000 GBP 0.021
-------------- --------

[eggchaser] 01/7/2020 07:45

True but with a greater asset base - so could you argue the cost to BPC to gain CERP are more shares in issue and the same vice versa?The point that sticks out to me as we enter July is the fact the BOD's have taken more shares instead of severance pay - surely they are not in this to loose their salary and leaving bonus?

[eggchaser] 30/6/2020 19:41

BigS i hade to repeat - so because of the distrust of the current BPC board you are highlighting issues to potential investors and merge partners alike?

[eggchaser] 30/6/2020 19:40

Define considerable time 12bn as that word was not in the RNS!Come one 12bn we have discussed this before especially as the WTI has closed above $35 for weeks!

[ccr1958] 30/6/2020 15:43

More dilution..

[12bn] 30/6/2020 15:21

Good post BigSi2,informed and rational. The share price is falling again,there are just too many shares issued here imo. The saffron 'free carry' wells will only get drilled if the oil price is above $35 for a considerable time and the driller gets to decide what they think constitutes that. I cannot see a free drill this year imo.

[jcgswims] 30/6/2020 15:21

Yes it may be debt free, but there will be a hell of a lot of extra shares issued..

[jcgswims] 30/6/2020 15:08

"BPC has entered into a Replacement Funding Agreement with Trafalgar Capital Management (HK) Limited (“Trafalgar221;), whereby, contemporaneously with the Scheme becoming Effective, Trafalgar willsubscribe for approximately US$2.7 million (£2.1 million) of BPC Shares. BPC will apply those funds to repaying all amounts owing to Lind, in full settlement of the Convertible Loan Agreement.....

....Based on the current share price of BPC, this would, on an indicative basis, equate to approximately 80 million BPC Shares. .....

....The full repayment of Lind via the proceeds of the Replacement Funding Agreement will mean that on
the Scheme becoming Effective, the Combined Group will be debt free."

[eggchaser] 30/6/2020 15:05

BigS so because of the distrust of the current BPC board you are highlighting issues to potential investors and merge partners alike?

[jcgswims] 30/6/2020 15:04

"Equally, the Boards consider that a business with a broader, regional portfolio, as would be the case with a combined Columbus – BPC entity, would both diversify risk and be inherently larger and more attractive to longer-term institutional investors, thus providing a number of benefits to all shareholders in terms of enhanced market size, liquidity, and access to capital from multiple sources, including via equity capital and debt markets."



"Columbus’s Executive Chairman, Mr Leo Koot, will be invited to join the BPC Board as a Non Executive Director (subject to completion of customary due diligence) and will be invited to become Chairman of the BPC Board’s HSE Committee and a member of the BPC Board’s Audit Committee – both providing a key operational oversight function – following the Scheme becoming Effective. In addition to this role, Mr Koot will be contracted to make available his services to BPC for two days a week for a period of at least six months following the Scheme becoming Effective in order to ensure business continuity. His role will, amongst other things, be to drive the South West Peninsula and Suriname projects, and he will participate in meetings of the BPC executive leadership team."

[bigsi2] 30/6/2020 14:59

I can see you know far more about the CERP assets than I currently -
however I’m sure you’ll agree they are not sufficient to supply $25m in cash to BPC within 5 months

so it is inevitable baring a JV partner that BPC/CERP will either have to resort to the current hideous and impractical death spiral loans or attempt a fresh fundraise- now possible due to the more favourable asset base thanks to CERP-

I’m not sure why this likelihood raises so much hostility as it seems glaringly obvious.

RE some of BPC hum dingers...
According to the terms of the open offer circular (I recommend you read it) OCT19 they were to have in place long form contracts for Bizzel, CLN funds, Seadrill Rig, Halliburton master services contract and Insurance for the Project -
Come March20 with just WEEKS to drill they had none of these in place. all they had managed was a drill head and a few test tubes of seawater for baseline survey.
Additionally in FEB they assured shareholders that all funds necessary had been informed and accounted for - just days later they entered and drew down a FRESH convertible $8m loan which was subsequently converted at as low as 1.17p

Prior to the OO the cost of project was stated to be $25-$30m - then it magically dropped for the OO circular to $20-$25 (the BOD declined to answer shareholders queries as to why it had dropped) them post fundraise it promptly returned to original $25-$30m and gradually the contingency funds which anyone who had a clue about the costings of these projects insisted would be needed were gradually added to the estimate- finishing around $40m
either the BOD despite being employed in the O&G industry were unaware of such necessities or they were not upfront.

I used to give BPC the benefit of the doubt for the constant delays and excuses - however this last years performance was clearly downright deceptive.

There are many many more examples of BOD shenanigans and hype prior to subsequent placings.

You will make good returns on BPC -
If you ignore the hype- examine the RNS closely - read the wording carefully not just paying attention to headline info. buy on the inevitable placings and sell on the subsequent HYPE-

[ccr1958] 30/6/2020 13:51

Egg, It saved them but look at the share price .

[eggchaser] 30/6/2020 11:39

12bn you do realise the deep drill at Saffron 2 is funded don't you?

[eggchaser] 30/6/2020 11:38

No 12bn I'd never consider a war with you my little friend - just balancing your disappointing comments that are by your recent standards one sided!I had high hopes when you posted that the merger might be a good thing but since the arrival of other derampers you have gone back to being hard line which is a shame.I was going to suggest meeting you one day to buy you a beer and a natter as I'm intrigued by your style!

[arrynillson] 30/6/2020 11:35

12bn - you said that yesterday - another example of your hogwash 12bn?