Columbus Energy Resources Investors - CERP

Columbus Energy Resources Investors - CERP

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Columbus Energy Resources Plc CERP London Ordinary Share GB00BDGJ2R22 ORD 0.05P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 1.825 00:00:00
Open Price Low Price High Price Close Price Previous Close
1.825 1.825
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eggchaser: A rather good post on Lse board I thought!!CERP’s merger market cap value in June 2020 was £25.1m including a premium uplift. In October 2019 when the share price was 5.1p its market cap was c£50m. in 2019/2020 analysts predicted a potential share price of 21p (and market cap of c£200m) assuming various factors proved favourable. LGO-fan’s informative posts on this BB 29/7/20 describes what these could be in the short/medium term. When the markets closed Friday, CERP’s market cap was £17m.Thought experiment logic-flow (all figures approximate, sources already stated in my previous posts since June 12):1. Post-merger this week, there will be c3.4b shares in play. Imagine BPC has no assets, there are no Bahamas licenses and no spud, however there are still 3.4b shares vs 1b CERP ones today. This would mean the market cap, purely based on CERP would be in the same potential range as shown in the above introduction: £17m - £25.1m â€" £50m â€" £200m.2. With 3.4b issued shares this would value the possible share price in the above 4 benchmark figures at approx 0.5p, 0.75p, 1.5p, or 6p WITHOUT any BPC assets, potential assets, and BPC’s DEBT FREE $11m it has in the bank today.3. When the markets closed Friday, BPC’s share price was 2.45p and had a market cap of £61m (without CERP). In February 2020 it has a share price high of 5.7p and a market cap of £121m (without CERP). Leading to spud, analysts predicted a potential share price of 8p and market cap of [£170m] (without CERP).When we officially merge this week, let’s assume the combined share price is as now 2.45p and a combined market cap of 83m (3.4b shares). This means CERP’s value which accounts for approx 25% of future news-flow and revenue generating assets is approx. 25% of 2.45p. When split, this is a measly 0.6p and BPC’s an even more measly 1.85p. For goodness sake, despite CLNs and a rights issue creating some dilution, BPC share price was often at 2p for years without a glimmer of news! [And without the $11m we currently have in the bank!!]Bottom line: I don’t think the markets, retail investors and rather unusually even day traders have realised that the share price today is way, way, way below the short and medium term potential of the merged organization. And that doesn’t even take into account the benefits the merger WILL bring such as leveraging finance to drill Persv-1 and potentially increasing production/revenue from CERP assets. All IMHO. DYOR.Starchild
jcgswims: From Nimp01 on the BPC LSE board Reply From BPC Today 10:41 Apologies if this post appears twice, it didn't appear to submit first time round..I sent the email below to BPC last week and have had a reply which I will post in a follow up post. I voted yes to all resolutions yesterday (I figured if I trusted the BOD when we only had P1 then why should I not trust them now). Email: Hi I received the communications containing the resolutions for your AGM today. As a BPC shareholder, I (and other shareholders) have concerns re funding if the merger was to go ahead. Unfortunately if those concerns aren't addressed it is extremely likely that you will find shareholders (of both companies) will vote no to the merger or simply sell before the AGM - I'm actually close to doing this myself. Our concerns are around the funding of CERPS assets/interests after the takeover. Will they be funded via share dilution, borrowing or by another means that you are unable to disclose at this stage? Thought must've been given to this so if you could at least provide clarification whether or not further dilution will be required then this would go a long way to allowing shareholders of both companies to perform their due diligence and make an informed decision, rather than just taking a leap of faith. Reply in next post Dear Mr Robbie, Thank you for your email and for your continued support of Bahamas Petroleum. As we are currently subject to Takeover Panel rules, we are heavily restricted in what we communicate to shareholders outside of the Rule 2.7 press release, issued on 11 June 2020. This can be found here The materials for the Company’s AGM, issued on 30 June 2020, can be found here I would encourage you to read these documents carefully and in full. However, in response to your question, we can draw your attention to the following points that are made in more detail in these documents: As regards the funding of Perseverance #1, the Company has, since 2019, been implementing a broad finance strategy to ensure that the funds for the well are available as and when they are required. This has included an open offer and institutional placing undertaken in November 2019 which raised $11.4m in aggregate, entering into a conditional convertible loan facility with a consortium of Australian investors for up to £10.25m, and entering into an unconditional convertible loan facility with a Bahamian family office investor for up to £16m (of which £4.7m has been drawn to date). In addition to these specific financing arrangements, the Company retains the ability to undertake an institutional investor placing with its corporate brokers and continues to hold discussions with potential industry partners in relation to a potential farmout. A more detailed review of the Company’s funding strategy can be found in our market announcement of 26 May 2020 in which we disclose the execution of our binding rig provision contract with Stena and the consequent reduction in our well cost estimates and the overall impact of these events on our funding plans – refer to this link for details: Importantly, access to these finance options provides for the funding necessary to execute the well at the end of 2020 / start of 2021, and provides a “benchmark” against which future funding opportunities will be assessed in terms of cost and dilution. To the extent that funding options considered more advantageous become available to the Company, these can be pursued as an alternative to or in parallel with the above, so as to ensure the well is funded on the best terms (least cost/dilution) possible. Implicit in the above, and as stated in all of the Company public announcements to-date regarding funding options and farmout discussions, is the fact that the financing of the well will result in some level of dilution, at either the asset level (industry partnership/farmout) or corporate level (facility/equity finance). It has always been the case that some dilution will be required to progress the project and the focus of management is to ensure that this effect is minimised so as to ensure the Company shareholders retain the maximum level of interest in the project possible. It is in support of this ongoing effort and focus that the Board is requesting the extension and refreshing of share issuance capacities at the coming AGM which were originally granted by the shareholders at the last AGM in September 2019. Finally, we would like to emphasize that (as detailed in our announcement of the proposed Merger on 11 June 2020 and our AGM notice of 30 June 2020, links to both of which are included above) the Company remains committed to and focused on the execution of Perseverance #1 in 4Q2020 / 1Q2021 as its absolute priority. As regards your question on the funding of additional investment in the assets of Columbus, as detailed in our announcement of 11 June 2020, the timing and pace of any exploration, appraisal and development activities across the Columbus portfolio are largely discretionary; meaning that BPC can decide when, how and to what extent it deploys capital. This may be coincident with increased oil prices (and hence increased production revenue) which will benefit the Columbus portfolio further. Furthermore, the Company believes revenue from existing Trinidad operations can be further enhanced by applying technical expertise and experience to increase production rates as well as rapidly progressing exploration targets to production / income generation in the near/medium term. The key point here is that an investment program in these Columbus assets is not expected to materially increase the funding burden on the Company, or compromise the funding of Perseverance #1, due to the flexibility of timing and range of available options. Indeed, it is expected that the merger with Columbus may in fact enhance the overall funding capacity of the Company, through the creation of a portfolio company with a diversified asset and risk base, which may prove to be more attractive to a broader group of long-term institutional investors. Finally, I would like to draw your attention to the fact that we have recently updated our website to include a Shareholder FAQ page, and a narrated presentation which seeks to answer many of these questions. We encourage you to review these. If you believe there are any gaps, or would like to submit any further questions for addition to the page, please do get in touch. For reference, the FAQ page found here: The narrated presentation can be found here: Best, Bahamas Petroleum Company plc
arrynillson: 12bn - I can't remind you of any transactions I may have made in CERP shares because I don't publish details on public boards - that's why morons like you get frustrated and fabricate my history. People like you can't resist bragging about share purchases in a desperate attempt to influence others to buy - however when the market drops like a stone like TOOP and MRS you are left highly embarrassed. With CERP you claim no financial interest so it's difficult to understand the gloating when the share price retreats and the uncomfortable silences when the share price is in the ascendancy - I don't even think you know why you do it 12bn - especially as you have so much difficulty understanding CERP RNS let alone BPC! Egg has understood the issue - why will Bahamanian investors be any more likely to sell than any other investor, BPC is a high risk share - if the drill is successful the share price is likely to go through the roof but as well as high risk there is high cost and they are looking for a partner - partnering will mean sharing profits but if they hit the jackpot there will be plenty to go around so if there is more Bahamanian investment ( as is provided for in setting up the scheme - read the rns 12bn!) I say bring it on the share price reflects the risk - shareholder money reduces funds needing to be borrowed - although the Bahamanian 35m plus shares aren't significant in the big picture and I'm only debating the point to tease you for your sloppy trolling 12bn! BTW 12bn the chapter on dilution in Shorting For Dummies refers to offers below the share price - like Placings - the Bahamanians buy at the then current share price - have you something against them doing that 12bn?
arrynillson: 12bn - re today's rns concerning Bahamanian investors in BPC I very much doubt that CERP were unaware of it at the time of the takeover as the invitation was made by BPC way back in January ( read the original rns 12bn!) BPC would have known how many shares were to be issued at 2p in response to the invitation at the end of the offer period. I fail to see why BPC raising cash by way of shares from Bahamanian investors is viewed negatively- by the looks of it those investors are well in profit now - I know profits from investment have been rather elusive for you 12bn particularly having regard to your huge loss on TOOP and the ignominious loss on MRS. BTW 12bn the sale by LIND on a regular basis would have been no surprise to the BOD at BPC as it was declared policy by the CERP board. Re the offer to Bahamanian investors get used to it 12bn - read the original rns - do you have a problem with people from that jurisdiction buying shares in BPC - if so why?
bahamasoil: The 2016 LGO accounts state that Group oil sales averaged 464 bopd, whilst Spanish sales averaged 86 bopd No comparable figures for 2020 6th May 2017 = 2.3p 559,497,502 shares = MC of £12.868m Leo Koot, appointed LGO's Executive Chairman, commented: "I am excited about the inherent value that I see in this business and look forward to implementing a strategy to unlock that value. The Company's current asset portfolio is strong, we are growing our production and generating cash. We are seeing ever more investment flowing back in to the sector. These are excellent fundamentals from which to grow the business and I look forward to sharing my vision in more detail at the Investor Strategy Briefing later today. 25th April 2020 = 1.5p 27th April 2020 - RNS Leo Koot, Executive Chairman of Columbus, commented: "We have found what we were looking for - the Saffron well has discovered oil in both the Lower Cruse and Middle Cruse formations in the South West Peninsula, onshore Trinidad. These discoveries are transformational for Columbus creating two valuable standalone field developments. Our main pre-drill goal of establishing the existence of hydrocarbons in the Lower Cruse has been achieved, significantly de-risking what we expect will be an imminent Saffron field development. We achieved light, high quality oil flow to surface (circa 40° API) from two test intervals in the Lower Cruse. For operational reasons (including prudent cost management), our testing was deliberately limited to a combined perforation of 16' even though the logging of the Lower Cruse showed over 300 feet of high-quality sands. As such, we believe that the appraisal of the Lower Cruse, expected in Q3 2020, will be stage 1 of a Lower Cruse development that we now calculate has an NPV of circa US$90m. CoS Perseverance = 30% CoS Saffron 2 = 60% + ? 6th May 2017 = 2.3p 559,497,502 shares MC of £12.868m 15th June 2020 = 1.75p 935,053,344 ordinary shares MC of £16.065m The market says the company has added NO VALUE in three years. We believe our assets have increased, so why are investors so keen to accept a paltry offer for transformational assets?
arrynillson: 12bn - the fact the drilling company who played such an epic role in Saffron 1 are so confident about Saffron 2 they are prepared to fund it themselves has clearly been influential in building confidence in the CERP exploration campaign and has clearly attracted many new PI investors who have more than absorbed the Contractor and Lind selling. It seems your attempt to diminish the value of the Saffron development by making a ludicrous assumption about extraction costs has been given the credence it deserves by the market 12bn! The question still remains as to why you are so desperate to create negativity for CERP - you never answer that question 12bn! A few days ago I suggested you wore SPITE SPECS when you think about CERP but you told me you didn't because you'd made lots of money buying CERP in the past - I'm really pleased for you about that 12bn but there are thousands of investors who buy and sell a share then MOVE ON - they don't set up a series of threads over years to trash that company so there has to be something else - something you appear to be reluctant to make public 12bn!
arrynillson: 12bn - I'm really flattered you are interested in what I have to say! I'm currently basking in the news from CERP management and the current strength of the share price which you suggest is overvalued by approaching 100%. Over the many years I have responded to your posts I have found your conduct utterly appalling on this board and on the boards of the companies you have promoted. If you have undergone an epiphany I would be interested to hear about it but failing that I expect you to resume your normal style quite soon and I will be ready to respond in the manner I have adopted for some years. As I say to all the CERP trolls this company has a complex business model and those that study it carefully can usually post provocatively in a negative manner on a number of aspects to unsettle shareholders, if that is the intention. Occasionally I have found it a challenging to respond to some trolling but yours has been pretty third rate because it's often inaccurate and naive as well as being offensive in tone. Your view that CERP need a deep drill on SWP is one that was widely held some years ago but is a very high risk proposition whereas the current management have decided to adopt a different approach based on detailed seismic information including the ArKex survey commissioned under Ritson. If you study the report CERP issued following the Saffron drill result rns you'll see that the potential in the LC is immense - so much so that the team that drilled Saffron 1 are prepared to finance Saffron 2 with their own cash, subject to a return of a reasonable POO. Most investors here do bother to read the company information and are happy with the direction CERP are now going in - yes Schroders want out and cash generation is still problematic in the near term - I accept CERP may raise money through a Placing in the future but I believe that would be acceptable to shareholders to improve the long term position, although they don't need to panic about that as they have substantial cash in the bank. We have news soon on the progress of the CO2 project with Predator and Goudron field new terms are imminent- CERP have been very low key about this but new, improved terms may herald renewed interest in that field where infrastructure already exists - they have managed to keep output at a reasonable level with only a modest water flood programme - without that output would have collapsed IMO! In conclusion there are plenty of warts with CERP but no one obliges people to invest and I don't have any anguish about shares being bought here by investors who have researched the company. My position contrasts with yours where you appear to be on a mission to discourage investment for no financial gain, according to you. To discourage new shareholders you do not know at the expense of existing shareholders you do not know seems, to me, a rather pointless exercise but I'm open minded and I'm prepared to consider your response if you decide to explain your reasons for posting 12bn!
eggchaser: So having listened to the interviews with LK I decided to jot some ramblings down, some of which has been covered by posters so apologies for repetition. #Decision made to not spend too much on Goudron, Trinity and SE – renegotiate deals as they are poor. #Focus on SWP and Suriname better terms. #SWP different licensing – like US - Landowner is king – 90% retained revenue vs 60% with the rest of Trinidad Licenses. #Easy to put a pipeline out to sea from SWP opening up selling oil worldwide - so sales will be in USD and not TD. #Maybe financial help from oil trader to pay for infrastructure? #Saffron - LC = $90m NPV #MC = $3 - $5k NPV per well #Company Market Cap - $15m #Experts say 2 quarters of low POO then 3rd Q will increase $35WTI by second half 2020 which triggers the second drill or as we fondly call it S2? #Funding - 2.4m in bank. #COS at Saffron was 45% and it came in! #Suriname – 2 wells or 1 new this year and 1 next. #Nothing below 200ft ever drilled at SWP. So from listening to all the sound bites, is very clear that the idiots calling for LK’s head need to give their head a wobble (there were plenty over on LSE as well as here) Its very clear that along with the drilling team, LK has been directly responsible in achieving something that has never been done before in the SWP in terms of drilling to the depths they have at S1, which has made this a company maker in my opinion. This drill has put them out of a sea with lots of other fish and into the ocean on their own. Over 1000 WhatsApp messages with 80% sent by Leo to the drilling team during the drill shows one hell of a commitment to the cause. Remember there was a 45% COS at Safron and it came in. Think of the doomsters that criticised this strategy – where are they now? Its also mentioned that they have another 12 zones in the LC if I heard it correct to go at and LK thinks that over time we will be pumping many multiples of BOPD than we are today which is where the comment about being a 500m market cap comes from? Its clear that within the LC alone at Saffron, we are worth more than the 15mill Market Cap we are today and those in the know will cotton on especially as the WTI improves. This takes me to the other point and the comments about selling the spoils from Saffron, worldwide within the interviews, where we keep 90% of the revenues and its sold in USD and not Trinidad Dollars, small point overlooked? Another point is whilst there is a glut of oil in storage at the mo, it will get used up at some point and we are seeing lockdowns being reversed slowly, so of course it will take time but the POO will recover, after all we are over $20pbo as I type which is $25 dollars shy of what LK based his $90m NAV for the LC at and we are not due to drill until later this year which falls in line with experts view of the next two though quarters. What I would like to know is what is happening with the other licences – would be good to get a comprehensive update on all of them especially as we have 2 rigs at our disposal – what have they been up to – maybe some news when we get the re-contracted terms out in the open? What about Spain – what’s the latest there? How about WF at Goudron and CO2 with PRD? I suspect the latter will be soon now? Finally, the situation on issuing shares. I have made my point on this and hope the company will now start to put some its retail investors minds to rest in regard to this as they should be covering exploration costs from current production and with S1 coming on line, this need should be negated to a point? I think Saffron will be the corner we were looking for in terms of a bend from that direction of share issues - we shall see? However it does appear that our cornerstone investor lost patience with CERP during the Saffron exploration drill, hence the dump or part reason for it – I wonder if their view has changed and don’t forget we have some Norwegian investors on the register – I wonder if they will chose to up their stake in the game? What about LK’s contacts – would they not be willing to tuck some shares in to safer hands? All in all I am super, uber confident in my investment but naturally you need to make up your own minds as I am no investment guru – far from it or I would not be still typing ramblings today! In conclusion – Massive congrats must go to LK and his team especially the drilling contractors and I think in terms of some of the posts written some need to hold their heads in shame. Oh and can someone also get Bamps who posts on LSE a nudge – would be good to get him on this thread!
eggchaser: Here you go 12iq this should ram you're words back down your throat you pond life scum...Columbus Energy Resources PLC Saffron Discoveries - Lower Cruse and Middle CruseSource: UK Regulatory (RNS & others)TIDMCERPRNS Number : 8833KColumbus Energy Resources PLC27 April 202027 April 2020COLUMBUS ENERGY RESOURCES PLC("Columbus" or the "Company")Saffron Discoveries - Lower Cruse and Middle CruseColumbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce that the Saffron well has discovered oil in the Lower Cruse and Middle Cruse, located in the South West Peninsula, onshore Trinidad.The Company has made a Saffron oil discovery presentation and video available on its website. The presentation also includes a corporate and operational update. To view them, please visit and key highlights of the Saffron well are: -- Oil discoveries in the Lower Cruse and Middle Cruse -- 2363 ft of Gross sands with six reservoir intervals of interest with a 47% Net/Gross ratio -- Well reached Total Depth ("TD") at 4,634 feet, as planned -- 6 intervals identified for testing, with 3 intervals tested to date -- In the Lower Cruse, high quality, light oil (circa 40deg API) recovered to surface -- Results in line with the Company's pre-drill estimates for recovery of oil from a Lower Cruse development (11.5mmbbl)-- Signed terms for a full carry of the second Saffron Lower Cruse appraisal and development well (expected Q3 2020) -- In the Middle Cruse, discovery of a medium quality crude (17deg to 20deg API) -- Currently producing oil from first perforated interval in the Middle Cruse -- Middle Cruse oil processed on location and first 340 bbls oil sold through existing infrastructure -- Preparing to test the Middle Cruse in additional oil bearing zones -- Preparing individual development plans for the Middle and Lower Cruse discoveries Leo Koot, Executive Chairman of Columbus, commented:"We have found what we were looking for - the Saffron well has discovered oil in both the Lower Cruse and Middle Cruse formations in the South West Peninsula, onshore Trinidad. These discoveries are transformational for Columbus creating two valuable standalone field developments.Our main pre-drill goal of establishing the existence of hydrocarbons in the Lower Cruse has been achieved, significantly de-risking what we expect will be an imminent Saffron field development. We achieved light, high quality oil flow to surface (circa 40deg API) from two test intervals in the Lower Cruse. For operational reasons (including prudent cost management), our testing was deliberately limited to a combined perforation of 16' even though the logging of the Lower Cruse showed over 300 feet of high-quality sands. As such, we believe that the appraisal of the Lower Cruse, expected in Q3 2020, will be stage 1 of a Lower Cruse development that we now calculate has an NPV of circa US$90m.I am particularly pleased to share with our investors and the market that, in order to fast track the appraisal/development of the Lower Cruse, we have signed a Term Sheet with a third party drilling contractor to drill a second well in the Lower Cruse, the same contractor who drilled the Saffron well. It is expected that the well will be drilled in Q3 2020, subject to a stabilised oil price (above US$35 for a sustained period) and operating environment. The well will be fully funded by that third party in return for a share of the production from Saffron 2.Whilst drilling the Saffron well, the Company encountered a total of 6 intervals in the Lower Cruse, Middle Cruse and Upper Cruse that merited testing and, to date, we have tested 3 intervals (2 in the Lower Cruse and 1 in the Middle Cruse).In the Middle Cruse, we discovered medium quality crude (17deg to 20deg API) with a high water cut (circa 90%-95%). The Middle Cruse reservoir shows good pressure support, with the right completion design and field development plan, we can deliver a reliable oil and revenue stream from the multiple oil-bearing intervals we have identified. We have already sold our first oil produced from the Middle Cruse to Heritage (340 bbls).I am therefore confident that we will be able to produce commercial quantities of quality oil from both the Lower Cruse and the Middle Cruse.In the coming months, we intend to finish our testing campaign and work with our partner to drill Saffron 2. Alongside this, we will continue to produce from the Middle Cruse and progress a Middle Cruse appraisal and development campaign when the timing is right given market conditions.I am really excited with our results to date with the Saffron well and I would encourage you to read the corporate and operational update and watch the accompanying video that are available on our website. "
arrynillson: Kazz/Carp - I don't consider it likely LK will issue a statement like TRIN because CERP current production position is almost certainly loss making, even at higher WTI as we're largely reliant on Goudron and we know from MEEI stats that production is fairly stable at a low level ( no huge surge from W/F but, ticking over ). LK decided a long time ago he wasn't going to prioritise Goudron investment- may change if he can get better deal on renewal of IPSC ( Imminent news awaited ). I am not aware of any hedge on WTI bought by CERP, unlike TRIN ( which they can, quite rightly, shout from rooftops about! ) To summarise CERP are loss making and a lower WTI makes it worse but most people are in this for the future - Saffron is key because the profit margin per barrel is excellent and if this one works the project is SCALEABLE particularly as we've installed infrastructure there already. If POO continues at these low levels it's hard to see many oilers making much money and some marginal companies will fail - CERP has potential, including CO2 TI and Suriname as well as SWP but needs to become a decent producer to meet G&A costs - LK needs to plough on so investors can get more idea of realistic potential - LK has talked the talk for a long time now - if he gets the result at Saffron it's likely investors will continue to support but a duster there will add to the undercurrent of discontent I am sensing! Re Schroder sale I don't believe there's much LK can do - I've heard people say he should find a replacement investor but easier said than done particularly at this stage, with no Saffron result, a new investor has to take a lot on trust! If Saffron is good LK may be able to attract a replacement but, again, there's not much he can say to the market at the moment! What do you guys want him to say to you if there is no one in the frame currently?( BTW if LK had someone in frame he surely wouldn't announce it until transactions was completed.)
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