Columbus Energy Resources Share Discussion Threads

[12bn] 19/1/2018 08:48

Northpole2,yes it is old info but the point I was making is that drilling the deep Herrera sandstone at over 10000 ft was considered as far back as 2011 but nothing ever came of it over all the intervening years! It is now being discussed on the rampers only thread and I am pointing out that discussion is highly unlikely to result in action! If CERP think that they can fund the 'first few exploration wells' themselves, then I reckon that they WILL NOT be deep 10000 ft wells to the HERRERA SANDSTONE level. The cost of these deep wells was discussed many years ago and a figure of $15m-$20m was the concensus cost. Now I accept that costs might have changed a lot but no way will they have fallen to a level that CERP can afford without a JV partner being involved. Even then there is a risk that 10000 ft plus drilling will end in disaster like it did on the only time it was tried.

[northpole2] 19/1/2018 08:29

Wrong again 12bn. Taken from a much more recent RNS, the Interims in September 2017.

...Most importantly, the additional funds will enable the Company to progress towards implementing its hugely exciting exploration programme on its South West Peninsula (“SWP”) assets. It is now the Company’s view that it should be in a position to internally fund the first few exploration wells on our SWP portfolio without the need for a partner to jointly fund the programme. Whilst Columbus may still look to source a partner to farm-in to the SWP programme, as a means of de-risking and potentially speeding up the programme, this is no longer considered to be an essential requirement to unlock the huge potential the Company sees in the SWP portfolio and, subsequently, to potentially deliver transformational growth in the medium-term.

Your old information is just that. Old.

[12bn] 19/1/2018 08:23

LGO envisages an integrated approach to exploration across the peninsula. Geological and geophysical studies will be combined with data from existing wells in Trinidad and Venezuela. Exploration drilling could be undertaken in 2013 and is expected to involve at least one well to a depth of at least 10,000 feet.//////// Was that well ever drilled? NO!!!!!!!! Too expensive and too risky imo!

[12bn] 19/1/2018 08:21

Here it is.///////RNS Number : 7365R

Leni Gas & Oil PLC

09 November 2011

Immediate Release, 7 am

9 November 2011

Leni Gas & Oil PLC

("LGO" or the "Company")

Trinidad Update

Leni Gas & Oil plc today announces further petroleum lease acquisitions and progress with other projects in Trinidad.

LGO has reached agreement to acquire the subsurface rights of several additional land leases in the Cedros Peninsula of SW Trinidad, totalling 937 acres. These leases, which lie immediately adjacent to the Company's producing interests at Icacos, will be combined with the 815 acres already leased earlier in 2011. A Private Petroleum License will be applied for shortly. These leases require a minimum work programme of geological studies and have no fees other than net production royalties in the event of success.

The Icacos License covers a total of 1,960 acres; which with the new 100% owned leases, gives LGO a total interest in over 3,700 acres. The Company considers this to be a sufficient area to initiate the detailed planning for geophysical surveys; expected to consist of an airborne gravity and magnetic survey in 2012, followed by 2D seismic data and exploration drilling to explore for the Herrera Formation target. This area lies less than 15 kilometres from the Venezuelan coast where the equivalent Mio-Pliocene play is proven and has produced close to a billion barrels over the last 80 years (AAPG, Memoir 74). By contrast very little exploration for the Herrera Formation reservoirs has so far been undertaken in the Cedros Peninsula.

LGO envisages an integrated approach to exploration across the peninsula. Geological and geophysical studies will be combined with data from existing wells in Trinidad and Venezuela. Exploration drilling could be undertaken in 2013 and is expected to involve at least one well to a depth of at least 10,000 feet.

Icacos Field produces from the Upper Cruse reservoir at an average depth of 2000 feet. Production currently coming from three open wells and has averaged 35 bopd (gross) to date in 2011. LGO holds a 50% interest in the Icacos License. Potential exists to re-open some of the other 14 wells drilled within the Icacos leases and to explore further for small fields at the Cruse level as well as the deeper Herrera.

[12bn] 19/1/2018 08:04

In the wider Cedros Peninsular LTL holds a number of private petroleum leases totalling about 1,750 acres and is in the process of obtaining a private petroleum licence from the Ministry in order to carry out a number of field surveys with a view to eventually drilling exploration wells, including to deeper Herrera Sandstone and possible Cretaceous targets have so far been underexplored in this part of Trinidad. LTL is also negotiating further leases with private owners in the area and expects to commence field work by late 2013./////Taken from 29th April 2013 results,although I am sure drilling to the deep Herrera sandstone was discussed in 2011! Nothing ever came of the discussions.

[12bn] 19/1/2018 07:50

I see that there is talk on the rampers only thread of drilling deep in the Cedros Peninsular,this has been talked about since 2011 but nothing has ever happened,why? The answer is simple it is too expensive,$15-$20m ! It was once drilled by another company but they lost the drill bit and gave up.

[offerman] 19/1/2018 07:36

It's more studying loads of trades over a long time . There have been many trades 250k and 300k shares at a time which I don't think are just traders Pi'sSo if they haven't share swapped with kind or others then I reckon they bought on open market .Aimho of course and I could be wrong but just patter I have seen as have other here like TG noticing and many people saying Schroders topping up and staring looks like RNS soon and bang we all seemed to had been correct .

[carpadium] 18/1/2018 20:14

LK intimated in the Dec update his hopes of announcing improved and re-structured arrangements re. BOLT so it might be useful to detail the position as at Jan '17. Included is some fascinating background to the whole SWP.


South West Peninsula, Trinidad

LGO and its local subsidiary, Leni Trinidad Limited ("LTL"), have reached agreement with Beach Oil Field Limited ("BOLT") on the terms of a final sale and purchase agreement ("SPA") for BOLT's interests in the South West Peninsula ("SWP"). The agreement will see LTL acquire the remaining 75% of the shareholding in BOLT for a final one-off payment of US$50,000 and will supersede the previously announced Deep Rights Agreement signed in 2013 on which a residual payment of US$1.4 million would have been due.

Through this transaction LTL's shareholding in BOLT will increase from 25% to 100%, and LTL will gain rights to all shallow and deep leases held by BOLT. Completion of the ownership of the leases requires the completion of an existing agreement between BOLT and Petrotrin through the payment of US$89,000, and various minor payments to leaseholders and third-parties likely to total approximately US$45,000. BOLT currently has a loan with a Caribbean bank for approximately US$1.1 million and as part of the transaction this will refinanced in the local market or repaid as appropriate.

LTL will take over operatorship of the Bonasse Oilfield with the intent of commencing a well reactivation programme later in 2017. Bonasse production was temporarily shut in in mid-2016 in the face of low oil prices, however, with LTL taking over operatorship, the improvement in oil prices and the improvements to the Trinidad tax regime anticipated for fiscal year 2017-18 LTL believes that some of the existing 16 wells at Bonasse could be profitably rejuvenated at minimal capital expense.

The SWP, where LTL already has production from the shallow Icacos Oilfield, is significant since it is largely unexplored with regard to deep potential and in close proximity to the prolific East Venezuelan Basin of which the SWP is geologically a part. The only deep onshore well, FRM-1, drilled in 2008 to a depth of 12,301 feet, found oil shows in the Lower Cruse and Lengua Formations at around 11,700 feet. The regionally significant Herrera Sandstone formation was not reached in the FRM-1 well. The en-echelon structures offshore at Soldado have yielded major oil fields, in excess of 200 million barrels, and it is LGO's view that similar structures may lie onshore beneath the SWP.

The SWP was one of LGO's principal targets in acquiring the Full Tensor Gravity ("FTG") gradiometry survey acquired by ARKeX Limited earlier in 2015. The final FTG data was transferred to LGO in early June 2015 and has been interpreted alongside a soil geochemistry survey acquired jointly with BOLT, and the existing well and seismic data which includes a 3D seismic survey over a large portion of the peninsula. The integrated interpretation work has shown the presence of a significant number of undrilled oil and gas leads and prospects within the SWP which will be further studied prior to a decision to drill.

The Bonasse Oilfield discovered in 1911 by the Greig-1 well lies some 10 kilometres from Icacos and has been producing from up to 16 wells at depths up to 1,200 feet. Production was restarted in 1997, but has been temporarily suspended since mid-2016. Oil production comes from sandstones of the Cruse Formation and the oil quality averages 23 degree API gravity. BOLT and LTL are in agreement that significantly greater potential exists for additional production through the application of proven technologies. Additional shallow drilling targets are also available within the field boundaries.

LGO, through its interests in Icacos, its wholly owned Cedros leases and the BOLT leases has close to 11,000 gross acres under lease in the SWP within which to explore, as well as the existing producing assets that can support enhanced production activities, such as well recompletions and the drilling of new production wells.

The SPA is anticipated to close prior to the termination of the present exclusivity arrangements on 31 March 2017.

(Let's hopefully settle on one year late!)

[carpadium] 18/1/2018 19:53

Hi offerman, 250K at a time do you mean .... is that you guessing?

[offerman] 18/1/2018 19:29

Evening CarpThey seem to buy in 250 blocks

[carpadium] 18/1/2018 17:52

So, 3 purchases by Schroders in 3 weeks adding a further 18m to their holding.
What a massive confidence boost for the board and company plans. And great for all shareholders.
Certainly wouldn't bet against another 1% being bought before the end of this month.

[offerman] 18/1/2018 12:35

Thank you by the way .

[holly day] 18/1/2018 12:28

Afternoon all. Just logged on to see a nice accumulation by Schroders. Great news, shows confidence.

Ritson?...who's he? He's still employed by us and earning a salary with Spain being his baby! I doubt he'd be in a hurry to sell as I am sure this is about his only real money spinner in his portfolio of companies.

Holdings wise, Lind with 2.9% (escrow), Schorders topping up, directors taking half salary in shares, some big hitters on LSE (allegedly)..... well over 15% in safe hands until at least mid march. Then there are a lot of 'real' LTH PI's holding tight. All bodes well. I just can't see 5p being re-visited with all the news due. Safest investment for me by far.

GL all. DYOR.

[vike1] 18/1/2018 12:16

TG, that doesn't show the % of shares held by institutions. As it grows, I'm sure CERP will be happier to publish this. Current holdings by mgmt isn't overwhelmingly large yet either. I'm sure that'll change soon, as mgmt are paid half their wages in shares, and as options come due.

[vike1] 18/1/2018 12:11

Hopefully Schroders are buying shares in the open market, thereby mopping up those available for sale, and not just negotiating block trades from Lind. Of course, would like to see % of inst. holdings instead of just trading hands...

[the guardian] 18/1/2018 12:07

November 7, 2017
Number / % of Shares
Issued Shares 624,139,184
Shares not in Public Hands 2,688,366
% Shares not in Public Hands 0.42%
Deferred Shares 418,379,981
Share Options 89,852,945
Warrants 3,036,757
Total Fully Diluted Shares 737,028,886

There you go offerman, your starter for 10. Just need to spend some time taking account of recent issues and purchases. I would do it but I'm refurbishing the gardener's toilet. (The gardener is me)

[offerman] 18/1/2018 11:52

I'll agree with that.

[offerman] 18/1/2018 11:52

Does anybody know the exact share countWho owns whatHow many shares in FreeFloat? Which shares are being held statically and not traded. I.e Lind, schroeders , The Bigs. Out of the 649 million issued How many of those are held tight by the largest holders over three percent?

[offerman] 18/1/2018 11:49

But there was equipment right over the field that could have been used and wasn't. Also basic maintenance didn't seem priority, but instead focussed on expensive drilling . He could have stimulated these wells but instead chose to continue with rapidly depleting ones. Don't get me wrong. I actually liked the guy and I swore by him for long time. And anyway the egg on face matter is closed. As Arry aluded to the meeting he had with him at LKs launch and he seemed very happy so everyone's a winner then.

[arrynillson] 18/1/2018 11:45

Rosie - many, including me, thought things were unraveling a bit before that - being close to bankruptcy was a big clue!

[the guardian] 18/1/2018 11:41

Thank you ranike. Reading the link, if LIND are holding on to their shares and Schroders are mopping up shares from retail sellers, we should see the price moving up faster soon. That would be nice.