Columbus Energy Resources Share Discussion Threads

[arrynillson] 22/1/2018 10:13

12bn - you didn't think Koot could change anything but he keeps on proving you wrong - why does the idea of an oil exploration and production company with all it's inherent risks make you so uncomfortable - no one is encouraging you to invest in it or give appalling advice - someone with a holding of just over £2000 some weeks ago would have lost close to £4000 if they took your advice 12bn - where is your apology and compensation?

[12bn] 22/1/2018 09:44

Garnheim80,how much do you expect it will cost to drill to 11,700 ft? Many years ago this was discussed and an informed bull had an estimate of $15m-$20m! I accept that costs could be different now but I very much doubt that Cerp are in a position to fund it or even fund 50% of the costs in a JV! As I pointed out,this is a pipe-dream hauled out periodically but never put into practice! DL used to call the Cedros Peninsular LGO's 800 lb 'gorilla' of a field. NR was very keen to drill it,even back in 2011 but in all the years in between it was never drilled. As I have pointed out before,the one time it was drilled the drill bit was lost and the well was abandoned! Do not pin your hopes on an old pipe-dream.

[nexus7] 21/1/2018 15:21

OPEC, Russia Signal Global Oil Alliance May Endure Past 2018

→ Oil market still isn’t fully re-balanced, Russia’s Novak says
→ It’s unclear whether inventories will drop at same pace: Falih


OPEC and Russia reaffirmed that they’ll persevere with oil-production cuts until the end of the year to clear a global glut and signaled their readiness to cooperate beyond that.

Russia is prepared to continue cooperating with OPEC and its de-facto leader Saudi Arabia even after the cuts expire, Energy Minister Alexander Novak said in a Bloomberg television interview held jointly with his Saudi counterpart. Producers should keep limits on output through 2018 as the market may re-balance at the end of the year or in 2019, Saudi Energy Minister Khalid Al-Falih said. Neither minister said whether the cuts would continue in 2019...

[nexus7] 21/1/2018 12:26

Oil's Rout Is Over, Hail the Return of $100 Crude! Maybe

The reality of future demand might not be quite as big as all that.

[kazz] 20/1/2018 17:53

Had a nice win on a horse at Ascot today called the Dutchman. Let's hope our Dutchman is also a winner with CERP
regards....Kazz

[arrynillson] 19/1/2018 18:16

holly day - Re NR it was also mentioned at the new launch that he would remain on the board of the Spanish subsidiary as this was believed to be important in dealing with the Spanish Authorities.

[arrynillson] 19/1/2018 17:21

Ross - your ' ongoing support ' - if only they knew your support is a strap-on depending on whether you are in,out or shorting!

[carpadium] 19/1/2018 12:22

So 60bpd wasted on Spain, around 10% of total production. Expensive.

[holly day] 19/1/2018 12:08

Thanks rossannan. Being a geologist, I guess he still signs at the bottom of the CPR...or may be Leo is qualified to so that?

[holly day] 19/1/2018 11:59

Re Ritson, my understanding was that he remains with us on a temporary basis. I suspect he is of little or no use in Trinidad bar handover and communication issues with locals and that he was primarily involved with Spain. Another saving when he departs. Can someone recall what was said at the time of the new management's arrival?

[holly day] 19/1/2018 11:30

Clear as mud! :0)... get shot of the Spanish assets. Out of 65K, Ritson probably earns a fair whack.

[jcgswims] 19/1/2018 11:30

So as I stated previously, it's best to follow Gordon Steins guidance when working out how much actual cash we get each month. As a guide approx $1000 per month for each barrel of oil per day ie 561bod - $561000 per month (roughly) That pretty much corresponds with what is stated in the 1st question.

[jcgswims] 19/1/2018 11:08

My understanding is that if the oil price goes above an average of $50 per quarter then there is an additional 18% tax applied after all the other royalty payments. So when the oil price was $56 income would be reduced to what you would have been getting at $46. This is why no one likes SPT and are hoping it is amended shortly.

A Special Petroleum Tax (SPT) applies in Trinidad at 18% when the average weighted oil price received by sellers in each quarter exceeds US$50 per barrel. The SPT calculation is not related to just monthly oil prices but the average price achieved for each quarter ending March, June, September and December.

The SPT calculation is applied against the oil sales achieved for each quarter (net of royalties) and also after taking account of investment tax credits (ITCs, which tend to be approximately 20% of capex incurred by the Company on that licence for the previous year). Calculations are undertaken at the end of each quarter and, due to brought forward ITCs, the Company’s latest forecasts indicate that no SPT payments will be made until 2H 2018 even if oil prices achieved on sales remain above US$50 per barrel in 2018. As the Company continues to incur new capex costs on the Goudron field in 2018, this will continue to reduce any SPT payments to be made later in 2018 and beyond.

These forecasts may, of course, change as new information comes to light.

[jcgswims] 19/1/2018 11:07

I would be grateful if you could provide more information on the oil price v what Columbus actually receives.

As was reported in the RNS dated 21 December 2017, the Company has been benefitting from an improved worldwide oil price environment where the Company is achieving an increased oil price on sales, with US$56.24 per barrel being achieved in December 2017 for November sales to the Pointe-a-Pierre refinery. The oil price to be achieved by the Company in January 2018 for December 2017 oil sales has been confirmed at a slightly increased price on the price achieved or November sales. That price is not specifically related to either Brent or WTI for that month but reflects the average price calculated by Petrotrin on refinery throughput using a standard formula for all sales entities. On average though, the price usually tends to be around or just lower than WTI.

Petrotrin subsequently deducts royalty and other associated contractual payments from the above-mentioned oil prices, based on the sales volumes delivered by the Company in each month, in accordance with the specific licence terms. These deductions range between 35%-45% of the oil price achieved for each month depending on the sales volumes delivered and the sales price achieved, with the percentage deductions decreasing as sales volumes increase.

Payment of the net amount (gross sales less royalty and other associated deductions) is made by Petrotrin at the end of each month for the previous months sales with those cash payments always being received by the Company on the due date.

[arrynillson] 19/1/2018 09:40

12bn - you are such a dinosaur but I can see why you've changed the subject after you finished crying over the Schroder buying and increased production - huge losses to anyone taking your advice to sell at 2p only weeks ago!

[garnhiem80] 19/1/2018 09:13

FRM-1 identified oil in Lower Cruse and Lengua Formations at around 11,700 feet. Sidetrack is a possibility.. I’m sure Mr Koot will update on SWP in due course.

[12bn] 19/1/2018 08:56

Garnhiem80,are these wells (FRM1 and B8) shallow wells and or existing wells? The point is the deep source reservoir is likely to be very deep,10000 to 12000 ft down and very expensive and risky to drill. I would be totally shocked if CERP could afford to try drilling one of those wells.

[garnhiem80] 19/1/2018 08:52

I only seen CERP’S suggested plan of Re-entry into FRM1 and deepening well B8, should be pretty achievable from self sustained cash flow. FRM1 has already proven oil finds.. I have nothing on B8 well apart from it’s in the Bosnasse field. It All assists in proving oil.