Columbus Energy Resources Share Discussion Threads

[arrynillson] 24/1/2018 14:07

You will all be reassured to know that 12bn's behaviour is remarkably similar to an example forming the basis one of the most famous books in the field of social psychology - When Prophecy Fails by Leon Festinger.Festinger suggested that once we develop a theory, it is very hard to shake. Indeed the stronger the counter-evidence, the harder we work to save the original idea. THE BIGGER THE DISASTER brought about by being WRONG the harder we work to convince ourselves that we are right.12bn has had his share of disastrous prophecies and is running out of ideas now - gives dinosaurs a bad name!

[12bn] 24/1/2018 13:56

You sound upset northpole2,is it something that I have said? Cerp/lgo has lost £4m p/a for many years,FACT. You think Koot has changed that here,OPTIMISTIC CONJECTURE. Companies make bad investment decisions frequently,you just HOPE Schroders have got this right,OPTIMISM. You have rose tinted glasses on here and you do not question the BoDs claims. You should at least wonder why we have not had any quarterly production numbers yet! You are a lamb to the slaughter.

[holly day] 24/1/2018 12:06

No worries rossannan, each to their own. GL.

Well spotted TG. Missed your post somehow!

[offerman] 24/1/2018 11:50

Sorry TG I didn't see it. So they have increased from 22p 25 p to 26 p? And that is a year target ?

[the guardian] 24/1/2018 11:49

No-one commented on my post at 08.02. Broker estimates 26p share price within a year.

It cheered me up!

[nash81] 24/1/2018 11:42

OIL PRICE coming to 80 as targeting by analyst.

what wonder will that do to CERP sp?

[arrynillson] 24/1/2018 11:10

Garnheim- wooooow -of all the posters I have encountered you seem to bend over backwards to give posters the benefit of the doubt but even you don't seem full of admiration for Ross - he doesn't seem too popular over on LSE at the moment either!

[garnhiem80] 24/1/2018 10:54

North Pole, doesn’t TXP financial and project management sound familiar?

Ross is ready for IF or when it turns sour.. very much like his position on TRIN?

A negative spin sounds better when you can claim to be a long term holder.

No buying on CERP just means he hasn’t closed his 7.8p spread bet?

Just an observation :)

[garnhiem80] 24/1/2018 10:54

North Pole, doesn’t TXP financial and project management sound familiar?

Ross is ready for IF or when it turns sour.. very much like his position on TRIN?

A negative spin sounds better when you can claim to be a long term holder.

No buying on CERP just means he hasn’t closed his 7.8p spread bet?

Just an observation :)

[holly day] 24/1/2018 10:35

arrynillson, Like I said to TG the other day, sorry, but not knowing the history of posters here, I was merely commenting on what I have read/seen of each poster. I am sure some of you guys have your reasons for dissing or ignoring individuals. I'll refrain from opening the 'alleged' can of worms. Apologies to others too. GL to LTH's.

[arrynillson] 24/1/2018 10:31

holly day - why are you bothered about Rosie's integrity - people who have seen the way he operates over the years are not going to change their minds about him - probably one of the most disingenuous posters I have ever encountered but I'm happy for you if you like his MO - are you related to him LOL!

[northpole2] 24/1/2018 10:11

TXP vs CERP? TXP, the company with CAD$ 15 million of debt still to pay by 2021? Equivalent to US$12m? CERP has US$1.2m debt and reducing monthly. TXP doesn't start repaying theirs until next year and has large ongoing licence commitments (hence the costly drilling programme this year and next). I understand CERP has met all of their licence commitments. Difficult to compare the two but I don't understand why you see TXP as being preferable to CERP given the latters new leadership who have already more than doubled the share price and brought on Schroders, one of the most respected financial institutions in the UK. But it's your decision.

[northpole2] 24/1/2018 10:00

Oh, for goodness sake 12bn. Stop repeating the same messages on and on. It is pathetic. The losses you refer to were IN THE PAST under previous management. Can you understand the term IN THE PAST?????? Is it not possible in your mind for things to change as they do for many entities under new leadership (who have got a very stong track record of company growth)? Try thinking of something new to say instead of regurgitating old and no longer relevant stuff. The market and Schroders believe in the potential of CERP under NEW management. You are just one-eyed and clearly get out of bed in the wrong side EVERY DAY. The Company is making many changes and these clearly take time. That is NORMAL in any entity!

And you call Nexus a clown? That is laughable coming from you.

[holly day] 24/1/2018 09:58

Morning rossannan, Hope you don't mind me asking...

Are you usually all in or all out type of a guy?... The reason I ask is that since you have CERP on your watch list and post that frequently, why not retain a minor position here? Surely a) it gives you a wider exposure and b) prevents you from missing out (or even losing a little!) and c) stops others from questioning your integrity on BB's.

Of course, no advice intended, just curious. GL with your strategy. FWIW, I personally don't have an issue with non-holders engaging in BB debates as to-date, I have not seen anything untoward in your postings.

[offerman] 24/1/2018 08:38

Morning All.Ross, are you invested in CERP ?

[12bn] 24/1/2018 08:27

FINANCIAL

-- Revenue for period of GBP2,460,000 (1H 2016 GBP1,921,000), an increase of 28%
-- Gross profit for period was a loss of GBP42,000 (1H 2016 a loss of GBP130,000)
-- Pre-tax group loss for period of GBP1,964,000 (1H 2016 loss of GBP1,925,000)///// Note the group loss of nearly £2m for 6 months,this has been going on for the last 6 years,same old,same old,imo. Koot needs to give out quarterly production numbers,although an update on group losses will have to wait until March I suppose! I wouldn't be surprised if the begging bowl is dusted off and brought out again here.

[12bn] 24/1/2018 08:22

I posted the results above to make the point that we have had no quarterly production numbers since!!! All the company would issue was 1 weeks production number,probably because it was an exceptionally good week! It is late in January now,why no quarterly update? Is it because those figures will paint the true picture here and Koot prefers hype and hope?

[12bn] 24/1/2018 08:17

TIDMCERP

RNS Number : 5631Q

Columbus Energy Resources PLC

13 September 2017

13 September 2017

Columbus Energy Resources Plc

("Columbus", "CERP" or the "Company")

Unaudited Interim Results for 6 month period ending 30 June 2017

Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to announce its unaudited Interim Results for the 6 month period ending 30 June 2017, extracts of which are set out below and a full copy of which will shortly be made available from the Company's website www.columbus-erp.com

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014

Enquiries:


Columbus Energy Resources
Plc [phone]
Leo Koot / Gordon Stein

Beaumont Cornish Limited [phone]
Nomad and Joint Broker
Roland Cornish / Rosalind
Hill Abrahams

VSA Capital [phone]
Joint Broker
Andrew Monk / Andrew Raca

Camarco [phone]
Public and Investor Relations
Georgia Edmonds / James
Crothers / Billy Clegg


Executive Chairman's Review

The Company entered 2017 having successfully resolved the financial difficulties it had to contend with in late 2015 and throughout 2016 and with plans to re-commence the Goudron infill drilling programme and other field activities in Trinidad. The period covered by the Interim Results, however, saw fundamental changes to the management, direction and strategy of the Company, including:

-- Major changes to the leadership of the Company with the appointment of a new Executive Chairman, Chief Financial Officer ("CFO"), Managing Director (Trinidad) and other Board changes with various directors stepping down.

-- A change in the Company name from LGO Energy plc to Columbus Energy Resources plc on 15 June 2017 and the announcement that the Company plans to grow its footprint beyond Trinidad into South America in due course.

-- Following the leadership changes, significant changes to the operational strategy were initiated in Trinidad in late 1H 2017 designed to increase production and revenues to achieve a positive cashflow position across the Group before the end of 2017.

-- Significant reductions in London G&A costs, including a change of office location and staffing reductions, resulting in savings of over 30% to date.

The period also saw the termination of the La Lora Concession in Spain by the Spanish authorities in late January 2017 leading to the subsequent suspension of operations at the Ayoluengo Field, the approval of a capital consolidation in early March 2017 involving a consolidation of every 20 Existing Ordinary Share into one Consolidated Share and a GBP2.5 million equity raise in late March at an issue price of 2.2 pence per share.

I believe the major changes in both leadership and strategy, late in the period covered by the Interim Results, will provide a new foundation for Company growth, with the main emphasis of senior management being on increasing oil production and revenues in Trinidad to a level of around 550 bopd before the end of 2017 and 900 bopd by end of 1H 2018. The increase in production, which I am confident can be delivered from existing cash resources, together with the additional revenues from those increases and the cost savings which have already been implemented in London, should allow the Company to be cashflow positive in late 2017. This cashflow positive position, together with the additional funds which Lind Partners, LLC have now committed to provide in Q4 2017, will enable the Company to accelerate, implement and internally fund a number of new initiatives to grow production, including the additional Goudron waterflood pilots and well optimisation work. I am excited by the numerous operational initiatives that have already been identified in the past few months, a number of which have already been implemented on the Goudron field with some success.

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.

I was also delighted when the Company recently received the Certificate of Environmental Clearance ("CEC") for the Goudron Field Water Injection Pilot "A" from the Environmental Management Authority ("EMA") of Trinidad. This was a very important milestone, which was completed significantly earlier than expected, and the Company has effectively brought forward plans for commencement of injection under the waterflood pilot programme by nearly a year.

Highlights

For the 6 month Period ending 30 June 2017

FINANCIAL

-- Revenue for period of GBP2,460,000 (1H 2016 GBP1,921,000), an increase of 28%
-- Gross profit for period was a loss of GBP42,000 (1H 2016 a loss of GBP130,000)
-- Pre-tax group loss for period of GBP1,964,000 (1H 2016 loss of GBP1,925,000)
-- Cash in hand of GBP1,684,000 at 30 June 2017 (1H 2016 GBP1,170,000)
CORPORATE

-- Major leadership changes implemented, including appointment of New Executive Chairman (Leo Koot), CFO (Gordon Stein) and Managing Director, Trinidad (Stewart Ahmed) in May & June 2017.

-- Steve Horton, Neil Ritson and James Thadchanamoorthy stepped down as directors during the period and Fergus Jenkins stepped down in early August 2017.

-- A capital consolidation approved by shareholders at a General Meeting in early March 2017 involving a consolidation of every 20 Existing Ordinary Share into one Consolidated Share.

-- A GBP2,500,000 (before expenses) equity raise in late March at an issue price of 2.2 pence per New Ordinary Share.

-- A change in the Company name from LGO Energy plc to Columbus Energy Resources plc on 15 June 2017 and announcement that the Company plans to grow its footprint beyond Trinidad into South America in due course.

-- Significant reductions in London G&A costs implemented, including a change of office location and staffing reductions, resulting in savings of over 30% to date.

-- The Company has also recently amended certain aspects of the convertible loan facility it has with Lind Partners, which includes an immediate increase in the conversion price by 50% for the current loan amount of US$1,344,000 from 3p per share to 4.5p per share, the granting of 17,997,308 shares to be escrowed from issue for at least six months and the conversion of the next monthly repayment to shares.

-- Confirmation from Lind that they will exercise their right to provide an additional US$750k convertible loan to the Company in Q4 2017 which will enable an acceleration of certain operational initiatives to be undertaken.

OPERATIONAL

-- Group oil sales in the period from Trinidad in 1H 2017 were 64,501 barrels net to Columbus (1H 2016: 84,470 barrels). Average production from Goudron in Q2 2017 was 327 barrels of oil per day ("bopd").

-- Spanish oil production ended on 31 January 2017 due to termination of the licence. Sales of oil produced in January 2017 and from storage totalled 9,154 barrels (1H 2016: 24,024 barrels).

-- Goudron Field oil production was boosted in 1H 2017 by initial flow from the newly drilled Mayaro Infill wells GY-682 and GY-683, although production from these wells has since reduced substantially due to lack of pressure support, leading to major changes in operational strategy.

-- Tropical Storm Bret, the worst storm to hit Trinidad in over 10 years, resulted in power line outages in June 2017 which affected Goudron Oil production for 10 days continuously.

-- A programme of Goudron Field well optimisations was initiated in late June 2017 commencing with the new pump installation in GY-664.

-- The Company submitted the Goudron Field Water Injection Pilot "A" Proposal to Petrotrin for approval in June 2017, applied for the CEC to allow the required modifications to allow Produced Water Reinjection and successfully received the CEC in early September 2017.

-- Procurement of facilities for the Waterflood Pilot implementation commenced in 1H2017. The first injectivity testing for planned Pilots A, B, C and D commenced in June 2017.

-- Bonasse field wells in the BOLT license area were re-entered and placed on production and the first oil sales were initiated under Columbus managed operations during 1H2017.

-- The Company has recently appointed a specialist adviser to help close out the BOLT acquisition and anticipates closing the transaction in Q4 2017.

NOTES

All figures are net to CERP unless otherwise stated.

Trinidad & Tobago

Strategically the Company remains focussed on Trinidad, which represents the majority of near-term activity and significant long-term growth potential, both within existing assets and in additional assets acquired through third-party arrangements or directly from the Trinidad and Tobago government. The Company holds interests in three producing fields; Goudron, Icacos and Bonasse, and in a number of private petroleum leases where production has yet to be established.

Goudron

[12bn] 24/1/2018 08:14

NEXUS724 Jan '18 - 08:06 - 3168 of 3168
0 0 0
From Rugby2015 Tue 20:00
-------------------------------------

RE: CF+ at $45

In the last media presentation the CFO gave he made it clear that every $ on WTI above $47 meant an extra $10k to the company. He stated most costs were fixed and lifting costs were so low that virtually all of this extra was net profit per month.
SPT tax has been mentioned several times and dealt with in the company website under Q & A and stated there will be no SPT tax to pay in 2017 and none expect for H1 2017 and due to further planned investment tax in H2 2018 is expected to be minimal.
Reduced costs are being worked on for Spain, NR salary is due to stop shortly ( in May off top of my head) and 1 other salary from the old BOD shortly too. WTI is looking steady around the $63-$64 mark, so why can’t people be happy? Talk about looking a gift horse in the mouth!

Goudton production is important too - clearly LK was disappointed with production because whilst he reached his publicised end of year target he did not ‘easily beat it’ as he expected to. The projection for 2018 of 900-1600 bopd will provide additional funding to maximise Goudton, the SWP and possibly other acquisitions too. The income stream it provides whilst not the end game is very important to funding the company’s future growth. We know news is coming but nobody knows when but news on the Bolt deal, Spain, production, water injection progress or an acquisition opportunity could come at anytime.? GLA - IMO patience will be rewarded////// This clown calls Goudron 'Goudton' twice and you are meant to take him seriously??????

[nexus7] 24/1/2018 08:06

From Rugby2015 Tue 20:00
-------------------------------------

RE: CF+ at $45

In the last media presentation the CFO gave he made it clear that every $ on WTI above $47 meant an extra $10k to the company. He stated most costs were fixed and lifting costs were so low that virtually all of this extra was net profit per month.
SPT tax has been mentioned several times and dealt with in the company website under Q & A and stated there will be no SPT tax to pay in 2017 and none expect for H1 2017 and due to further planned investment tax in H2 2018 is expected to be minimal.
Reduced costs are being worked on for Spain, NR salary is due to stop shortly ( in May off top of my head) and 1 other salary from the old BOD shortly too. WTI is looking steady around the $63-$64 mark, so why can’t people be happy? Talk about looking a gift horse in the mouth!

Goudton production is important too - clearly LK was disappointed with production because whilst he reached his publicised end of year target he did not ‘easily beat it’ as he expected to. The projection for 2018 of 900-1600 bopd will provide additional funding to maximise Goudton, the SWP and possibly other acquisitions too. The income stream it provides whilst not the end game is very important to funding the company’s future growth. We know news is coming but nobody knows when but news on the Bolt deal, Spain, production, water injection progress or an acquisition opportunity could come at anytime.? GLA - IMO patience will be rewarded