Columbus Energy Resources Share Discussion Threads

[garnhiem80] 13/6/2018 11:33

GY678 sidetrack Or redrill could throw things up in the air for GY670.. would you turn GY670 into an injector to support the new* GY678 (if connected), it was a higher initial producer so rates of water injection should* be higher :)

[arrynillson] 13/6/2018 11:22

Vike - if the production comes in at lower end I’ll be well happy as that will be a superb result and I will be singing LK praises louder than Rosie without the subtle deramp!

Re big acquisition don’t worry about finance LK will have lined up an a Placing with one of his contacts that will be accretive, if not immediately, within a short period. That is a risk factor which goes with the share - it is LK MO ( Ross tells me !)

[h van der h] 13/6/2018 11:17

as has been stated already by somebody on here if you take the icacos and bonasse production lines of the the lower case chart Goudron total is just above 800bopd.. yesterdays statement was for Goudron only production..

p.s
still mulling over the discussion of sidetracking/re-entry option for 678!! plenty of that line of thought will be applied to bonasse imo..

[vike1] 13/6/2018 10:44

The acquisition talk is exciting, but how they'd pay for it is the worry. £3m cash is not much of a pile in this industry. Plus, they need to pay for SWP next year, to which they've only said that the 2018 programme is covered.

The most worrying statement in yesterday's report is that 2018 production will likely be at the bottom end of guidance (below original base case).

I have a 7-figure holding, and am not trying to de-ramp, but do have concerns. Clearly, by this time next year the company will likely be unrecogniseable from the one we see today. Hopefully shareholder value goes up with it.

[garnhiem80] 13/6/2018 09:43

Partner in SWP.. along with an asset “Purchase̶1; aka a Merger!

[arrynillson] 13/6/2018 09:26

12bn - readers here like informed comment - posting 7 year old chip paper is a bit sad mate particularly as we've got a new team in charge and they will decide where to site the new drill. When you bother to catch up on the new team by doing a bit of research you'll find they have already told us their intentions for the new drill - it will be shallower and will cost a lot less.

I can't guarantee it's success but although I had to think long and hard about it I have decided to back the new team's judgement over you as you lost the plot a long time ago - way before you started posting KODswallop!!!!!!!!

[olly94] 13/6/2018 09:03

Hi Ed, the note seemed to suggest 26p without a major acquisition, unless I read it wrong. Either way as a LTH I would be happy with half of that.

[edgein] 13/6/2018 08:39

Yes Olly,

Value-accretive acquisition and drilling SWP early next year. That could bring them to that conclusion and beyond. LK has already mentioned the scale of the first proposed acquisition and how it'll multiply the share price which was around 6p at the time of that interview.

Regards,
Ed.

[edgein] 13/6/2018 08:37

No not much to say right now, plenty of noise from the non-holders though, as expected, they need somewhere to promote their duff I guess. Goudron and when they get Icacos and Bonasse permissions will help keep them busy on the ground but the news for major discussion is likely to come in '18 according to the most important line in yesterday's release. Material transformation through acquisition. As LK already pointed out a deal in the 10's of millions for onshore. That means production and reserves or at least PUD reserves if not PDP. Probably a field redevelopment similar to but of a larger scale to Goudron. And there's an almost infinite amount of possibilities in those target countries, Colombia being the most obvious, Suriname would be a game changer on the right asset that could do with a facelift. What CERP could do with a slice of that biggun, push it back up towards days gone by with some waterflood. Eyes will be peeled for the value-accretive acquisition in '18, if LK is confident so is old Ed, and then focus will also be on the monsters of SWP.

Regards,
Ed.

[olly94] 13/6/2018 08:36

We reiterate our Buy recommendation and 26p target price.Any thoughts on the sum parts of Cerp that bring VSA to this conclusion.

[12bn] 13/6/2018 08:03

Here is the NR comment on a deep drill way back in 2011.////////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.

Elsewhere in Trinidad; the farm-in to the Advance Oil Moruga North leases has been su

[12bn] 13/6/2018 07:46

I see the discussion is back on to the SWP at depth. Years ago this was promised by NR (2011) but nothing ever came of it,the costings discussed were $15-$20m for a deep drill to 12000 ft. Maybe a holder would like to spend time looking up the old discussion in 2013/2014 to verify this. I will cut n paste the NR comments. Needless to say nothing ever came of it and I presumed that it was prohibitively expensive and very risky. The Herrera sandstone level was drilled once in the 1960s (I think) but they lost/broke the drill bit,a very expensive loss. I notice rossannan was claiming costs of $3m for a drill there,this is widely optimistic imo,in fact unrealistic.

[arrynillson] 13/6/2018 02:48

Rosie - LK full of surprises - surely only for us - not for you - you seem to know what he's thinking before he thinks it himself - you little tease!

[garnhiem80] 12/6/2018 23:45

That’s what I thought! But also thought maybe along the lines that management had more skills to unlock potential?

[garnhiem80] 12/6/2018 22:52

“We have identified a number of opportunities both at a corporate and asset level which meet our strict investment criteria of onshore, operatorship”

What’s a Corporate opportunity?

[offerman] 12/6/2018 19:13

Hi Ed Hope alls well. I had wondered where you went . Did you buy back in today ? If so good price well done .

[holly day] 12/6/2018 19:01

Edgein, I referred to it in one of my earlier posts. Hope we hear about it via an RNS rather than an interview though! Let's see how long to wrap up the 'small' one first. There was me thinking it's only in Spain they say manyana.