Columbus Energy Resources Share Discussion Threads

[nexus7] 18/9/2018 08:22

From LLL Today 00:30
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RE: Petrotrin Closure

The Oilfields Workers Trade Union (OWTU) and the Board of Petrotrin are expected to meet on Tuesday to discuss termination packages for workers affected by the decision to close the Pointe-a-Pierre refinery.

Energy Minister Franklin Khan made the comment as he responded to an urgent question in the House of Representatives on Monday posed by Opposition MP Dr. David Lee.

He was asked to provide an update on the calculation of the termination benefit packages for all categories of Petrotrin refinery workers and the number of employees this would impact.

Khan was reported as saying that severance packages for Petrotrin workers will cost upwards of $1 billion, a small price to pay, he said, compared to the annual loss at $2 billion.

However, speaking in Parliament today, he said no final decision has been reached.

“The termination packages and the benefits therein, is currently being negotiated by the Board of Petrotrin and the Oilfield Workers Trade Union and a meeting is carded for tomorrow. So in a sense, I wouldn’t want to preempt or prejudge what package they will come up with,” the Energy Minister told members of parliament.

He added that some 4700 employees will be affected by the closure of the refinery.

“As to the number of employees that will be impacted, the total number of permanent employees that will be impacted from the Petrotrin restructuring is approximately 3500 permanent workers and approximately 1200 non-permanent workers,” he revealed.

The Energy Minister was also asked to clarify media reports that it will cost state owned Petrotrin under $2 billion to close the company’s refinery.

Khan stood by his comments that it will cost upwards of $1 billion, but noted that this figure may change depending on the negotiation process.

“I personally said the packages will cost upward of $1 billion and if you take the collective agreement and you do some basic calculations, it is obviously more than $1 billion. But the government and the Board of Petrotrin is willing to sit down with the union and go through all the numbers and possibly offer some enhancement to that package,” the Energy Minister sought to clarify.

[nexus7] 15/9/2018 10:23

Military intervention in Venezuela ‘on the table,’ says OAS secretary general

The head of the Organization of American States (OAS), accused by Venezuelan President Nicolas Maduro of being a “CIA agent,” says military intervention against Caracas should not be ruled out as a response to the ongoing crisis.
OAS Secretary-General Luis Almagro has hinted that the bloc may consider taking military action in Venezuela if it runs out of diplomatic options in its bid to alleviate the plight of people in the crisis-stricken country...

[nexus7] 14/9/2018 18:02

From LLL Thu 16:20
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Petrotrin
“Who are those waiting in the wings to come after Petrotrin’s assets?”

[fsawatcher] 14/9/2018 14:20

i look into this one again

when they update on production coz it time to tell market what goin on ere innit

[greatfull dead] 13/9/2018 18:17

Carp, nice one.

ATB,
GD

[carpadium] 13/9/2018 16:47

Blind Faith, Polydor album 583 059, as a young salesman sold it into Lancashire record shops by the bucket load, happy happy days.

[the guardian] 13/9/2018 16:42

offerman, were you ever in a blues rock band with Eric Clapton, Ginger Baker and Stevie Winwood?

[offerman] 13/9/2018 11:51

Morning Carp,I agree with you there. Both of those are very unstable but maybe it's a start a sign for Venuzela for the future long long way to go.We are close enough Close enough to tap into potential great oil reserves.I do agree about Columbia too. The anticipation is building I can't wait to see what Leo and team bring to the table with the big gold deal. It's certainly not going to be a bad deal that's for sure otherwise they won't do it. Going to benefit us all that's for sure.

[carpadium] 13/9/2018 11:41

offer, think our board is far too savvy to go anywhere near Venezuela (apart from where we are!). The same I hope applies to Colombia imo, too politically unstable.

[offerman] 13/9/2018 11:27

Interesting Shame we weren't local though . I don't mean distance as we are pretty close, they are obviously keeping it in house.

[offerman] 12/9/2018 11:09

Morning Ed Some great points made there.When looking at like that is seems more plausible way to go especially with similar characteristics of which they are now becoming well experienced with. Yes the funding has always been a big part of the paradox for me but again when looking at something like the Lind facility if something like that on a much larger scale can be incorporated then yes would bode extremely well. Sqz yes what a story that was at least with its SP, I won't lie and say I know a lot about them as I don't know ins and outs but their share price certainly did react that for sure . Also look at the more recent RPT massive share price gain and that only came from a modest reserves upgrade but the share price traced as value in the bank from an already production level. Deep down I think we all know we are something very very good here of LK gets the right deals and a little bit of luck along the way with SWP and also the kind of deals too. Clock is ticking .....

[nexus7] 12/9/2018 08:22

Port of Spain Extended Forecast with high and low temperatures


Not worrysome

[edgein] 12/9/2018 08:12

Offer,

Yeah more IPSC's could be possible, but again that's gonna be one of the smaller deals imo. A couple of LK's acquisition targets may well be within T&T. But imo the material deals are in SA. As LK says that's where the ambitions to grow are beyond the SWP deep wells. You could land some material assets from Shell in Colombia for that sort of cash. Perhaps even structure the deal similar to SQZ did with Erskine and by the time the completion date came the field paid for itself. I'm not kidding, check that one out. Shell would have lots of old non-core stuff close to Vene, just the way LK likes em, onshore etc. Suriname has a massive old heavy oil field onshore, I'm sure SA would like to get his hands on some of that. But time will tell and we'll see what this innovative funding is like, if its as innovative as the Lind financing at almost twice the current share price it should go down quite well.

Regards,
Ed.

[carpadium] 11/9/2018 22:30

Possible weather problems at Bonasse and Icacos ops . . .

[offerman] 11/9/2018 17:57

Congratulations Carp on your top up. Good point about getting us out of the AIM that's for sure. Perhaps this was Leos idea to try and stop the trading so much maybe by moving onto another index might encouraged longer term investment.There will also be institutions that might be limited and not be allowed to invest in such a small stock ( obviously not the case for Schroders) at the moment as high risk to them but should we grow the market And move to another index it might pave the way for further insti capital with a longer viewpoint as opposed to jumping in and out trading.

[farmergeorge] 11/9/2018 17:54

I notice that there is an inverse relationship between the CERP share price and the volume of posts, and yet people keep on posting. How about a suspension and no more posts for a month?

[offerman] 11/9/2018 17:53

Hi Ed My thought was more a case of us being awarded perhaps another psc very large one as opposed to them over to us. I agree it could be in SA Time will tell and I'm sure he's going to get on good terms as he does seem a good deal maker as well as the team. Not long to wait until the end of the year but my inner thoughts are don't expect too much as quite often things do get delayed so I'm hoping and expecting before the end of the first quarter just allow for the extra Delay as has happened with the steel drum sign off.

[carpadium] 11/9/2018 17:32

Well the biggie $100m acquisition LK is 100% determined to make will arrive, at any time I'd guess prior to the end of this year and should be totally game-changing for all invested. Not only for a share price re-rate but hopefully take the company out of AIM and into the small caps market, can't imagine there would be director reluctance to mature the company in this positive manner.

Small top-up once again today, the present 4.25p bid will before year end, in hindsight, look ridiculously cheap.

[luckyvince] 11/9/2018 15:36

all sounds reasonable, but i really need a moan and a groan.Fed up seeing red.

[edgein] 11/9/2018 14:06

Offer,

Yeah LK turned this around alright, there wouldn't have been talk of 1,000bopd or SA acquisition if NR were still here. I have a feeling that the gold deal is SA rather than SWP. There are no deep assets in the SWP and I don't think Petrotrin is very likely to farm-in on our acreage. Might they get the odd extra PSC on those shallow fields, sure that's possible but not likely anywhere close to $100m possible, more likely steeldrum size $2-5m. That sort of money would land some serious 2P in Colombia or into a huge field in Suriname.

Well LK has already stated that SWP will be drilled from free cash flow. The cash flow should be reasonable from 1000-1200bopd as we've practically no debt and some of these fields won't be PSC. So unlikely to be much more dilution unless its linked to another one of these acquisitions.

Regards,
Ed.

[offerman] 11/9/2018 11:35

Morning Ed, It certainly is the question R.E 500mc.What I find interesting and a possibility is that petrotrin T&T gov recently stated that they will be involved in two major projects in the SWP . So I'm wondering if one of those or potentially both would involve CERP possibly the 100m deal LK spoke about . He seemed sure something was on the table or ongoing and for me to state that so early without any clarification or confirmation of a deal indicated that he seemed pretty certain something is going to come off. So I wonder if one of these two big deals is that. Take all your points as well about VSA Ed and certainly more deals are going to happen that's one thing we can be sure of. Let's hope it is a gold deal by year end or before the end of the first quarter 2019 to be in time before the major Herrera drilling. That would then soften the blow should the first either deepening or fullon deep still doesn't come up trumps then at least we will have the new deal to ramp up production and exploration . Of course there will be dilution BUT for a damned good reason not just lets raise a load of shares for a chancy drill then be FUBAR should it not pay off as previously . Full confidence in LK he's already done so much in a very short space of time when you look at NR and LGO....!!!!!!

[nexus7] 11/9/2018 11:06

From Garnhiem. Mon 15:25
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RE: VSA
“Completion testing of Snowcap-1, the second exploration well drilled on the block is substantially complete. This well was designed to assess and evaluate the production potential of three (3) different play types, namely the Eocene, Footwall Herrera and Hanging wall Herrera zones. Following drilling to TD of 8,600 ft, four (4) potentially productive zones were tested. The primary zone of interest (Hanging wall) in the Herrera Formation was selectively perforated at 4,597 ft to 4,603 ft and tested initial rates up to 1,450 bopd and gas at rates up to 6.2 MMcf/d. The zone was then flow tested over a six (6) day period on a three-point test, producing 37 degree API gravity oil at a rate stabilizing around 578 barrels per day and a gas rate of 4.6 MMcf/d (total of 1,345 barrel of oil equivalent per day at a 6:1 conversion). Tubing Head Pressure at the end of the test was 600 psi. The zone produced no water on the test.”

*The primary zone of interest (Hanging wall) in the Herrera Formation was selectively perforated at 4,597 ft to 4,603 ft and tested initial rates up to 1,450 bopd and gas at rates up to 6.2 MMcf/d.*

I assume there’s more than 6ft to be completed.

[edgein] 11/9/2018 09:45

Good morning offer,

Well that's part of the $500m question for sure. According to past interviews etc they're in discussions re-deals at the moment. LK sure has dropped a few hints. Whether or not gold completes before Christmas or next year is anyone's guess. He sure did hint at a material deal as well as the small deal both this year. We'll just have to wait and see. Then there's the SWP drilling in H1 next year too to make that $500m cap a potential reality. Good to have all these little fields ticking along in the mean time. I wouldn't worry about the 25p target of VSA too much, its not factoring in the two main drivers of the share price, acquisitions and SWP. We'll see what price they come up with when one of the larger acquisitions completes, especially if its got material 2P and redevelopment potential. Then we'll build towards the excitement of the SWP deeper wells next year. LK got Lind to agree to a new tranche of convertible loan at 8.1p per share (not drawn yet), I'd loved to have been in that meeting to see why they agreed to such a premium. I guess we'll probably find out in the coming months.

Regards,
Ed.