Columbus Energy Resources Share Discussion Threads

[offerman] 10/10/2018 08:11

Agree Ed it does have far more going for it than before. A lot toChoose fromThat's for sure.

[offerman] 10/10/2018 08:10

WF certainly appears like it's working with charges being seen in other connections too .

[edgar222] 10/10/2018 08:05

Offerman

Certainly I agree with drilling deeper at Goudron.

The Company almost has an embarrassment of riches and choices now and is going to have to prioritise and manage them all. Very happy that this management can do that in their sleep.

If waterflood works as it appears to be it could be the game changer

[offerman] 10/10/2018 07:52

Makes sense to reduce Goudron reactivations workovers as that will save money. No point doing these wells of constant issues with sand and even new machinery isn't resolving the issues there hence reduction in interest there but instead focusing attention elsewhere on out new license fields. The same techniques will be used on the other licenses so we could see better results than with Goudron . WHAT IS IMPORTANT THOUGH IS WHAT LIES BENEATH GOUDRON Something that I mentioned on here many times and a few over at lse, and vmax brought up again yesterday on lse. Forget reactivations on Goudron and drill down deep in feeder section as excellent API and vast amounts most likely down there.

[smoggyg] 10/10/2018 07:49

10/10/2018 7:00am
UK Regulatory (RNS & others)

Columbus Energy (LSE:CERP)
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Today : Wednesday 10 October 2018

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TIDMCERP

RNS Number : 4816D

Columbus Energy Resources PLC

10 October 2018

10 October 2018

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Business, Operational and Financial Update - Q3 2018

Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to provide an update on business, operational and financial activities during Q3 2018.

Following the announcement by the Company of the completion of the acquisition (the "Acquisition") of Steeldrum Oil Company Inc ("Steeldrum") on 8 October 2018, the Company has incorporated Steeldrum's business performance into Columbus' financial accounts with effect from 13 July 2018, the effective date of the Acquisition.

Key Highlights in Q3 2018:

-- Average production of 735 barrels of oil per day ("bopd") achieved during Q3 2018 by the Columbus Group with 751 bopd produced on average in September 2018 (Q2 2018: average of 553 bopd).

-- Peak production of 879 bopd, achieved in September 2018 (Q2 2018: 648 bopd).
-- Gross Revenues of US$3.85 million achieved (Q2 2018: US$3.01 million).
-- 62,658 barrels sold during Q3 2018 (Q2 2018: 50,314 barrels).
-- Average realised sales price from operations in Q3 2018: US$60.90 per barrel (US$60.00 per barrel in Q2) - peaking at US$62.14 per barrel in September 2018.

-- Strong progress made delivering Columbus' strategy roadmap of being cash flow positive from operations and providing a foundation for creating value though production and M&A growth.

-- Completion of the acquisition of Steeldrum achieved in early Q4 2018, adding significant optionality to increasing production going forward. Excellent collaboration between Columbus and Steeldrum management/staff in Q3 2018 with the integration of the two organisations well-advanced and the collaboration already delivering positive production growth in the Steeldrum fields.

-- Cashflow positive position maintained from operations delivering US$0.54 million after taking account of intensive field maintenance and well workover campaign during Q3 2018 costing US$0.72 million.

-- Continued focus on capital discipline, with cash balance of US$1.97 million at 30 September 2018 (30 June 2018: US$2.35 million).

-- US$0.31 million also held as restricted cash at 30 September 2018, these payments made in Q3 2018 address legacy Performance Bond and abandonment fund requirements in Trinidad.

-- Further reduction of G&A costs with significant downscaling of London office to now just support administrative and technical/engineering requirements.

Outlook

-- Group remains on track for production from Trinidad to exceed 1,000 bopd by the end of 2018 and the consolidated group, post the Steeldrum transaction, is expected to remain operationally cash flow positive.

-- Integration of Columbus and Steeldrum to be completed by end Q4 2018, with Steeldrum sub-surface team immediately joining the Columbus sub-surface team at the Company's expanded Trinidad office in San Fernando, optimising co-ordination across all seven fields/assets.

-- Operational teams from both entities, collaborating on implementing various newly identified opportunities to increase production across the expanded Columbus portfolio, all to be funded from production revenues and available cashflow.

-- Technical work continuing to identify the optimal drilling locations for the SWP exploration programme, planned for mid-2019 onwards.

-- Continuing to work actively on new acquisition opportunities in Trinidad and South America using the following investment screening criteria: onshore; operatorship, easy export routes, mature oil provinces in the Caribbean or South America; close to infrastructure; funded in a manner which is accretive for Columbus' current shareholders.

Leo Koot, Executive Chairman of Columbus, commented:

"It has been an exciting few months for all at Columbus as we sought to complete the acquisition of Steeldrum after it was announced in early Q3 2018. We are delighted that this was achieved just after the quarter-end following a huge amount of hard work by management, staff and advisers from both entities.

"We are already seeing the real benefits of having increased optionality for production and joining the two entities together provides a stronger platform for growth and helps de-risk our portfolio in Trinidad, with Group production averaging 735 bopd in Q3 2018 and hitting a peak of 879 bopd during the quarter. The collaboration between our technical and operational staff since early July, which has included the introduction of operational techniques which we have successfully employed at Goudron, has already seen some early gains in the Steeldrum fields with, for example, production at the Innis Trinity field peaking at 217 bopd in September 2018, which is greater than has been achieved for some time.

"Gross revenues from oil sales from the expanded Columbus portfolio increased to over US$3.85 million during the quarter and further production growth over the coming months should provide additional revenues and cashflow to allow us to chase additional growth opportunities.

"We can see many opportunities for achieving quick production growth across the new Columbus portfolio, which now includes five producing fields, one development project and our highly prospective South West Peninsula ("SWP") exploration opportunity, and we will be implementing those projects in the coming weeks with the objective of exceeding 1,000 bopd in Trinidad by the end of 2018. This programme includes our ongoing water injection campaign at Goudron where we have already injected over 79,000 barrels of water into one well and are seeing clear signs of connectivity to adjacent wells.

"As announced in early September, we also plan to bring the Snowcap Field in the Cory Moruga Licence onto production through re-starting the Snowcap-1 well before the end of 2018, using existing infrastructure and available funds, following the received formal confirmation of the extension of the licence by the Trinidad authorities. We believe this will achieve a quick production "win" for Columbus towards the year-end production target highlighted above.

"We continue to address a number of legacy issues which have been un-avoidable during the quarter, including ongoing issues in Spain and the need to undertake a "financial catch-up" on both abandonment fund provisions in Trinidad and also the placement of performance bonds on our Trinidad fields, both involving costs which should have been incurred a number of years ago. This will all help in establishing a more solid platform for growth in Trinidad going forward. The closure of our main London office in July was another example of where we will take action, as required, to reduce our running costs and create a better support basis for the future.

"Finally, I would like to thank all management, staff and stakeholders at Steeldrum for their support since we announced our acquisition in early July. We look forward to working with them as we move forward together to unlock the many real growth opportunities we are planning to chase in the coming months."

DETAILED INFORMATION

STEELDRUM ACQUISITION:

During Q3 2018, the Company released a number of announcements relating to the acquisition of Steeldrum, including on 8 October 2018 when completion of the Acquisition was confirmed. These announcements are available on the Company's website.

Steeldrum is the parent company for the West Indian Energy Group Ltd and is the owner of the licences for the Innis-Trinity field (100% and operator), South Erin field (100% and operator) and the Cory Moruga development project (83.8% and operator), all located in southern Trinidad and close to Columbus's existing assets. The Innis-Trinity field and South Erin field have remaining 2P reserves of approximately 4 million barrels of oil ("mmbbl") and 1.6 mmbbl respectively. The Cory Moruga development is expected to have recoverable reserves of approximately 1.1 mmbbl.

The Company will now focus on growing production and revenues in Innis Trinity and South Erin, through the adoption of a similar operational strategy to our existing fields and will commence further appraisal including commercial sales from the Snowcap-1 well as the first step of moving the Snowcap Field in the Cory Moruga License towards a full field development, with this being funded from available cash resources.

OPERATIONS:

New Operating Strategy:

The growth in the number of producing fields and active wells that the combined organisation brings about, allows a new approach to managing operations to be implemented. The sharing of experience, resources and services is allowing new opportunities to be identified for production growth in all fields. With each field being run as a cash positive asset, Operations Management have the opportunity to allocate people, inventory and services to the greatest operational benefit of the combined organisation.

The learnings from successful well reactivations, active well optimisations and sand control techniques employed in Goudron are being extended to the Inniss-Trinity and South Erin Fields with the strong cost control focus of the Steeldrum organisation being brought to focus the combined team on fast cash return wellwork activities. Combined field inventories also allow wellwork and drilling planning to progress with a renewed focus on production gains per dollar invested.

The combined Operations team to be co-located in the San Fernando office is planning the use of short-term cashflow growth-based prioritisation tools to high-grade the wellwork activities across the fields. Individual producing well optimisation, common to all fields, will include the shared use of field-based petroleum engineers to extend the fluid level-based approach to maximising rates across all active wells. Initiatives specific to each field, such as Goudron water injection pilot work, is being assigned to teams responsible for implementation. This has allowed a target-based approach to be adopted allowing peak rates of 1,000 bopd to be set by year end.

Goudron:

Continued operation of the Waterflood Pilot "A" is planned in Q4 2018 to add to the cumulative 79,000 Barrels of produced water already injected into GY-667. Following the injection of twice the historical produced fluid volume of GY-667, the Company has obtained positive evidence that the well is not in its own compartment and pressure responses show evidence of reservoir charge. This is a positive result within the expected water injection timeframe and the Company will continue injection whilst awaiting an oil response in the adjacent offtake wells.

Monitoring of offset wells for definitive production gains continues with a decision on adding injection into GY-209 planned by year end. The availability of over 1,500 BWPD of produced water allows plans to be drawn up for submission of a separate Goudron Mayaro reservoir layer water injection to complement the existing Pilot A, "C" sand injection which targets prolific production wells GY-664 and GY-665.

A reduction in workover rig activity has occurred in Q3 2018 which, although resulting in oil production compromises, has resulted in higher positive cash generation. The activation of the Columbus owned workover rig will form one focus of Q4 2018 activities.

Bonasse:

Three wells were reactivated in the Bonasse Field through wellbore clean-out workovers in August 2018 - Bonasse -3, 5 and 10 to add to the active Bonasse-1, 2, and 4 production. Additional productivity stimulation is planned on these active wells in addition to the planned reactivation of wells Bonasse-8, 9 and 11.

Icacos:

Steady gross field production of 22-24 bopd continues on the three active Icacos wells IC-1, IC-2 and IC-9 with the transfer of operator responsibilities being planned during the course of the quarter. Active wellwork on the Icacos Field and elsewhere within the licence is being planned.

Innis Trinity:

A successful rig workover programme was performed in August 2018, resulting in the reinstatement of wells including AT-12 and AT-80 allowing the highest production rates year to date to be achieved in September with production peaking at 217 bopd.

Combined planning of well optimisation, well reactivation and stimulations with ongoing Goudron operations is occurring, including the benefits of active joint inventory optimisation to fast-track positive gains and reduce incremental costs.

The facilitation of the planned pilot injection of Carbon Dioxide (CO2) as an Enhanced Oil Recovery methodology suited to the Innis Trinity Field is actively being planned with Predator Oil and Gas.

South Erin:

Active well optimisation of South Erin wells is being practiced including the application of potential well stimulation techniques and sand production alleviation. The ER-105 well, delivering 65 bopd of the field typical 85 bopd monthly production has been the focus of well optimisation efforts.

Drilling planning for a well targeting the ER-105 compartment has involved the combined Columbus/Steeldrum subsurface team, as well as additional appraisal well location reviews to work up a multi-well drilling programme with the combined group assets.

Cory Moruga/Snowcap:

Columbus announced on 10 September 2018 that the Ministry of Energy and Energy Industries in Trinidad (the "Ministry") had granted an extension of the licence for the Cory Moruga Block (the "Licence"). The Licence will now run until 2032.

The Company will now proceed with a phased development of the Snowcap Field, the first step being commercial sales from the Snowcap-1 well using existing infrastructure, with this being funded from available cash resources. Columbus plans to commence production as soon as possible now that the acquisition by Columbus of Steeldrum has been completed.

Further field facilities and development wells will be added on a phased basis in subsequent years based on initial production performance.

Columbus is also considering other drilling opportunities on the Cory Moruga Licence and also at South Erin and Innis-Trinity, all to be funded from currently available resources. Further updates will be announced in due course.

HEALTH, SAFETY & ENVIRONMENT ("HSE"):

The Company passed 500,000 manhours without a Lost Time Incident ("LTI") in the Goudron Field on 5 October 2018. Total Goudron field manhours in Q3 2018 was 35,350, (24,526 manhours in Q2 2017) and the milestone signifies over 40 months since the last LTI.

SOUTH WEST PENINSULA ("SWP"):

The Bonasse, Cedros and Icacos licences make up a dominant position in the onshore acreage of the South West Peninsula of onshore Trinidad. A geological review of the shallow, undrilled exploration targets underlying the Bonasse Field was undertaken. A decision on progressing with testing enhanced 3D seismic processing techniques on the existing dataset, which can improve definition of structural features used to identify hydrocarbon traps along the Southern Anticline, is planned in Q4 2018.

SPAIN:

In Q3 2018, there was no material activity in Spain. The Company continues to maintain the Ayoluengo Field on a "care and maintenance" basis whilst awaiting the commencement of a new tender by the Spanish authorities.

The Company incurred costs of approximately US$0.40 million in maintaining its obligations in Spain during Q3 2018, with this including US$0.17 million of taxation payments to the Spanish authorities relating to the staff redundancy process undertaken in Q2 2018 and a further US$0.15 million placed in escrow relating to a historical legal issue which the Company is challenging.

UN-AUDITED Q3 2018 FINANCIAL SUMMARY:

-- Gross Revenues of US$3.85 million achieved (Q2 2018: US$3.01 million)
-- 62,658 barrels sold in Trinidad during Q3 2018 (Q2 2018: 50,314 barrels)
-- Average realised sales price from Trinidad operations in Q3 2018: US$60.90 per barrel (US$60.00 per barrel in Q2) - peaking at US$62.14 per barrel in September 2018

-- Cashflow positive position maintained from operations delivering US$0.54 million after taking account of intensive field maintenance and well workover campaign during Q3 2018 costing US$0.72 million to grow production

-- Capex of US$0.17 million incurred in Q3 2018 (Q2 2018: US$0.5 million). Main cost focus in Q3 2018 has been on field optimisation and workover activities (see above)

-- M&A costs of US$0.36 million in Q3 2018, including US$0.12m relating to the Steeldrum acquisition and US$0.24 million as part of the BOLT completion process.

-- London office closed in July 2018 to reduce G&A costs, leaving a small office in central London for technical/engineering support going forward.

-- Continued focus on capital discipline with cash balance of US$1.97 million at 30 September 2018 (30 June 2018: US$2.35 million).

-- US$0.31 million also held as restricted cash at 30 September 2018, these payments made in Q3 2018 to address legacy Performance Bond and abandonment fund requirements in Trinidad.

-- Lind Partners loan position: Loan balance reduced to US$0.48 million at end September 2018 (US$0.59 million at end June 2018) with all monthly repayments made in cash during quarter. With the acquisition of Steeldrum, the Group will have total loans outstanding of approximately US$2.24 million upon completion. Company will be drawing down a further US$1.25 million from a new Lind Partners facility (the "2018 Lind facility"), announced on 13 July 2018 alongside the announcement of the Steeldrum acquisition, to repay a US$1.25 million loan which Steeldrum holds with North Energy Capital AS ("North Energy and "North Energy Loan"). The new Lind loan that is drawn-down under the 2018 Lind Facility, which was specifically envisaged within the 2018 Lind Facility when it was established, will be repayable by the Company over a two-year period at approximately US$62,750 per month. The Company has made no decisions as to whether it will drawdown any of the US$2.0 million remaining under the 2018 Lind Facility, once the above-mentioned US$1.25 million has been drawn-down for repayment of the North Energy Loan.

-- All planned activities, business costs and liabilities in 2018 in Trinidad, Spain and London, including loan repayments, will be funded from production revenues and available cash.

The Company continues to monitor its funding position and, as noted above, is able to fund its planned activities in 2018. It also has access to a further US$2 million from the 2018 Lind Facility which was established as a "financial insurance policy" given that there are always potential issues which may arise when integrating a new entity. The Company needs to retain financial flexibility going forward and continues to examine new business opportunities and funding possibilities including debt, equity and contractor financing for those opportunities with various external parties.

M&A ACTIVITIES:

The Company continues to work actively on a number of acquisition opportunities in Trinidad and elsewhere in South America using the following investment screening criteria: onshore; operatorship, easy export routes, mature oil provinces in the Caribbean or South America; close to infrastructure; funded in a manner which is accretive for Columbus' current shareholders.

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Qualified Person's statement:

The information contained in this document has been reviewed and approved by Stewart Ahmed, Technical Director (Trinidad), for Columbus Energy Resources plc. Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers. Mr Ahmed has over 33 years of relevant experience in the oil industry.

Contact Information


Columbus Energy Resources plc
Leo Koot / Gordon Stein [phone]
VSA Capital Limited
Financial Adviser and Broker
Andrew Monk / Andrew Raca / Justin McKeegan [phone]
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish / Rosalind Hill Abrahams [phone]
Camarco
Public and Investor Relations
Georgia Edmonds / James Crothers [phone]

Notes to Editors:

Columbus Energy Resources Plc is an oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America. The Columbus Energy group has five producing fields, one development project and a highly prospective exploration portfolio in the South West Peninsula ("SWP"), which lies in the extreme southwest of Trinidad and consists of stacked shallow and deep prospects. Columbus is cashflow positive and aims to create transformational growth by developing its portfolio in a capital efficient and disciplined manner.

Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.

The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across South America in order to build an oil production led South American exploration business.

To find out more, visit www.columbus-erp.com or follow us on Twitter @Columbus_ERP.

Glossary


"bopd" Barrels of oil per day
"BWPD" barrels of water per day
"LTI" Lost Time Incident
"mmbbl" Million barrels of oil

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

[carpadium] 10/10/2018 07:47

Notwithstanding poor production levels at Goudron, for the reasons given, a pretty good scenario for Q3 demonstrating the workload they're getting through. w/f progress looks spot on.
Cash level acceptable considering all the legacy costs they continue to meet.
Onwards and very definitely upwards.

[edgar222] 10/10/2018 07:40

"Look at what water we pump in and wait 6 months for that amount of oil to come out" to not quite perfectly quote LK

79000 barrels of water pumped in.

Connectivity already established

Looking at the next well for waterflood already.

It is working.

[brasso3] 10/10/2018 06:56

DL is not to be trusted IMO. [FULL STOP]

SWP is an interesting region but I would prefer to here LKs views and not anything that DL has to say.

[smoggyg] 10/10/2018 06:13

Here is the RNS I mentioned in above post,way back in 2011.//////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.

[smoggyg] 10/10/2018 06:06

David Lenigas called the it 'the 800lb gorilla' field and thought it stretched from Venezuela. He only saw it as reaching the SWP but I have a feeling that it actually reaches far into Trinidad and is the source of the light Goudron oil but I am not a geologist. He thought a drill to 12000 ft would hit the source reservoir in the Herrera sandstone level,which was only drilled once back in the 1960s I think. Unfortunately that drill resulted in a lost drill bit and it was never attempted again. The cost of a deep drill was expected to be $15m-$20m,so very expensive but times have changed and costs could be way lower than that now. NR did mention he wanted to drill to this depth way back in 2011 but he never did it obviously but if the source could be drilled to I think it really could be a game changer here.

[nexus7] 10/10/2018 00:07

From Vmax Today 19:00
-------------------------------------

I havehigh hopes for this company and there is no reason not to IMO, but there is still for me one thing missing that could outdo even the SWP and no one ever mentions it. Where in the name of the wee man does 37 api oil from Gourdron come from? We all know it has to migrate or mitigate from somewhere as it is so light that it must be a seepage from a larger field. I only ever seen LK talk about this in the early day and NR never did but I always had it in my mind that there must be something phenomenal that feeds this 37api oil. The ARC survey must have found something ?
We never managed to get LK on the strength of Gourdron production alone. So IMO there is still more to be unfolded.
You can be a ramper or a deramper but you cannot say that that 37 api oil just materialised from nowhere . Well I suppose that you could and then you should maybe invest in something else apart from oil.
Interesting times ahead indeed and would love someone to ask LK about this tomorrow.

[edgein] 09/10/2018 17:29

OT

Toploader, nice one. Well they haven't started to drill yet, just announced they've lined up a rig they expect to get their hands on next month. They're then gonna drill two back to back appraisal wells starting Q4 and taking about 45 days per well. Should be plenty of news flow throughout as there's multiple pay zones in that first Chevron well (drilled in the 80's). They get 88% of the revenues until project payback. Also development is phased early production through a barge before full field development. Offtake and pre-payment facility organised with BP etc.

Regards,
Ed.

[edgar222] 09/10/2018 16:45

Waterflood always interesting but only really got going in June. Good news this early would be a real bonus.Goudron production being stabilised a big issue.Snowcap/Steeldrum and how they feature in the figures also important. No idea what to expect from Bonasse.GLA

[carpadium] 09/10/2018 16:42

Hoping we may see a revised strategic road map unveiled tomorrow. LK agreed at the AGM of the need for an update to the original.

w/f progress (not so much production), BOLT deal closure and Bonasse production top of my interests although many other company actions could whet the appetite.

All soon to be revealed, alarm clock set!

[toploadermike] 09/10/2018 14:21

Ed, OEX have dropped haven't they and nice going if you got out at that price, fortunately I got in really low and am just sitting on them until the courts decide, should be very soon and it will either be a boom or bust and worth a punt IMHO. Not a bad selection you have there, I nearly went into SRSP but decided it was too heavy for me at present due to current load, I too have mining and metals, just love the oil and coal stocks and especially the fast erratic movers. I shouldn't really be adding more to the port-f right now as always go away over the Xmas period somewhere exotic and sit there buying all I can, prices normally rock bottom around the that time so normally get holiday paid for by the time I get back. Nothing quite like sitting on a beach somewhere buying stocks while everyone else is shivering cold.. :)

I might just have another look at SRSP, do you know off hand when the appraisal is likely to finish?

Br
TL

[edgein] 09/10/2018 14:00

Toploader,

Not held OEX since they announced that that Cambay well looked better than all the other similar horizontal fracced wells in USA. I luckily sold then in excess of 10p per share, it turned out it was far from that on production. Not been back in since. I noticed they were negotiating to get their indian partners share. You hold there I guess?

I too have been investing around 26 years and see this as the next SQZ, a company that delivers material developments and value. The only other oilers that I have at present are SRSP (about to go appraisal drilling) and COPL a high risk punt chasing after 460mmbbls recoverable gross from the NOA complex part contingent, mainly prospective. The rest of the porty and bulk of it at the moment is mining mainly precious and battery metals.

Regards,
Ed.

[toploadermike] 09/10/2018 13:09

That's great news to hear :)

BR
TL

[edgar222] 09/10/2018 12:27

No none. Aex, Iog, Cerp and Aaog are my current. First 3 all expecting big news by Christmas. Aaog drilling now.

Every share I own in CERP is a profit for me as I recouped on LGO thanks to Leo Koot. So a paper shame not an actual one !

GLA

[toploadermike] 09/10/2018 12:25

Shame on the LGO Ed, got any OEX? Could be a real interesting change coming.

[offerman] 09/10/2018 11:57

Nice post Edgar. In agreement with you .

[edgar222] 09/10/2018 11:36

Totally agree topload.The "feeling in my water" about Cerp points to great success.Never a reason to buy but it tallies with the huge amounts of activity going on IMHO. The transparency, ambition, honesty and track record of management are all massive factors for me too. Sitting on a huge paper loss in LGO when I saw Leo Koot's first video and I piled in. Seen nothing to change my mind so far.Tomorrow is a bit of an acid test for me. We are over the original plateau on the roadmap and I want to see the future. I can wait. But I need at least "on the right track". But if I am honest I am secretly expecting a surprise to the upside tomorrow.

[toploadermike] 09/10/2018 11:22

Agree Ed and it's funny really, I've been investing in stocks for over 25 years and one gets a feeling on these things (not always right of course), but the way the companies look at investments, loans, drawdowns, own share capital and so on normally are good indicators on if they are going to be big hitters, after all it's not just about the black stuff, it's a business and I really do get a good feeling about this one. To see high numbers in their targets is normally a great indicator of intent imo, companies are not always capable but in this instance I believe they have an excellent opportunity.

I've stocked up again and going to hold onto these for a while yet, I get a gut feeling we will see some news soon but even if we don't, that doesn't worry me in any way shape or form.

BR
TL

[edgar222] 09/10/2018 11:05

Agree Edgein.Had forgotten about Snowcap. 100 barrels of fluid pd expected without work. They dont know how much of that is water. The initial flowrates were bigger than gy-670. Waterflood anyone?!

[edgein] 09/10/2018 10:48

Toploader,

It'll be interesting to see if LK has anything else up his sleeve for tomorrow. Getting the company past 800bopd is definitely a good start. Throw in Snowcap-1 and a few other bits and bobs on Bonasse and Goudron by year end and it should be easy enough to hit his 1000bopd target imo. Of course a "material deal" could instantly multiply that. Its been a long time since LGO/CERP produced more than 800bopd.

Regards,
Ed.