Canadian Over Share Chat (COPL)

What we have now is a clear financial base for the Company going forward and on very beneficial terms, thus inherently strengthening any negotiation position going forward - something that certainly wasn't the case before.

This is why I'm adding , excellent movement and great to see the interest back

You and me both mate.
The darkest hour is just before dawn.

I'll be happy if they can manage to secure funding for OPL226 and announce a PSC extension. Time is running out guys.

C'mon Berta .......cheer up !!.......You know you want to !!!

MMs taking you guys for a stroll again? In other good news, Brent is on the cusp of eclipsing $40 USD/bbl.

Very straightforward really - Essar was well aware of near term financial restraints impacting the company, hence their strength in holding out on any agreement to resolve said issue.

COPL needed to approach the market repeatedly to access funds within short time durations, undermining and weakening their own position.

What we have now is a clear financial base for the Company going forward and on very beneficial terms, thus inherently strengthening any negotiation position going forward - something that certainly wasn't the case before.

I hope that clarifies what is essentially a very obvious point, imho.

A major Re-rate and 'potential 20 bagger' as some have stated - Zak Mir mentioning a move to 0.2p??

Thanks for explaining

great post r tech..

"....we'll just have to make it up as we go along:-)).."

We have been doing that for 3 years now!

I'd have quite a wedge if we had drilled in 2018/2019 Jay. Should still get enough back to be worthwhile if things do fall our way. The only thing I regret is the lack of info that has been forthcoming which has made it difficult to match investment decisions with risk/reward. As Jiving pointed out recently there are probably more reasons not to communicate now that a court case has been filed so we'll just have to make it up as we go along:-))

Every part of that post is exactly how I think Rk. Been over it a lot but I too believe Art was expecting things to happen but was genuinely blindsided. Cheers.

I think it was because they used Agamore in a cynical attempt to try and show 'indigenous participation' which then caused the Nigerian Authorities to call foul. When they persisted it was Shorecan to the rescue as I think they were on the brink of being thrown under the proverbial bus at that point.
Instead of being grateful JV partners they waited until Shorecan had done all the hard work and then proceeded to use delaying tactics to try and bankrupt COPL.
When Arthur did that podcast back in September 2017.....the one where he goes on about not crying wolf......I think he honestly thought we could be drilling late 2017 / Q1 2018.
I also think he believed it when he said " service provider within a month" in 2018 and then Essar started the legal dispute.
I hope this is the last chance saloon for them as the bus is on it's way and the Nigerians are ready.

agree no easy. think many our the same over the essar issue. well over many issues. we shall see in common sense wins the day. art has often indicated that he felt a deal can be done in podcasts etc.
all such a shame. if essar had been better partners we could be drilling ages ago. less placings etc. dilution. I have averaged down more times than i care to think about. esp in the 0.4 /5 range. gla

Well, one can only try in ones effort to clarify the points raised.

Atb

And one informed poster (me) who clearly sees no strengthening of the investment case here while the Essar commercial dispute is still on the table. I'm content with my reasoning Bonum but thanks for raising your views also.

Have never been sure what kicked it off initially Jay. Was it a bad offer that got up their nose or the fact we were on the very edge of gaining project finance, finance that would have solidified the low percentage (compared to Shorecan) of the project held by Essar. Either way I'm hoping that something does indeed get sorted (without too much taken off our share) that allows us to drill this year. If we get to that drill the turbo chargers will be on here. I will add significantly if things start going the right way with Essar M.

I take it you have no further points to make NoEasy - thank you for raising those ones, as it gave an opportunity to several informed posters to address such and further clarify the strengthening investment case here.

Atb

noeasy lets remember that essar started it in sept as we ob made them a bad offer to take them out in July. Knowing art prob back end out of oil payments. they started legal work and from what arthur has said, we did a lot of the legal work to defend this then. Essar stopped as they realize we have a potentially winning hand.
While I dislike the essar bully boy tactics. I have never understood why?
They sold it to us as they burnt all their bridges there.
Nigeria dislikes them it seems. They even got aga (no doubt a corrupt ex oil minister). Everything they tried to do was bent it seems. Or not the proper way in Nigeria.
Today I truly hope we are now holding a lot more cards. We shall soon see.

Yes if possible please do raise the level of discussion and apply some common sense, we would all be happy to see that.

Perhaps I will soon feed you - refer to expenditure rate at that time and the duration the 3 M would have lasted. Also, it's a case of attrition and the fact that COPL are still here with renewed funding to cover them for the next couple of years going forward.

Let's raise the level if discussion here and apply some common sense please.

Atb

Spoon feeding.....apologies for typo Noeasy.

Please refer to my previous post NoEasy - it certainly makes sense and doesn't require soon feeding.

It's your choice to hold stock or not at this important juncture and prior to what we anticipate will be a very market-rate of the share price.

Atb

History tells us the Nigerian government would relish the opportunity to throw Essar M under a bus, you are spot on Jay as is your comments on the support they will give to Kola. No idea if it can be done but if it can be done then I hope they do it.

I think your last sentence goes to the root of the issue here Rk. Essar do want a return and most LTH's here believe that they have been holding this project up all this time for that very reason. I think we are all beginning to see what that 'return' actually looks like to them.

'Essar was well aware of near term financial restraints impacting the company, hence their strength in holding out on any agreement to resolve said issue.'

Goodness. So how did that go down in 2018 when COPL raised the £3m two weeks after Essar first raised the dispute? Did they COPL have near term financial restraints then? They certainly didn't. Did Essar cave in when COPL had that £3m freshly in their hands. Nope. Did Essar have the strength to hold out long enough for that £3m to completely disappear. Yep. Now however you are asking us to believe that Essar will cave in because we have raised £2m this time!

Pretty sure that your post hasn't clarified anything here and the 'very obvious point' you hope people believe you are making isn't really backed up with anything as opposed to the obvious and factual manner in which Essar reacted to the £3m placing.

Your argument really makes no sense.

I am working on the basis that Essar have by far the most to lose out of this and in the end it may come down to a game of chicken.
After the grief and nonsense of the last two years I cannot see Shorecan putting up with more of the same even if it means the loss or recycling of the license.
It would have to be bid for all over again and a fresh start from scratch. I could only hope that in that case, Shoreline would use it's influence and the whole process might be fast tracked.
In the end I can only hope that Essar will want a return on their investment and act like a genuine JV partner......something they should have done all along.