Canadian Over Share Chat (COPL)

Re:Nigeria, just come out and say it rather than burying it in a document, it’s shady at best and quite childish to be fair.

I’m still hopeful RS report and RBL will get us moving up.

A decent RNS .
But I'm more interested in what's happening now.
Production increasing and Ryder Scott next week.
That should set the SP on fire

Think he basically said next week.

With ryder Scott report due before AGM now saying end of May. Basically due now but putting end of May covers it so could even land today ?

See in the extra Canadian info section , finally admitting , Nigeria dead in the water
it would appear......

ShoreCan and Essar Mauritius
have agreed to extend the completion date of the definitive agreements on various occasions, most recently to
December 31, 2021. Due to a lack of response, ShoreCan has not sought further extensions at this time.

from the 414k MD&A File on SEDAR

https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00021327

The financial figures tell us otherwise Tiburn.

But T

Morning HODL

just to clarify your statement made last night:

"What Tiburn is alluding to is not increased BOPD ,but a boost to free cash because of a debt repayment from a partner."

No i wasnt :) - I diagreed with your take on the net production average of 1250 bopd and instead outlined why I thought it was ave c 1619 bopd

As stated in RNS:

"The Company has held Cuda's average production of approximately 477 bbl./d in the first quarter of 2022 ("Q122") and 506 bbl./d in Q421 to offset the ongoing arrears. Thus, in aggregate, the Company's total net average oil production in Q122 was 1,591 bbl./d as compared to 1,600 bbl./d in Q421."

Mea culpa, 28 barrels out.

We all make mistakes on data interpretation, retain different parts of the information to hand, learning from others understanding on the BB is a good not a bad thing, if your invested.

R Dunc for example is obviously industry and has an excellent demonstrated first hand understanding, we benefit from his knowledge, others are financial experts, business strategy etc - no one PI has all the answers, deferring to others expertise is beneficial.

COPLH
Whilst we are speculating a bit on the precise numbers, two points are wrong:
(a) On Tilburn's point, even if the CUDA debt has increased that does not mean the cash position was not better in Q1 - setting aside whether in fact it's a delayed billing thing, it just means CUDA were not quite covering what they owed (not surprising given that is why they went bust, and there would no doubt be hefty late payment charges/interest). The cash position still should be better.
(b) Happy to be corrected on this, but the CUDA debt written off for the CUDA purchase isn't the equivalent of cash. If COPL were not the purchasers not all the money would have been paid back anyway as CUDA is bankrupt - COPL is writing off something it would largely not receive anyway.

There's nothing more stomach wrenching than watching the "villain" try to portray himself as the victim/martyr.
Yuk

Copplites gather,
I can sure draw a crowd!

PanamaBob
Incorrect. If that's acceptable to you, that's your choice. It wouldn't be mine, I won't judge you on that comment.
I'll make it clear, you'll never hear me use any of your family to make a derogatory point on your personality.
If I do I shall apologize.

illusion,
"nobody has printed a bad word about him only disputed his numbers which are incorrect as usual. He must have some protection within LSE, the thread removal from last week is an example" .

You're not bad person, revel in your dirt as much as you want. Swim, splash and bounce in it.
The denial of the many efforts to verbalize bitterness do those chaps much more of a disservice than I! Lol.
The world will be your oyster but the truth is a shipwreck ..

My arms are open.
This really is Toodles.
x

What U would say is if I spent my working day doing what you're doing,then my kids would be upset

What fake indignation !!;

Cup holder

Not a problem sir, your math checks out. Although I get $19,000,000ish fully collected in cash from both sales. I believe the full lein bill to be around $4.2m, and you are completely right about the tax part as he also mentioned this.

Not long to wait now everyone. COPL is a beast in the making (not rainbow chasing) happy with 50-60p

Hi Daniel,
I welcome your comments.
There should be disagreement and examination and no inarguable, it alarms one to read a post and another claim holiness to it.

We don't know the structure of the current bill or how it came about in the interim period. We do know this much.

"As at March 1, 2022, net of revenue, the amounts outstanding to SPC totaled approximately $3.6 million (the “JIB Obligation”)."
This would need to be accurate. It also marries to the date COPL will be assigned legal control of CUDA

I think AM, when emailing you, is actually referring to none of it being uncollected (as assumed as part of the purchase).
Which I maintain $20-$21m
You're correct however, I used 'written off 'in the wrong way at the wrong time. It's assumed by COPL so will be a tax deductible

Apologies to Tiburn, if I knocked a sense of tranquility with my riposte 'must be on drugs'. I had wondered if all gloves were off since PanamaBob referenced my family , Shaa called me the 'worst human being' and Spotify declared one a 'maggott'.

My impudence shall refrain, from what I'm claiming, is caused from excessive ale yeast.

toodles!

Didn't they sell the Canadian asset for a cash consideration?

Best to wait for the "official" numbers. Not long to wait.
My head's going round with all these attempts to get to the Truth

What Tiburn is alluding to is not increased BOPD ,but a boost to free cash because of a debt repayment from a partner.
That isn't happening anyway.

Anyway.
Some are making a CUDA purchase price error.
They are reading the figure withing the FTI document,
"contingent on the Transactions closing, estimated to be $22.6 millionCAD " then deducting the outstanding bill of $3.6m USD
That's incorrect.

Here is why:
Look at how much is being distributed.

CAD $
Transactions proceeds $ 24,300,252
Cash on Hand 187,658
Total - Sources 24,487,910

Holdback
Selling Agents' Commission 655,000
Receiver's Fees (incurred and estimated) 505,595
Receiver's Counsel's Fees (incurred and estimated) 380,715
Operating expenses 90,000
G&A expenses 74,500
GST Assessment 49,865
Contingency 100,000

Total - Holdback 1,855,675

Interim Distribution to Tallinn 14,943,803
Interim Distribution to BFI/PwC 7,688,432

Total - Interim Distribution 22,632,235
Total - Holdback and Interim Distribution 24,487,910

FTI are distributing $24.5mCAD AND COPL are writing off the CUDA debt.

FTI had $187k CAD before the dist. process.
Gas works $2mCAD. (Adjust for your pleasure).

CUDA price is
$24.5m CAD(distrubution)

+$3.6mUSD (CUDA debt written off)
-$187kCAD Carryover prior to payouts
-$2mCAD (Gas asset)

= $20-21m USD for CUDA. Unless a better view? Please present.

In short form: You can't distribute $24.5m with only $15-18m( the suggested cost from some) sale price from COPL for CUDA

Many thanks.

The figures known are up to December billing. January and February aren’t added yet.

It’s billed 2 months behind, the amount owed is held anyway. Sorry I normally don’t mind your posts but nothing is “written off”. Been told by the big man himself that all revenue is kept by COPL.

Hi Guys,

The premise is all wrong
Billing outstanding has actually increased and is being 'written off' not collected.
They haven't even covered their COPL billing for Q1

Here is why:

From 31 December to 1 March outstanding amounts increased.

PAGE 5-
"as at December 31, 2021, Cuda's current operating arrears owed to SWP is $3.2 million as reflected on Cuda's joint interest billings from July 2021 to December 2021"

https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00021327&issuerType=03&projectNo=03363404&docId=5170306

PAGE 17-
"Amounts owed to SPC on account of JIBs pursuant to the unit operating agreements governing the US Assets continued to accrue during the Receivership Proceedings. As at March 1, 2022, net of revenue, the amounts outstanding to SPC totaled approximately $3.6 million (the “JIB Obligation”)."

We have a sum if you look carefully.
"operating arrears owed to SWP is $3.2 million" @ DEC + "Accounts receivable collections (to fti) $ 398,692" = "amounts outstanding to SPC total on MARCH 1 approximately $3.6 million".

Owed amounts to SWP is up by $400k from 31 December 21 to 1 March 22

Many thanks

COPLH/Tilburn

If I have understood Tilburn's basic point correctly, Q1 figures should be better than 2021 Q4 because of the net billing (or whatever you choose to call it) - taking money directly for CUDA's share of costs, and the arrears. That should make a material difference to the cash position at least.

SHouston. Are you awake yet?
Any straws in the wind?

RDunc. That's "obviously" what we have to deal with on a daily basis.
"Nonsense"

Germany is being quite confrontational with Russia isnt it, saying that it will end Russian oil imports by the end of the year no matter what.

The EU will surely go off their lead with few countries given more time to do the same.

This war seems like it won't end for months and months. Nato are still causing Mr Putin much annoyance and after the war does end normal oil trade - one would assume - would not be able to resume for a while.

I think the oil price will go way higher still even with slowdown in demand for goods and services.

If it does rise then good for COPL cashflow. Over months / years

Although.. I do feel sorry for people that can't afford all the rising price to fill up their car etc.