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NoEasy. Mr.P. Yes the 'new' licences are so called 'marginal' rather than exploratory which potentially makes some of them potential lower risk, near term producing wells. As they were previously 'indigenously' held by Nigerians to foster the local industry it is a stipulation that bidders must be 'indigenous'. For whatever reason, previous licence holders - due to lack of expertise, lack of capital, misjudgements - have failed to utilise them properly.
I see the name Shoreline mentioned among others. The way it works is that an indigenous bidder is allowed to bring in international partner (s) up to 49%, so IF we are bidding it will be via Shoreline & Kola. IF it is the case it shows the value of the Kola connection again & as we know the NNPC are comfortable with both Shoreline & COPL, it must bode well should we be bidding. 57 licences, total registration costs of around $115k per licence I have seen mentioned.
Key Date = 12 July announcement of prequalified applicants. Payment from 13 July onwards.
You are right Jiving it is 13 years since the last exploration licensing round. This round is more important though as it is for 'marginal fields' i.e. where a discovery has already been made as opposed to a general licence. Last round for these was in 2002/2003 so they don't come around often. If AM is going for another licence somewhere in the world it would be good if it is one on which oil has already been located.
Excellent posts Jiving - thanks
Bob. Second placing was an unwanted nightmare that bought back all the 'Bad Arthur' memories, just when we had hoped he had turned a new leaf. But it was either necessary to meet financial obligation for the 10 July PSC/Essar schedule OR its related to the payment of the registration fees (payment due shortly) for the huge batch of new Nigerian licences that are being offered for the first time in I believe 13 years. IF its the latter that could mean some additional positive news later in the summer.
Couldn't agree more Base.As part of Art's Redemption he HAS to deliver the next batch of expected news on time. Any delay and the Market may need convincing all over again.
This second Placing was an unwelcome surprise(at least to me) and we are still waiting for the smoke to clear
I'm hoping that before Close today we start to make progress. It's been a frustrating week for many of us. Let's hope there's light at the end of the Friday tunnel
Baserite. Totally true & the AM credibility deficit has not been helped by the timing & manner of the recent placing RNSs. But we still are in a way better place than we were at the end of May, we still would have had to pay off $2m debt (1.75b @ 0.07p), and raise finance continually at around 0.07p or less.
So we are in a way better place & have a clear deadline of 10 July for the critical Nigerian PSC extension & then hopefully simultaneously or soon after signing of the new JV contract with Essar.
To make big money out of these small cap stocks you have to be prepared to hold for a long time but at the same time also keep an eye on them and be prepared to sell out immediately should things go wrong. Patience and attention is key.
Patience Oil Beast. That's how we'll all do very well from these levels. Just doesn't seen to make sense to sell below 0.3p. MMs trying to frustrate people into selling so they can sell them back next week a lot higher. This is the buy zone IMO. Would like to see 0.3p on the Ask but that might not happen. For not a lot over £10M we have a lot of bang for our buck as it were! The fundamentals tell us all we need to know. When the US and Canadian markets are back from breaks next week this should start building big momentum
The credibility issue as I alluded to yesterday is at work here imo.AM’s reputation for not delivering over the past few years on promises is still the overriding memory of Copl for many peeps and until everything is delivered via rns in black and white as the 35 day date runs close many will withhold / run scared
0.30 looks like a solid base price now.
Good summary.
Investment case we know is very strong. Market waiting for next bit of news before things get even more exciting. Not many would have the patience to wait. Hold for next 6 months. This is a Multi-bagger from current entry price in my view.
?Free carry on an appraisal well to be drilled in a shallow water, prolific hydrocarbon rich basin.
?£25M spent on Geology and seismics thus far
Target well geology parameter: 1000 md (1 Darcy) indicative of a very high quality Nigerian shallow water reservoir
?Essar multimillion ££ operator
1- 2.1 billion barrel resource (up to 15% net to COPL)
?Multiple well development planned
?Cashed up: £1M cash raised by an Investor at 0.3p with a £2M debt facility plus £200k from YA
?Exciting Mozambique license and progress
?Targeting new discounted assets in COVID situation
?License extension contracts due next week with CEO confirmed progression.
Trading at highs of 0.48p last week now priced all for well under £12M with 3910M shares