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Cuda revenue may be locked at pre flood production level, as they owe so much and can’t pay, why should the original JV terms with Atomic be carried on by copl? It’s a fair one to not allow copl actions to benefit their partners until future positions are known. A timeline must be in place, resolve your debt or wi comes to copl, so cuda debts and liabilities increase, revenue only due to oil price and not volume, soon drilling starts at $2.5m per well, expect its resolved before that cost is incurred. As by the same rationale cuda get the new cc production share?
‘… The Company recognized $150,000 as pre-license costs for the three months ended March 31, 2021 that related to an anticipated new acquisition project...’
Lol, but Sound of silence will hopefully become a v.loud hallelujah.
Of the owed fees, there is reference in the MDA to
‘.. 100% of the Company’s revenue receivable as at March 31, 2021, were owing from one company. Of the Company’s joint interest billings receivable as at March 31, 2021, approximately 96% was owing from two partners in producing units..’
which may (or may not) be referring to the $2.3M ‘unrealised crude gains’ which is outwith the $0.5M revenue from Q1’s accredited 16 days production.
It has been spilling for a while Shaa, and co....
We all knew back when, that our, 'pardners' were, fiscally constrained... thanks to key posters here. just like the Atomic main course.
I am looking forward to munch on more Canadian beaver, followed by a little Chinese.. .
Good luck to all.
I think Art smells CUDA’s blood Shouston
Cuda wouldn't hesitate to take us out
Edit. Day 5
Well,are we expecting something tomorrow. Fat 5
Taking, All of CUDA, sounds very mercenary Shaa!!
Like it a lot....
Thanks for fleshing out the point I was trying to make Ruth CUDA Charlie. It’s clear something has to give and dialogue is ongoing. With WTI stabilising and relist imminent things looking brilliant here.
Considering they haven’t a pot to **** in Charlie, I am expecting some sort of compensation off them, if not all of CUDA,
Either way the SP will rocket
Shaa - thumb screws
They owe us $9m - interest is at 18%
If we pick up all the costs it gets added to the loan account and will be subject to fees. ( admin, consultancy fees, interest etc)
The debt is growing that they owe to us by the day.
Now given the $1.5m recently paid for upgrades etc that’s another $410k instantly plus interest on the Cuda bill for 27.7 %
We have all this gas we fast track drilling we fast track miscible flooding at Cole Creek.
We are progressing and the figures above are growing by the day.
Even if we take costs back out of their profits they receive Zero.
They are in massive amount of debt so how do they pay what they owe to other lenders?
Arts playing the game.
There is only so long this can continue and I’m guessing days are very, very numbered.
I think with COPL paying entirely for Miscible Flooding is a big clue.
Noob, I guess you mean creditors. They will just want their loans settled by best means. Plenty of room for a deal though.
The picture will become clearer with Q2 results for CUDA unless we get an update earlier.
LB28 Art is always silent.
Not a view I share, but your perception is in keeping with your general negativity.
Green coffin for you.
CUDA are skint the ceo may well not want to sell out completely so a partial release of say 10 percent Wi may be an acceptable compromise….no cash up front from copl and debt settled
art has said that a resolution to the debt Cuda owe copl will be delivered in ‘neat time’.
I reckon they will give SOME WI to COPL in exchange for monies owed
I understand Glenn to be a tough character who will not want to let CUDA go, he might not have a choice.
Given the silence from Art on the matter, suspicions are it’s sensitive so something could well be happening.
It not be nigh on impossible. CUDA need a miracle to survive, so if no deal, just wait for them to go to the wall. Maybe that’s why Art is in talks with Lenders, who knows.
As for C... we can only hope it is not required.
Good point made by Noob that it will be nigh on impossible to force Cuda out, but was heartening to hear that AM was in talks with their senior credit lender. Hearing figures approaching £60M to £70M being thrown around for Cuda.
IF we float at £170M peeps might consider what it might take to then acquire.
ie. the C word…
CUDA are in a very bad way.
The company has already stated it is at a risk of being unable to continue as a going concern. The company has failed to be compliant with credit facilities, and currently Liabilities outweigh assets on a 1.3:1 ratio.
Glenn may well want to play hardball, but the writing is on the wall, and the better option may well be a deal of some kind. Just have to wait and see but current trends are bye bye CUDA.
Edit:- 'dubious management'
No disrespect for, "our dear leader".
Smarter than the average oilman, booboo!!!
Stumbling onto this share... lol PB.
Some time toward the end of last year, I started to research a tip from a good poster on UFO.
I mistyped COBR, and ended up reviewing the chats on here thinking why did this, respected guy, want with a, "walking dead" company which was run by a failed management chasing dreams in Africa...
Then news came that, King Arthur, was buying a new Nag, called Atomic...The Copl lifers were now very animated. Behaving like a group of Male monkeys getting a first glance at a female in months.
So I joined the troupe....
Hold tight!!!
What I find interesting is the number of ordinary people who one way or another stumbled onto this company,never really realising that it would change their lives totally.
But until the last bricks slot into the wall, that new world is tantalisingly close but still a fingertip away.
Come on COPL and FCA. Let's do this!!
Yes CUDA is in a bad way.
We have all been concentrating our research on BOPD and Miscible flooding, and quite rightly so.
However, increased ownership will send the SP skywards.
P.S. I wonder if Art will also be looking for better finance then the current deal as he said it was an expensive loan, another that could send the SP higher.
not as much as before their last debt restructure and equity to debtors
so they must be well pleased lol
If I remember debt then was not far off our loan deal, thinking June 2020 results had deficit
for Cuda around $60-65 Million before another restructure a few months later
:))