Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Not long before it was a mere 24. Let's see what happens. Too early yet to get too carried away
0.275p paid, JBER moved from 0.26p to 0.28p.
From nearly 6% down to level
Wow 28 now on Google
Rktech, a great post by someone who is obviously clued up and not flustered by the SP.
Hold and patience is required.
I have tried to think of a reason for the delay in getting the PSC approval given the history of how this project has panned out.
There is no reason why Essar would want to hold things up now as they've got the lion's share of the licence which was always their objective.
Shorecan are happy to proceed with things as they are, having a free carry on first drill and an opt in clause on a further 20% in the case of success.
NNPC and DPR are the one's who are holding this up and their well known historical reputation of painfully slow and unjoined up bureaucracy, no doubt made worse by the current restrictions is probably the reason.
It would not be unreasonable to suspect the possible effects of the brown envelope culture and a falling SP allowing people to load up before an announcement but in reality I really think that unlikely.
It will not surprise me if this drags on past the 30th September, which is an expiry of the current licence but does in no way mean that it will not be renewed. If that were to happen there would be for one thing a seriously bad message sent out to foreign investors and in any case it would be met with appeals and litigation that no one could possibly want.
Moreover, Kola has all the major players on speed dial and so it just has to be down to bureaucratic incompetence compounded by restrictions due to current circumstances.
The PSC extension will come sometime this year but the drill bit will not get turning until 2021.
There is no point comparing the drill to Liberia as that was in 2 kilometres of water and we are in 50 - 80 metres on OPL226 with a simple jack up rig and not an expensive and technically challenging deepwater project.
There is also no reason to treat the 30th as some kind of doomsday deadline although there will many who head for the exits only to be disappointed when the PSC lands.
All this is just my own opinion and not financial advice.
I’ll tell you know you’ll go up 20% now my holding is reduced lol
Mkbarnes I want it to go up 500% lol yes would not get as much but would be amazing. Copl is the share for me just trying to be clever and trying to earn some free copl shares. Probably won't work but you never know. Take care my friend and come on copl.
Massiveray are you in here? What are your views here if you are?
haha, that made me laugh Panama, I was told to never use the atm on a business trip to Nigeria, so I used the one inside the bank in Abuja, the next day £800 was fraudulently taken from my account...
Bolton. You now have me torn. I want the SP to rocked 500% tomorrow, but seeing you miss out would be terrible!!
Yep spot on panamabob
I will say that even if this comes good(and it will) I vow never go go near anything remotely Nigerian ever again!!!!
Panamabob I am to but will see if it was a mistake hopefully I have some luck. Copl as been a journey from hell really for 3 years and lost a lot but it will come good drill February or March hopefully. By then I will be fully in then for the long term love the potential just was never here for placings after placing and missed targets. But the project is massive and a game changer just wish it would have happened when I payed 5k at 1.67 would have been a monster then when we had most of the licence. I will be fully back and knowing me probably a week lol
Bolton. Very surprised you sold some. But good luck anyway!!
Sam.
You seem like a genuine guy, so I really hope things work out for you. Just a couple of notes following on from your points:
1. SYME Mcap - is there much room for huge growth in the short term? COPL is priced as a shell still
2. UK lock down will not affect drill timetable. Many respectable posters on here have commented that once approved, the shallow water drill we will be looking at can be done within short time frames
3.refer to point 1
Hi Sam, this all makes sense. You have done your research and made your assessments, as only you can do. It is your gain or loss after all.
My view on the PSC re-rate is different from yours as I mentioned. My view on the drill is that it will come later than most people think, but honestly that is more time for excitement to build.
The same company drilled Liberia in the late fall of 2016, but they spent more than a year building up to it. As did their share price.
I would be tickled pink if the same thing happened here: Announce timing in October 2020, drill in late 2021, but have the PS more or less climb the whole time.
XOP pretty much 4-bagged just while they were waiting to drill. And they spent most of that time diluting and granting options to execs!!
Also CawCaw my plan is to buy again after the PSC trade once the price settles down after a few weeks/months at my guess now I’d say somewhere around 0.35p and once we know what’s happening to the UK with COVID, and then hold those long term all the way to the drill
Cheers Bolton great minds think alike lol
CawCaw I really like COPL but the three reasons why I sold some in the end today.
1. Because I believe SYME will rise more than COPL this week, meaning when I trade the PSC it is with more shares which equals more profit and worst case PSC is negative I lose less money, (I think this is a very slim chance it being negative but there is a 2-5% chance)
2. The main reason for me selling isn’t anything to do with PSC it’s to do with the drill, The drill is further away than I think people are aware after speaking to Cathy over the weekend from her wording of the emails I had with her as she has told me there have been delays due to Covid which is understandable but with the UK edging towards its second lockdown that’s what did it for me.
3. PSC I would love this to get the value it deserves but I think will only do 30-40% imo before dropping back, which I wouldn’t have seen my initial buy in back. Before being well I truely locked in and at least trading it I get the full benefits of the rise!
That’s all imo and if PSC lands this week I’ve been caught out and put my hands up and say I was wrong about it coming on the 30th and I’ll of missed out
Sam i am on the same journey as you. Must admit its a bit of fun when I bought syme 0.62 did go down lol. But I just hoping it comes off then hopefully can be back in copl before drilling starts happy with my holding here still and like sam if syme goes up over next few weeks might just sell and be back all in here. Will see how it pans out but did feel strange selling some though also seems strange seeing another share in my portfolio as only had 1 for a couple of years. Good luck all and come on copl
Very interesting assessment Sam.
My view is that at current levels (.26-.4p) this has failure priced in. Markets are assuming no extension and no PSC, given the proximity to expiry and not a peep from Art.
If it is renewed, I think (hope) that the market will price it as a company that is a going concern. And holding a free carry on a drill into a Saudi-sized heavy oil property.
Right now we are valued at 21MM CAD where I am. Companies that are scheduled to drill into potentially world-class plays like this one (billion barrel sized assets) get valuations that have one additional digit in them.
That's what I'm hoping happens...basically I hope you are wrong :)
The other poster made the point that you will have to buy back in to take advantage of the PSC spike. Which you won't be able to do once the PSC news is out.
Feels like a stock to either buy and toss in a corner and not check on, or else swear to never own again. If you buy when you're excited (on good news) and sell when you're nervous (during the fear and loathing stretch between RNSes), you might end up giving away all your money...
today was a strange one for me I topped up then decided to sell 3/4 of my holding so still holding a few, to get into SYME after it dropped, whether that was the right thing to do I don’t know right now, am hoping SYME rises over the next few sessions and this stays around 0.3p mark I will then trade for the PSC on 30th, I came to a realistic view 0.50p plus won’t come on PSC alone without drilling I think 30-40% tops now then a drift back down, therefore hoping SYME will come better than this the next few days then will trade this on the 30th to recover 30-40% and then sell and invest in SYME until this price settles probably around 0.35p with PSC extension being granted, I feel the drill won’t be until mid to late next year now and SYME will grow a lot more in that time. If the PSC falls sooner I’ve been caught out like a lot of others will be, Bolton sold a few today as well so I’m not the only one he joined me, I’ll be back with more shares in a few days time fingers crossed if not I’ll have the few I have which will come good for me! I still firmly believe PSC will be extended and come on the 30th