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Bladderman. IF COPL via Shorecan is seeking to register for the new licences then we should get official news quite soon. The Nigerian DPR says the announcement of prequalified applicants for the new fields will be announced on Sunday 12 July. If we are among them I would assume we would get an RNS shortly afterwards detailing this, perhaps as early as Monday 13 July.
Well gregerio, you seem quite negative about this share, recently writing :-
“With this share it’s always, WOW or BOOM but nothing ever happens, strange bb in my opinion”.
Considering we have gone up 10 fold in a few weeks, I would say that is WOW and BOOM.
Reading your posts you seem to be unsure of your answer, which I suppose is understandable based on the not so certain future of the market.
Do we really want to continue the Nigerian adventures after all the Grief we've endured with OPL 226 and African Time etc. etc Haven't the last three years taught us anything?
Particularly If you believe oil will be struck in OPL 226, you will know you will have funds for further development in the area.
As you say Bladderman, let’s see the RNS and get the company and SP moving.
We have the contacts - let's see this in an RNS!
Would be mad not to for $115k registration considering the scarcity of such potentially lucrative fields. Obviously we don't want distraction to meet the aforementioned deadline. Surely Art isn't stupid enough to lose sight of our key focus. If he has ambition to create a mid tier company he'd be naive to pass for registration on such an opportunity
Jivinvg,
I agree with your thought process. New licence round (after 13 years) is only for registering your interest at this stage backed up by some development plan for only $115k payment. Company just raised US$1.5m so would still have $1.4m cash.
Any new licence can sit in the background for lets say 2 years, while Copl gets on with OPL226 and fast track cash flows from say 3-4 wells in quick order.
I am more interested to know if the first drill is going to test all pay zones, 6000, 7200, 8000. Last 2 pay zones cover over +5 Billion barrel potential resource as per Page 6 of company presentation. So bopd estimates could be revised even higher. Will find out more details as we get closer to drill.
Not sure how I feel on possibly another distraction, there are licenses to be had all over , how about Canada or the North Sea, it’s laughable how long this has gone on , could of found oil with a pick and shovel by now , right now , how about the first one , very frustrating to hear things other then , when are we drilling!!!!!! Cross your fingers for next week
CDN. I agree with all your sentiments & share them. I think Mozambique has come to full stop, and the company is looking for another opening. We don't actually know if COPL has joined Shoreline in registering for the process, but its likely we will know by Monday 13 July. The reality is this is the first Nigerian license bidding process for 13 years, for a relatively small small registration fee we can participate in oil fields of interest. As many of these are potentially producing fields raising finance may be a lot easier. IF we are trying to participate, we are a long way from requiring substantial investment, the process of deciding winning bids takes till year end. It strikes me as a low cost investment that could be very useful 1-2 years out & its in Nigeria, with Kola, not Upper Volta. IF the £500k second placing was for this, it was about a 4% dilution, I can live with that.
Jiving it is a good point that licensing opened up, but we just cleaned up creditors at an awful dilutive rate. We are not flush with cash. So why go blow more cash if we have none? Maybe focus on getting the cash flow going so we can negotiate better terms with creditors on future deals like Mozambique. Let kola make the deals and farm out our expertise until we have cash flow.
I agree Arthur needs to focus on OPL226. But the simple practical reality is the Nigerians are holding their first license bidding process for 13 years. You either participate now or not at all, Shoreline according to the press is participating, so it may make sense for COPL to join them in bidding for some of the licences. This is initially only registering & submitting plans, no results will be made public till the end of the year. It makes a lot more sense for COPL to pursue potential opportunities in Nigeria than elsewhere in Africa, the key is Kola. Any serious financial and resource commitments would be for 2021 & beyond, i.e possibly when we have oil flowing!
Just need Arthur to remember his own words and concentrate on the big prize and not be diverted . No more surprises Arthur. We are still trying to come to terms with that second Placing which many feel was mistimed
Arthur Millholland, President and CEO, commented:
"This is a great outcome for the Company in these uncertain times. We look forward to the future working relationship with Essar to unlock the potential of OPL 226."
Resolved in the nick of time to nail an extension which expires Sept 30th
GLA
See what a lush rib eye steak sandwich and a decent green tea can do, lol
They want expertise (i.e, COPL) and cost covered (Essar) to get this potentially lucrative drill done because its been dragging on way too long since seismic re-interpretation. They want investment and revenue and that's why this will be signed off and given the green light. Moreover, license extension is a formality IMO. Their government is only too aware that £25M has been spent on seimics etc and the legal issue has been resolved. Let's crack on with drilling this 1-2.6Bbo Delta resource. At just over £10M it's almost party time for COPL