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Do you still think relist by of of August.
Yeah i think so.
Do you still think relist by of of August.
Pretty sure Legin is Art. Who else would try and argue Art has kept us informed. The only time he has ever kept us informed is when he is required to do legally. And even then it's usually after multiple delays.
What a tool you actually are.
Great post Charlie as always, I am struggling with some of the negative views and accusations being thrown around and wonder why and on what basis people invest.
They will soon be happy when they realise the value of their holding, and if they understand the business they have invested in, they might go on to hold for another 12 months plus and make further gains.
I listened to the AGM in full, and have verified the content with others.
Look at what other posters have also contributed regarding Q1 accounts.
You have misunderstood, and have now made false accusations against the CEO and the company you are invested in.
I sincerely hope nobody is reading your posts and taking them in, that would be foolish, and these are the pitfalls on these forums when people spread misinformation.
You are filtered.
What are you talking about?
I’m telling you what was said at the AGM? Believe it or not?
I don’t care, you’re obviously more of an expert than I am (and I don’t pretend I am).
Make your own conclusion.
Jamie, so would have picked up Art stating that here was a need to provide 3 years worth of audited accounts for Atomic needed for the prospectus which were completed in the 16th June.
The Q1 accounts needed to be finalised to include the 16 days of the new business.
It wasn’t difficult to comprehend.
As a few others have clearly stated, the company are doing all they can to keep us informed of progress, which is very challenging given there is a comms emabargo while FCA process continues.
I go back to your post and your accusation that Art has lied to us all. This is most definitely not the case and I advise you to refrain from such accusations as it is misinformation and misleading to fellow members.
Whilst everyone else was watching England v Germany instead :-D
Anyone else who was listening in on the AGM will say the same. Exactly what he said.
I’m more than sure, I was listening to it.
I am not to sure how much more clarity the company can give.
The prospectus has been back in forth "they have had to jump through hoops" or words to that effect where used by Art.
Prospectus needed figured from accounts. As per Q1 account the completion of Atomic DID NOT take place until the 16th March - hence the accounts only showed 16 days up to the 31 March.
Those same accounts have been added to the prospectus and given to the FCA. The company is now waiting on FCA approval and acceptance. Given the back and forth of the prospectus to date I expect this to be a fairly straight forward process as everything else is agreed.
-$1.5m paid to subcontractor to increase gas capacity
-5 year Contract in place for gas
-Additional $150k paid for licencing
-OPL266 update due (out of our hands *Nigerian government)
-Miscible flooding 4 month in (*started 1 April)
-Q2 accounts will be completed but delayed till no later that the 31 August as not to effect prospectus.
-Additional drilling rig
Seems to me the company is informing us as much they can without effecting the prospectus. They are giving us update and insights without saying to much. This is the problem with many posters they dont know enough about the process and restrictions during the RTO and agreement of prospectus with the FSA, so much so they interpret the process as delays when in fact its formality.
Unfortunately the ability to line the dots or not in some Pis cases my draw on the level of understanding of the market in which they invest.
Jamie, not sure why you thought it was 2000 accounts, it was the Q1 results that needed adding hence the delay waiting for them to be finalised and added to the prospectus.
He actually said the 2020 Atomic accounts were the final piece to drop in with the prospectus.
I presume that the Q1 have also had to be put in due to them being overdue.
Delaying Q2 gives him a window to get the Prospectus approved and back re-listed rather than having to add Q2 and delaying even further.
All good, tick tock….
'For clarity, at the AGM Art stated that the prospectus had been back and forth to FCA and that Q1 results are the final piece that needs slotting in.'
It seems there is a bit more than just slotting Q1 results in or we'd have an RNS but think that will become clearer if things happen quickly or not from here. Benefit of the doubt for now. If nothing in a few weeks time that one goes down as a big, fat lie.
'how many administrative staff did COPL have on the payroll before the takeover?'
This one did make me laugh..
Very interesting posts today. But what we need is CLARITY>
I'm afraid that can only come from the company. They must se the well meaning conflicting views here and the sooner they clear this up the better.
For clarity, at the AGM Art stated that the prospectus had been back and forth to FCA and that Q1 results are the final piece that needs slotting in.
This is a very complicate process that involves dual listings in two countries with two regulatory bodies involved.
Comms are restricted due to the process involved with suspension/prospectus/relist etc.
People that know Art tend not to get sucked in to his timelines.
But I do not believe there has been any lies, and we are in a very good place, and like you say relist shortly followed by Q2 results will be uplifting.
This is a transformational period that COPL will kick off with relist. It can be frustrating, but 12-18 months time from here will be a very different company and holders will have substantial gains in the value of their holding.
Keep the faith, be patient, keep level headed.
Lol but going by the outrageous mixed plates of previous Copl word salads, the ‘administrative staff’ was perhaps a sum total of one, AM himself (plus 11 disciples, i do believe).
As per Charlie & Ed’s points, suspecting that we must be very close to refloating on account there appears to be a whole raft of material points loading up eg. additional two oil producing units, additional ‘significant’ BFU oil flows and possible new arrangements with NOPs.
Legin252. Well if you feel you haven't been lied to that is up to you but what I feel is obviously different and the person who is spreading the disinformation is the person who stated it i.e our CEO. Now it's obviously only opinion as for all we know we are 24hrs away from the prospectus being accepted, however history dictates that there hasn't been a deadline met for many months and history also dictates that when the company has missed a quarterly result the FCA require it to go into the prospectus. Now I don't see how Q2 will be any different to Q1. I obviously hope it's accepted before the 14th as personally I think the increase in sp will be greater by announcing the Q2 results post relisting and not pre. Each to their own.
Yeah good point Charlie.
I think that a lot of people have overlooked the fact that COPL are transitioning from a micro-cap minnow to a serious producer. That's a fundamental transformation - many companies have gone to wall as a result of trying to swallow larger competitors with completely different management structures and accounting systems. Delays are not surprising - I'd say they're damn-near inevitable, given the volume of work required to integrate the companies.
Apart from issues relating to the outsourced auditing work (EY bill by the hour LOL...), how many administrative staff did COPL have on the payroll before the takeover? It's inevitably going to be a nail-biting wait because until we re-list, we can't be 100% certain that some regulatory spanner isn't going to be thrown into the works to de-rail the whole endeavor, but I'm still confident.
Good luck all
Looks like 16th August to me. (Mind the GAP).
Funds are all ready to snap these up, as those early turnover sellers offload.
(This has locked up their day cash for a long time).
That Xmas bonus will be much appreciated.
Dough - I have a feeling there might be a few cards up Arts sleeve and these will be disclosed after re-list.
A 3 month period of miscible flooding is a decent period.
Given the Q1 report of a 50% increase I believe that Q2 accounts will also show an increase and going forward regular RNS updates possible monthly will be issued to support the miscible flooding increases so the market can keep track of things and feed the sentiment.
Initial jump would suggest field is responding better than anticipated, such words RNSed will get the market very excited
The impression that I'm getting is that they'll relist when Atomic has been integrated into COPL and they can be reported as one company. According to the Q1 release we're in the final stages of that progress. If they were to wait for BFU peak production that's projected to be about end of 2022. As for peak rates from 226 and Cole Creek/Cole Creek Deeps etc that's really hard to put a time on given the drilling upside and number of locations there. As a guess I'd say we'll be back this month or next, but certainly not dwelling on it as it makes little odds in the grand scheme of transition to mid cap/large cap.
I agree no real material change in Q2, if they had agreed a solution to the NOP default or anything other material event we would have heard before 30th June. However I'm expecting an increase in production during Q2 as injection started at the beginning of Q2. My guess is that Q2 entry rates were similar net to Q1 of around 700bopd net. I as a guess would imagine that by the end of Q2 average daily net rates were about 950bopd net. Then end of July we're now closer to 1100bopd net, perhaps over the last week or so maybe 1150bopd net. The material change was reported in Q1 report with the increased of 50% to gross 1800bopd to current production. But hopefully we'll find out the exact figures by the end of the month, perhaps by then current production may be 2000bopd gross. Again I'd expect all this to be covered in the comprehensive ops update coming.
The FSA will have required figures for the prospectus.
Its going to get very interesting here imo.
Re-list and prospectus will be either based on the 1200 bopd figures for the 16 days to the 31st March or the increased 1800 bodp figures as a minimum output.
Interestingly we now see that accounts for Q2 can be filed any time up to the 31 August.
The reason for this is simple, if the prospectus is agreed on Q1 figures you cannt add Q2 figures without a full review. It is much more simpler issuing Q2 accounts after re-list.
Sentiment will be high on anticipation and positivity. Given we should hear something this week in relation to prospectus being accepted by the FCA I would have hoped by next week we will have also received an update on a re-list date.
So best case scenario, we are re-listed by or between the 9th to 13th August. We then see the markets reaction to the re-list PIs out with a profit PIs, traders and ii taking positions for the Q2 accounts and long term hold.
The SP on open will not be reflective of reality or current situation. if based on Q1 accounts it reflective of output not inclusive of miscible flooding. Interestingly though the Q2 accounts will be. As we have just had audits on our accounts and Atomics accounts everything should be (imo will be) ready for issuing Q2 at any point after re-list before the 31st.
The miscible flooding and field being at the beginning of its life cycle means that out put and profits can only grow as they follow the upward curve.
The markets have been very unstable and stocks pumped everywhere, even those that are not producing (88e for example) have seen a MC of over £600m. Given we have oil and proven reserves, in addition miscible folding increasing bopd and approved licences and more than one project to go at, this will be come a case of how high can this go.
Interestingly why there is all the noise of Atomic many forget about the real reason PIs bought into COPL. OPL266, given changes in government and issuing of licences this could be close. There are some that will argue that its taken years to this point but there are those that can also see what is going on globally and know that Nigeria is looking for investment as the government relies on the taxes generated from the O&G to support some 80% of their income.
COPL are now a fighting force and have shifted from an explorer to producer.
What is scary is some still think the delays are unjustified and things like a RTO or the legal aspects of a RTO on LSE and dealing with the FCA happen over night. Unfortunately you guys are wrong and I question your motives and certainly your degree of knowledge and understanding of how markets operate.
For all the genuine holders out there, congratulations, the time has come to shortly re-list. This certainty is going to be one hell of a journey. In many instances life changing money will be made especially for those that have done their
Outwith the initial flow improvements as you have correctly described, the cumulative result though is then :
‘….there is no material information concerning the affairs of the Company that has not been generally disclosed since the filing on July 23, 2021 of the Company's latest interim financial reports for the period ended March 31, 2021…’
ie. the Q2 has not materially/significantly changed from the Q1, which makes sense whilst the initial flooding builds up. The 1800bopd was only reported almost a month after Q2, on July 23rd & therefore would be part of the Q3 results.
‘materially’ could also be an inflection on how AM perceives those initial flow improvements as being insignificant ie. the market would not be able to determine yet, how much improvements are being done, ie could we achieve CPR estimate or Copl estimate..
Choreographed by AM ? & yes, would suspect the delays have been assisted, to the benefit of Copl but now we seem to be nearing a point where the uprated flow results of the new owner can soon be evaluated by the market. It still remains to be seen though wether we are on line to achieve CPR 5000bopd estimate or if we could achieve Copl 7000bopd estimate and for which Q3 results would be a clearer indicator, or at least, far more materially significant.