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Like the Q4 adjective @cawcaw - barn burner
we only have a potting shed smoulder at the moment but can hope
I just like them because it's the only time when we know what the financial performance is or isn't.
Looking for positive PE
No point in producing all this oil if we're losing money on every barrel.
Which we won't be shortly.
Plant and facility buildouts are CAPEX for Pipeco and Southwest -- they would not directly change Atomic's operating netbacks.
Simple fact is that the netbacks aren't quite what they were hoping for. (But are still very good.)
Netbacks are also not profit and should not be called that.
Hopefully we are at least breaking even by now.
But we don't know this yet, having only seen Q2 financials. Q3 should arrive in around 6 weeks, if not delayed.
My personal prediction is that the cost of the Fed Deep discovery well will have kept us in red ink in Q3, but that Q4 will be a barn burner.
Noob makes a good point, worth discussion on the discrepancy in netback stated:
In Feb presentation they said:
"Current operating net-backs are c. $44.50/bbl. which is inclusive of cost of gas and propane purchase"
RNS Sep 1st:
"COPL's realized Operating Netback during the second quarter was $30.62/bbl. on average production of 796 bbl./d (net) for the period"
Definition of netback :
https://www.smartcapitalmind.com/what-is-a-netback.htm
" Term netback refers to the gross profit per barrel of oil produced by an oil and gas company. A company calculates a netback by subtracting all of the costs of delivering a barrel of oil to the marketplace from all of the revenues produced from the sale of oil.
Costs included in the netback calculation may include finding and extraction costs, refining and production costs, and distribution costs. Other costs involved with delivery of oil to the market include taxes, royalties, and marketing costs."
So additional production related costs in Q2 were topside development to cope with oil pressures, the Tallgrass Midstream plant development for $1.5m, CC well recompletion, whatever pre drill costs for Fed Deep as spudded in August, higher marketing costs (a..hum) perhaps others.
These are mainly one off costs, so once paid, higher netbacks may be expected going forward.
Offset that against increased drilling costs , but then production increases over time aswell.
We know from RNS Sep 1st COPL had net production of 1,604 bbl./d
Add 4 weeks at maximum MF injection, perhaps net 2000 bbl./d viable and increasing.
That’s why I think market holding off to see verified solid bopd figures to cover all costs etc then they’ll be interested
Just adding to HFB post
We are due anytime the update on FD 6 wells to be drilled.
Q3 finished this week and we should be on top of the figures to put into accounts for the quarter.
Another big jump in bopd output and WTI rising a d cost reducing sounds like the perfect storm - GLA
Hope everyone has been rounding up to the nearest 100k or 1m shares to make the consolidation on the 1st straight forward
setting the trend still with the sked daily auction periods
09:00 UT at 0.30p
11:00 UT at 0.29p
keeping us here still , at least for now
:))
Last update the Shannon/MF at this early stage was exceeding expectations
so as long as it just stays on track the repayments in 2022 should not be a
problem, if they continue to stay ahead of the planned curve, some extra
hits the balance sheet
Cole Creek also already progressing , with both having aggressive drilling and
re-works in the now near future 2022 those bopd should just keep rising in
Wyoming for the foreseeable
Arty has talked of looking at other Wyoming assets , we presume cuda/cnooc a
part of that but as posted earlier this morning the Wyoming Governor pushing
to commence new permits and licensing, perhaps that is Arty's little gem and
is awaiting that process ?
We then have the reason many of us came to Copl in the first place, Nigeria the locals
have recently signed the new PIB into law , said to be the hold up to the regulatory
process , many licenses now expired over 2 years , ours last September, none have
been cancelled , all in limbo
The licenses should have been moving since the new laws came in in mid July how
far down the pending queue Essar find themselves is anyone's guess but the JV
if no news , now things appear to be in place within government should just extend
our agreement in October and keep waiting for NNPC to give Essar the call
oy sign license money now lol
Essar have had an aggressive 21 well program ready to go for some time on just the
first of 4 discoveries on OPL-226 target for each well 5,000 bopd+ (area 5-20k a well)
with 3 more discoveries to develop further down the line
If in 2022 Wyoming and Nigeria are both in full swing there is no reason that Arty
cannot fulfil his dream of coming to London's Main Market and building a mid
tier company with a market value of over a billion
:))
Yes currently interest only
As per Art discussion the hope is to be producing 5000 bopd by 2022
Net back reduce the costs even if we said by $5 per barrel and the recent increase from $69 to $76 (if we stay here or above would see $12 per barrel extra profit
So even at 5000bopd x 0.57 %x $12 x 30 (days) is giving us over $1m per month towards the repayments.
This is on reduced costs and increased oil price from this time last month additional revenue
Yearly profits by Q4 will be more than our correct MC
SP is bonkers
Tiburn has previously posted that from feb 2022 it’s around 1.4 million per month repayment of loan
true but could be a lot worse if no safety net and another world event plunges
poo like last time, end of the day , unless such an event occurs our balance sheet
should be constantly improving and that's what's really important
WTF am I saying you are an accountant lol
Stronger finances = Better options
Options that have been the devastation of this share for years , he has put all else
into place now Hoping is Hoping the consolidation is the final piece of the puzzle
and a step to brining a supportive core investor onboard
Unlike the wonga's they stick around maintain a holding and de risk into a rising
price supporting each raise if when required and expect to be rewarded by both
organic SP growth and dividends
Get's that in place and watch us go
:))
Great post HFB thats evthing i am hoping for here
see it many many many many many many times before
Zero reaction stifled by wonga lenders who usually have the warrants to
kill the share until they have what they want
pause
News green shoots, what a rise the herd come and go, settle in a range
and suddenly little daily increases that benefit the lth's and go unnoticed
by the rest
had one once that had a couple of flat days but otherwise rose for 3 months
all 2-5% rises session on session but it adds up over such a prolonged period
can see the same happening with copl once the initial new platform set
rising poo , rising revenues, growing reserves , Nigeria, new assets
Not everything goes massive spike , massive crash like rainbow chasing
aim (unregulated casino ) exploration assets with highly dodgy bod's
Copl turning producer pulled itself out of the gutter and will become a
holding dividend paying main market share and leave its horrendous
pump and dump survival funding of the last few years behind
:))
Noob
what goes up etc , when the last super cycle came crashing down from WTI $163 a barrel
to hig $12 breifly before settling around the $20 mark for a while
Many a company wished they had some hedging in place , things can boom or bust quickly
in this sector on world news
Last crash do remember one of the London Listed having a good gloat in its annual report
they had the vast majority hedged at $75-$85 while many others where now losing money
lifting/sales costs etc much higher than poo and turning the taps off/mothballing
Even a lot of the Majors and upper tiers caught out and had harsh asset reviews heavliy
selling off exploration/low production assets to streamline and focus on their high
volume low cost fields that could still turn a little profit lol
So smart for the company to have a safety net in place
:))
All the saints in heaven where tried and executed long ago
nearing 40 billion shares churned since the 0.32/0.26w
placing
9 months of revenues and rising oil flows (pre April was already rising slowly)
gone from zero revenue explorer to Production comany
and still being held back by the wonga's , come on Arty positive news flow and
give them and the MM's a swift kick in the multi bags lol
:))
People are waiting for IIsyo stop selling. No more warrants please art ins have future placements thus is beyond painful watching wti reach recent highs and we are still at this derisory level
You try to stay positive but this is testing the patience of a saint, getting boring now. Time to switch off for a month. GLA
he also said a couple of weeks ago the churn at an end lol
Arty has a decade of , missed deadlines and non event quotes
add it to the list lol
:))
Gastogo so true unreal
Said for a long time our value should be with a p/e on hard facts be well above the
NPV10/RR USA which is currently £238m for our 31mb
Zero , Zilch , Nada factored in for actual production increasing daily with MF , the Deeps
discovery well with 6 layers to investigate aka more reserves coming
Make no mistake Nigeria plan by Essar for a 100,000 - 200,000 bopd FFD on OPL226
4 discoveries made and the plan for first is 3 drills followed by 18 production wells
each target of 5000+bopd EACH
If it ever gets going Nigeria is potentially at this stage at least as big as Wyoming
:))
Ditto Bolton mate......... getting somewhat bored now. GLA.
RIGHT I AM READY FOR SOME POSITIVE NEWS.. NOWWWWWW
http://www.canoverseas.com/
I assume all investors have watched the presentation on the website? Not sure why you would sell if you had. "our shareholders are going to see a strong lift from this"! Never heard a CEO make a statement like that.
2 mile horizontal drills on the deeps!
Noob netback increasing with the rise of poo daily so will
deffo be higher than the last Q figures
:))
same as on many other shares every rise stifled by the huge dumper
a wonga lender that has zero interest in the company
Do not care if it goes up down or sideways as long as they get what they
want safe quick profits from discounted confetti shares
The consolidation should put that back in check, with upper market finance
options from REAL INVESTORS supporting not hindering
:))