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Not sure of these articles really.
Ive contributed to a few articles over the years that have been published in my sectors various technical trade journals (read anorak) and they have all - bar none - got the details wrong on interpretation of my text/interview notes or outright made up conclusions or inference that were just not accurate - that may not be the case here but it doesn't make sense to take so long to plan this drill imo.
They have already evaluated the exact drill location from the 3D seismic , its a relatively simple jack up rig in shallow water - that doesn't take 9 months to plan in any region surely?
This article has stated RNS type information, a bit cart before horse, if true - maybe a typo and its Q3 2020 timeline, which has just slipped a bit!
Once the PSC extension is confirmed then there will be further updates on a drill timeline and rig mobilisation. There not going to hang about now everyone's on the same page and singing the same tune.
And once it is announced then NNPC will want some progress after all these years of procrastination and disputes.....I imagine that's one of things that's been agreed and battened down as a legal requirement for the PSC extension anyway.
As for finding the cash to pay for the extra 10% to COPL then it would be naive to assume that Arthur hasn't aleady made provisions for that.
A drill bit turning by March 2021 is my prediction.....time will tell.
I’m not convinced with those timelines... what are they using to drill? A cork screw? Once the licence is on place it should be 3-4 months for mobilisation... infra deals re the rig will be done. They’ll be primed to move. If they aren’t parked around the corner already. Every day lost is a **** load of oil not hitting the market... This team knows what it’s doing. They haven’t got to where they are by messing about.
I said I’d expect the drill mid to end of next year and everyone told me it would be Q1, PSC will see a spike imo and then drop back down and go me that is the time to load up unless your going to trade the PSC, people will lose patience between now and the drill imo as people won’t want to hold for a year...
Surviving for another year is going to be expensive.
In fact, that would be a great way for Essar to finish the job that they started: Delay the well until COPL starves to death.
My best guess for how they pull it off is to wait for the share price to climb due to PSC and drilling-related RNSes, then do some more placings.
Another half a billion shares at a penny or two (for example) should give them plenty for salaries, bonuses, expense accounts, and other adventures while they wait for Essar to do their work for them.
I will say it again: Art seems to believe that dilution and cash flow are interchangeable. Hope I'm wrong and he decides to mothball the company and forego salaries until they see production.
Live on the fruits of your own labour for once, Art, rather than the fruits of mine!
Cawcaw that's why I put 5k in at 1.67 in 2017 lol. A bit of a worry if drill bit does not turn for 12 months how do they fund another year I was expecting February drill ? Ps oh well I was only 4 years out with my prediction. Good Friday to all
http://www.canoverseas.com/wp-content/uploads/2017/06/OPL226-Project-Summary-May-2017-Final.pdf
On Page 13 you will see the original estimates for the project timeline.
Funnily enough the months are correct; you just have to increase the years by 4. 2016 = 2020, 2017 = 2021. Sigh.
So production 12 months from now, give or take, if the well proves out.
I can live with that.
I would have preferred 2017 for production, but then again I only had a few hundred thousand shares in those days: Now I have millions!
Amazing, amazing find.
Thank you DMStew.
Incredible that we get more clarity and detail from an industry magazine than from our CEO.
Q3 2021 is perfect. Extension this fall, 6 months to build hype and PI interest, and finally a spud.
What other share can you buy that's probably going to bag multiple times in the coming 10 months on a project that is entirely financed by a third party?
My question is whether we have the cash to float us that long?
Will Art et. al acknowledge that we are in this pickle because they focused the sum of the company's efforts on a single vanity project, and agree to defer their compensation interest-free until the well proves out?
Or will they keep diluting as the share price slowly increments up? That is rhetorical I suppose.
Someone needs to teach Art the difference between dilution and cash flow. He seems to think they are one in the same?
Canadian Overseas Petroleum Limited (COPL) says it believes it will receive confirmation of its exploration license extension for OPL 226 offshore Nigeria sometime in Q4 2020. The license is due to expire 30 September, but COPL says it has received no notice of termination, which under the terms of the PSC would need to be issued 60 days before that date. COPL says that the Covid-19 pandemic has created delays in within the Nigerian National Petroleum Corporation (NNPC), which approves extensions. Once COPL's Nigerian affiliate has received formal confirmation of the extension and its terms, the company will set out its forward operation schedule.
As reported on 28 May, COPL is hoping to put together a partnership for the development of the Noa field, which lies within OPL 226. The operator is still planning to drill an appraisal well in the field, although that is now scheduled for Q3 2021 and will likely require a 350ft jackup. If that is successful, it will be placed into production through an extended well test using an early production system, likely to be a MOPU. That would be followed by the drilling of two to three additional wells.
Taken from the Westwood Energy Offshore Rig Review Daily Report