Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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MATD now worth £60M which is what we are worth at 0.4p.
Plenty of appetite in the Oil and Gas space - bring on the 4000 plus BOPD...!!
By September the chart indicates that field production will rise from 1,400 to 3000 bopd. While we are somewhat frustrated at delays our production is starting to go up day by day
http://www.canoverseas.com/presentations/
Certainly a positive as we know only too well is that we are now a producer. Come the end of June we would have been miscible flooding for three months and generating ££millions £4M at 60 dollars a barrel and that's before any positive effect of flooding taken into account. We are cash rich. Hopefully the Nigerian drilling schedule will be rubber stamped by such time. I think its quite unique that delays are actually positive for COPL. Look forward to our production figures report(s)
3lp
thanks you filled a couple of my own knowledge gaps, the 6 month bit makes
total sense , ball now in Arty's court to give some clarity but you know how
that one has gone over the years lol
:))
To clarify two points in my post:
Firstly, while I hope the prospectus will come in the next couple of week, I think it must come before the end of June, otherwise the 31.12.20 balance sheet will be more than 6 months old and they will need to include a 31 March balance sheet, which is extra work for all involved.
Secondly, I would be disappointed not to see a pro-forma P&L and balance sheet for the consolidated business. Without it I can't see how an investor will gain an insight into what the new company looks like. I would expect this to be audited.
Then we need the Company to clear up all the speculation today.. This is not a good look for the New Cool.
Shareholders deserve no less.
Excellent summary 3little.
I read the Sedar report at 7:10 this morning and have been thinking about the implications since then. Here's my thoughts:
1. COPL was able to issue its audited financials for 31/12/20 because they didn't include any revenue or cost for Atomic. I know the deal was effective 1 December 2020, but if you read the accounting policies notes (Note 3: Basis of Consolidation), you will see that as the deal hadn't closed by 31/12/20, they do not include the financial results of Atomic (they use a control test for consolidation). Therefore any delay in Atomic's audit didn't cause a delay in COPL's audit or its 31/12/20 results.
2. One of the reasons we were waiting until March for the acquisition to close was the audited financials of Atomic. I assumed we were waiting for the December 20 audited financials, but I now realise the audited financials could have related to either i) an earlier period (e.g. 31 Dec 19 or 30 June 20): or ii) the completion accounts of 1 December 2020. It seems clear to me now (with the benefit of this hindsight) that the audit was not into the period ended 31 December 2020. I would expect, as a chartered accountant, that the 31 December 2019 audited financials would give a good basis on which to audit the 31 december 20 results. The tricky points will be the judgemental areas, such as Cuda's financial viability and how to provide for any debts they owe Atomic (presumably all these receivables would be fully provided for on the assumption Cuda will go under).
3. Finally, to the prospectus. Listing Rule 6.2 requires the prospectus to contain many things, but amongst them: a latest balance sheet that is not more than 3)(a) six months before the date of the prospectus or listing; and 4) includes the consolidated accounts for the applicant. I am no FCA expert, but I would expect us to see a balance sheet for 31 December 2020 for the whole consolidated group (including Atomic) as well as the income statement for the consolidated group for the whole of the year ended 31 December 2020 on a PRO-FORMA basis. To sign off on this I would have thought the reporting accountant would want to see the audited position of Atomic at 31.12.20 so any delay to this audit being signed off could cause a delay to the prospectus.
I've been in this since early December and am uber bullish about the company's prospects. I would dearly love for the company to relist in the first week of June and, as an eternal optimist, still think this is possible. However, I am concerned that the the FCA or EY (who I assume are the reporting accountants) will want the Atomic audit signed first.
One final comment: given the requirement for the prospectus balance sheet to be no more than 6 months old, I think we can expect to see a Prospectus in June. There is no way Art could allow the December balance sheet to become invalid and start a new audit process.
All the best, piggy.
BB
fingers crossed its just another our market v theirs thing again, it seems Arty has from
his messages rhetoric been coordinating and consulting with the UK authorities, we
have published Q4 and EOY results , if they are acceptable to them , as in they have
been guiding the company through the process, we might still be ok for his timetable
for London we are talking 16 Dec - 31st Dec with production backdated to 1st Dec
so it should be as to OUR involvement with our new subsid within the new Group
his request may have fallen on deaf ears , or they may have provided assistance to
a level of ok give us what you have for Atomic unaudited but we expect to see a
comprehensive audited update with the next quarterly publication, or its back
into suspension
as said before there are many rules for many things but have never met the
authority that will not be flexible with their own rules , if they are the ones
leading the process and you follow their guidance to work through it
Hoping as always, Arty has someone holding his hand that knows what to do
and how to do it
Unlike which ever clown told him , technically acquiring atomic is an RTO but
we will not have to suspend today (16 dec) or any other time if we complete
the deal by the 90 day long stop.....loud buzzers NO - DOH
:((
and as all the long term sufferers have stated, this month , next month , nothing will
have changed other than fingers crossed we are flowing more Oil and gaining more
revenue, day after day while we wait
:))
So as I understand it we need these accounts from Atomic before the prospectus can be submitted. What on earth are these lot doing?
Irritating but ironically the longer into summer we go the higher POO is likely to be.
Cmon Art light a rocket up their butt