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Going back to the RS report, surely if the discovery was not commercial, they would not have suggested locations for lots of wells? I still think the discovery has enormous value.
It really is hard to believe there are so many crooks operating on aim. Surely it will be the architect of its own downfall if it fails to act and get these fraudsters convicted.
Endeavour is small. Ok. All the more reason to pay attention to what in reality is a major fraud
It’s a tiny oiler in Wyoming Bob, unfortunately we’re in a little unknown “aim” bubble.
Strange how The. Sun reports Endeavours scandal but ignores Copl
Relevant story in the Sun business today saying the CEO of Endeavour Mining had secretly transferred £22m out of the CO AC, to an offshore AC, and they are trying to recover it ? slippery ART comes to mind, when i read that story and wondering if the SAG are looking into any offshore bank account filled with shareholders cash he may stolen over the years, from funding call after funding call bond issue after bond issue, and nothing actually spent on the project that only needed Gas injection to start paying it's way.. we really do need to get someone to follow the money trail from 2021, YES''our very own sherlock...
don't forget we can talk as much as we want, but we still have to prove it,with hard evidence if we are to stop any sale that significantly undervalue this asset..
the next scedgrule hearing date to look out for, if they will tell us anything at all on any acceptable bid, is MAY 20th...
happy easter
Hey Shouston, well I meant proper funding , not short term, keep the lights on kinda funding.
We could have offered a huge slice off what we had for a lot of £millions in the not to distance past.
How come we went down the loan shark route?.....which bust the company!
SteveV.
"The company shouldn't be bust but securing new funding to take us to the next level."
I thought we HAD secured the funding (at least) to end of Q1 24, even restructured the hedging, and made some cost reductions, that should of freed up cash for NGL injections to ramp up production of the new GGS that was installed in time and under budget.
I guess I was dreaming....
This is a viable business. Needs a bit more cash to get production up.
It cost hundreds of millions of investment to get most oil explorers to this stage.
The debt we have got us this far. The company shouldn't be bust but securing new funding to take us to the next level.
That would probably be happening now if Art and the dopey (I have no financial qualifications) CFO had NOT gone down the death spiral parasitic BOND route.
Not too shabby production considering NGL injections stopped some months back...
Some $2.3 m income for the month!!
Tree Fern, 30-30 can't tell you how though....!
BTW 28172, production is out...
Alfresco.
Ceo buying gives us plebs massive confidence to buy too many shares. He was planing to make has money back later.
We won't get any more rns
Anyone know the figure for the stalking horse bid?
Does seem a bit coincidental. The company try playing down its worth to reduce bidders. SH’s counter this with emails being sent out to increase more bidders ( excellent work btw Stas). The company now counter this by releasing obvious and very poorly doctored, extra pages to initial August release of playing down again value of company. ‘30 - 15 COPL. Share holders, your serve’
Sharebel - a copy of the report was uploaded to the COPL telegram group yesterday.
"So he put a lot of money in to the shares after the discovery and after the report. Why would he do that if the report was saying the oil was not commercial? "
Because it was more than covered by his 215% remuneration increase to $1,888,200 from $97,800 (2021) so a free ride.
Nubby69......I tend to agree, and for a different reason. The big discovery was announced at the start of 2022. Then in Feb 2022, Milholland bought 665,000 shares. Then the report was supplied to the company at the end of June and he bought 1 million shares on 23rd/24th August 2022. So he put a lot of money in to the shares after the discovery and after the report. Why would he do that if the report was saying the oil was not commercial? I think that we should look at this a different way!
Stas20 - thats true - i really wish the JV had happened. I think it could have been phenomenal as i think the figures in RS report are only the start.
The shareholders, of which i am one, deserved better and i believe would have been supportive over constructive plans that would have taken the business forwards.
I really hope that we get something out of any sale - a buyer of substance is a good way of phrasing it - i just feel the whole thing has become a setup to get to this point to allow someone to get the assets very cheap. The paper trail until now will tell a tale, but where the company ends up will be interesting to see. People don't go to all this effort for something that has no value. The failures to get to this pont can't all be due to iniptitude or negligence. I feel the Class Action though will be how shareholders get recompence not the current sale. I don't see either FCA or Canadian Court stopping whats in motion. My gut tells me this will be taken private for peanuts, developed for peanuts and then sold on in 3-5 years - but WTFDIK
Although Nubby, if you were a buyer, you would never get a company where the shareholders were more dedicated in supporting you and your initiatives.
After what Millholland has done here a buyer of substance will be seen as the whitest shiniest knight going, what CEO wouldn't want a shareholder base that supportive..
My take on it is this.
The documents being modified and having the extra 4 pages added seems very suspicious. The extra pages also don;t give a clear picture of what the actual report is saying in my opiion.
However when i looked at the RS report it didn't deter me.
The table that shows Sub Commercial to me is purely showing how the rating system works - the report does not include sub/non commercial it contains undeveloped.
The 1C, 2C and 3C are all large potential which i would view as normal - these would look to be moved to reserves in future by drilling to prove up acerage - probaly Total OIP would also increase as this was going on. As how it was going to be done was developed the probability of success would also improve.
I take the recovery factor as being meaningless - its way below whats possible, however at what was an early stage RS used very coservative values - i expected updated report after some proper FEED would again change this signigifcantly.
I think the RS report being conservative really downplays whats potentially available to recover and i think this is why a JV would have been interested as they would see the potential thats there and most liekly have their own RF values from similar acerage and structures.
I think the potential JV partner "knew/knows" the actual potential. Unfortunately i don't think they'll bid for this now as i comes with way too much baggage that any good company won't wish to be associated with.
The plan didn't work. They have left a trail!!!
Think we need to look at the big picture to make any sense of this. There was a time when Art was everywhere spouting positive stuff 993 mill barrels, multiple banks in talks on RBL, JV. There are many videos of him giving interviews at that time and it sounds great. Was this to just get liquidity in the market to fund infrastructure and buy bond shares? The RS report was withheld to ensure the PI's would keep piling their money in.
Then something changed, the positivity disappeared, the communication dried up. Mysteriously an experienced board didn't notice funding was needed and defaulted on more than one occasion. The new 5 mill GGS didn't seem to work. The JV walked after 15 months and not a reason given. Hiding behind NDA's. Trashed the companies worth and even said that the assets were not worth the debt. It is almost as if they were trying to trash and bankrupt the company and they succeeded. I believe they know the value is much more than the RS report suggests but have downplayed this and I am sure their data room will paint the worst picture too. They saw an opportunity to grab this on the cheap and then watch it be proven up and those recovery rates going north.
Https://investing.thisismoney.co.uk/director-dealings/COPL
https://www.marketscreener.com/quote/stock/CANADIAN-OVERSEAS-PETROLE-16252974/company/
Invest - no, not sure at all but if there wasn't it'll come out.
My money was on BP as they were so close to the action and named as other hidden senior lendor who will now get their money back, £12m i believe.
I think i remember Rodney or RBM saying the CAG had info the JV was real. Extra jail time for Arthur if proved not to be.