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Are we absolutely sure there was a JVP? If they can BS about one thing, they could have about other things.
I got more the most of them ffs
Starting backwards, my interpretations would be:
Kept hidden to facilitate additional WI purchase and raise funds for BFU overhaul. Never once used any cash to prove up the CC discovery. Deliberately.
Didn't accounce in RNS as i think we're in a media blackout sanctioned by the court, suggesting it was done very recently and also by design.
Purpose, probably the same as releasing all those sedar docs in Feb - 'admin issues m'lord, very sorry about that' - oversight defence for when they get to court. They know they're going and always have done, liability insurance mentioned by Kravitz.
Who? Now that's the biggy and depends on the 1st question when. My initial tbought was only Kravitz could authorise as CEO, Arthur technically couldn't as not a director. Doesn't mean he didn't, just shouldn't. But now Kravitz is distancing himself the real question is who is in charge. I'm saying Arthur, as the plan has always been.
My question would be, why weren't the JVP running for the hills? Missing 4 pages or not, they trawled over CC data and probably this report for 15 months. If there's nothing to see they leave in 3 months.
Adnusium - just how accurate are these declarations of shareholding - 😮🤔. These guys don't abide by the rules Imo, they could buy / sell whenever and not report it - who will do anything 🤔. It's like the wild west with no one caring a 💩 about any rules imo 🤔😡😮💩
I’ve been away past week, been trying to catch up and missed last developments re RS report so if it’s now firmly in the public domain can whoever listed the link do so again please. I think the person who managed to download first time it was posted and think gave to CAG. Or Lloydy or Alfresco you have it is that right? Are you willing to post it here?Thanks. IMHO DYOR
Saintnick agree entirely. Information has been hidden and exposed at the right times so that fraud can occur, no doubt.
But far too much interest for there not to be a pot of gold found at the end of this. Trouble is it's too big and shiny to keep hidden as the layers are being peeled away now. I just hope the right people get to know about the data room data in time.
Saintnick, the terminology is correct, however how do you think the market will have taken the RNS differently had the additional 4 pages we have seen added, been included at the time?
As Shouston has pointed out, its important to know,
When was the 5th Aug 2022 press release "modified"?
Who sanctioned the doctoring of this release?
What was the purpose of updating the document months after it was released?
And importantly for me why did they not announce a change had been made to a previous RNS?
And really important, why did they not just provide the RS report then we would have been in receipt of all the detail.
We now know the reason given was a lie, its written plainly in the RS report that - "The results of our third party study presented herein were prepared for public disclosure by COPL" - so another lie by Millholland.
And Art can forget using the excuse that we wouldn't understand it as he also stated in the video 2022-07-22 - Canadian Overseas Petroleum reaches financing deal on favourable terms to close Cuda acquisition - “In the near term we have this resource report from Ryder Scott and its coming“ and “when we get it we’ll actually put the whole report up on SEDAR so people can read it, but more important than that we will put a press release out to explain it, its not just as simple as here a number and we agree with it, it’s a little more complicated than that.”
Dusterhater, most sites have the same shareholding figures as of yesterday.
Director Shareholdings
Notifier Holding Value*
Arthur S Millholland 2,346,017 £1,349
Massimo Carello 95,479 £55
Harald Ludwig 69,852 £40
Major Shareholders
Notifier** Holding Value*
JON HOWARD 649,638,786 £373,542
McCarthy Tétrault 20,995,964 £12,073
Hadron Capital LLP 19,511,894 £11,219
Anavio Capital Partners LLP 19,511,894 £11,219
Mr James Goozee 13,275,000 £7,633
RBC Dominion Securities Inc. 7,791,496 £4,480
HSBC Holdings Plc 7,062,026 £4,061
InterTrader Limited 4,326,800 £2,488
The Capital Group Companies Inc 227,200 £131
Yes all very fishy indeed. 🤔😡😮
Stas - re 10:09 post. Isn't 'Sub-commercial' how they have to define contingent resources?
The move up to reserves happens once the field has been delineated and thats the basis for this scam. They didn't drill it.
The report release is welcomed but I hope not to distracting for the CAG resources whilst the clock ticks down.
For me, the report doesn't say there is no oil. It points to the chance of successfully making the discovery (prudent). The scam was not delineating the field to book reserves, however large or small. It's certainly all worth a lot more than we'll be sold for, otherwise why go to all the trouble of destroying a company to hide it.
Hope...... Artur is not "Epstein" financial type .... Artur ...... salads and exercise
Shouston again we will not know arts strategy, but this could have been added to put of prospective purchasers.
lets look at the facts here.
- Art initially needed the whole project to look attractive to shareholders, he needed to always sell the story, he needed us believing in the huge discovery thus why he has only showed the most positive side in the original RNS, as an example the Frontier 2 he reported as having OOIP of 217 million barrels, however he gives the total recoverable as being 1c + 2C + 3C to show 23 million barrels recoverable so he includes all the high estimates. proved plus probable would only have given 10,753,900 so he overplayed it.
However we don't know what are the facts since that report, maybe Eazy is correct, also Art discussed miscible flooding presenting up to 40% recoverable, the figures above 1C + 2C are only using recovery factors of 0.83% 1C and 4.12% 2C thus the find could be huge if Art recovery factor were to be believed. And if this is the case is he trying to put of prospective bidders
Once again with Art all smoke and mirrors and I'm not a petroleum geologist which is what we need. However, I don't need to be a PG to know that Art has continually lied and misrepresented to sell his story and not presented in such a way as to show a true reflection that shareholders can come to an informed investment decision.
Doctoring RNS releases post their release and keeping quiet of the fact is in my mind fraud, it is simply keeping relevant facts from shareholders.
Time for art to get his cheque book out. Just needs to hold his hand up for reduced sentence now.
There are so many unanswered questions and I assume we won't get to the bottom of all of this until it comes out in court. We have assumed that much of what has transpires was because the assets were so vast that greed took over. Todays developments seem to throw some doubt about that as the amount of commercially accessible oil is not what AM wanted us to believe. (The main protagonists were clearly aware of this, so why go to the lengths they have to acquire the asset?). Why did the JVP walk away in December having had sight of the RS report for months? Why did the SL act as it did? Why did the promised gas injection not take place? Why did AM go down the bond route? Bloody hell my brain hurts. It's such a tangled web of deceit, misdirections, falsehoods and downright lies I wonder if we will ever get to the bottom of this debacle.
Makes me wonder if AM is still a shareholder or has he been selling off his shares before the big drops in sp 😡😮. Or maybe the sly foo. Ker sold before the big drops and bought back again on the lows for peanuts - but still looks to have held 🤔. I would not put any thing past these sly con men 😮😡💩
Surely the regulators have got to investigate this matter now
But none of this affects the $492m valuation of our producing asset, which was producing 2700 barrels per day?
Oh and here's another public reveal, what did Art tell us, - he couldn't share the report as Ryder Scott wouldn't allow it.. I draw your attention to page 2 of the report, the introductory letter addresses to Dear Mr. Christensen, 1st Paragraph,
"Economically Not Viable contingent resources were not considered in this report and thus all references to contingent resources pertain to economically viable volumes where the undiscounted net present value is positive. The results of our third party study presented herein were prepared for public disclosure by COPL for filings with the Canadian regulatory authorities."
let me repeat that "The results of our third party study presented herein were prepared for public disclosure by COPL" - so another lie by Millholland.
One wonders if the leak actually came from Ryder Scott.
Interesting point of view from Eazy, posted on TG earlier....
"At the time of the report in 2022 there were no wells re-completed or producing from the Frontier 1 so that weighed heavily on the technical analysis given…
Since then COPL and the JVP have completed substantial due diligence on the field which improved the case and two big events happened…
• COPL successfully re-completed CC 11-27 in January 2023 for the Frontier 1
• COPL successfully re-completed CC 12-23 in May 2023 for the Frontier 1 which confirmed oil below the ‘oil down to’ level in Cole Creek which would’ve increased the OIP
A new report would’ve boosted the OIP and estimated recovery factor imo…
It’s good the report from 2022 is out as now any interested parties can potentially have a sneak peek before going into the data room to look at the additional information."
My words..
The leaked report yesterday also alluded to the fact that further drilling was being planned for q4 2022 and beyond. So maybe there is a chance that if RS did a further report things may look a bit different....
RNS 15Nov23 - The negotiations regarding a possible joint venture announced by the Company in July 2023 are ongoing and the parties are working to agree all outstanding matters."
RNS 18Dec23 - Cole Creek JV Letter of Intent has been terminated and no further discussions are planned at this stage.
All conveniently under the cloak of an NDA.
I smell BS.
Apologies guys, I've been of the loop for a few days and just looked in here.
I'm assuming that the leaked report doesn't back up the oil volumes RNA'd? Is that the case? If so I'm feeling totally gutted, he must not get away with this.
Also makes you wonder about the JV. Was it really going on for a year? I know CAG says it was real but did the partner bow out a while ago and AM just kept it stringing along?
I
Well I need 2p a share minimum to get my money back
Yes Stas. Enraged is a bit mild. I am f******g boiling over!!!
Thanks to stas I meant to say 👏👍
Absolute foo King shysters imo. 😡
Have to say a big thanks for all the good work - amazing!! 👏👍