Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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I thought Art said Cole Creak was too Full to flood yet
Bob, yes they can make you sell your house, car, shares, etc. Everything except the ones I mentioned.
Bankruptcy remains on your credit file for 6 years. However, my bank and building society don't appear to be too bothered. They allowed me to keep my accounts and credit cards.
Yes hopefully by the middle of August cash flow will never be a problem ever again.
Thx Yacht. Lots to consider. Can they make you sell your house to pay your creditors?
Finally it's a good argument against marriage. Lol. How long before you can get your Credit Score respectable again? Or in your case it won't really matter. Lol again
Might explain the license fees , Arthur said 20 or so wells for Wyoming.. maybe the first two are in ... Q2 ?
Bob, tell your friend.
IVA you are paying the debt back in monthly installments that you can afford. Can go on for 6 years.
Bankruptcy depends on whether you have any assets. If so they have to be sold off to pay off the debt. Exceptions are pension and vans and tools that you need to work.
So in my case all I owned was my pension, van and tools. Everything else was in my partners name. If we had been married then they could have taken the lot.
So I ploughed the £13.5k in my SIPP into COPL at 0.04p which gave me 34 million shares plus a few I already had and then I traded in and out when the SP was bouncing up and down until I had 64 million shares. I was very lucky. And then Atomic came along. Thank you Arthur. I put it all down to my late Dad who was also called Arthur and he died when I was 8 years old.
Yacht. Quick question. I have a friend who has to choose between I V A and Bankruptcy. Which is better?
If it opens at 1p you got your £400k back.
Only got 9m but v excited anyway.
Well if it hadn't been for Covid my spreadbet would have made me £400k. Unfortunately, Covid came along and I lost my bet in 3 days. Going bankrupt was the best financial decision. That way I didn't lose anything. And now that is all in the past. Also if I hadn't have gone bankrupt I wouldn't have 64 million shares in COPL. So maybe you should trust this accountant.
In a large number of cases there is pressure in the wells but not always. The pressures at Barron Flats was low and only producing 1200 bopd with out miscible flooding.
If you look at Q1 accounts we jumped more or less instantly to 1800 bopd with the introduction of it.
Miscible flooding normally requires a period for pressure to build so input initially isn’t equal to output. So normally you will not see anything. To achieve 50% instantly shows that the field is reacting very, very well.
I am expecting there to be a massive increase in Q2 accounts.
Miscible flooding would have had a full 3 months ramp up so they will be able to offer details on how well it’s performing and if it’s exceeding expectations (which imo it will be beyond expectations and far better than simulator)
Ok so they won't flow without miscible flooding, that's ok i understand now.
Evan - Atomic and Cuda where in financial difficulties.
They had no money to fund miscible flooding. When we stuck a deal to buy Atomic the oil price was at $39 per barrel.
Given the global pandemic and prove wars between Saudi and Russia which at one point has crude in a negative the partners found them selves on financial difficulties.
As we keep saying Cuda currently owe $64m a d Cannt pay their share of the costs.
To make the Wells viable miscible flooding was needed which they simply couldn’t afford to do. If they could we wouldn’t have got to buy Atomic
So why are the wells not producing?
Evan
Cole Creek Unit (66.7% WI): Current field limits defined by drilling, Miscible Flood to be commenced upon plateau of Barron Flats Shannon Unit production. Forecast production rate plateau of c. 3,500 bbls/d (gross) under the 2P reserves case (Ryder Scott Report) in 2026.
Taken from:
https://www.londonstockexchange.com/news-article/COPL/term-sheet-for-us-65m-senior-credit-facility/14834804?lang=en
Given the latest $1.5m to increase capacity of gas for miscible flooding and contact for supply for 5 years I am anticipating that the additional gas will be utilised at Cole Creek.
I see no reason to wait for the Barron Flats to plateau before starting as per above. Unless I am missing something.
As my interpretation Cole Creek current limits defined by drilling. Suggest that drilling has already taken place.
AM could be benefitting from using Cuda as a buffer against any early drill failures. They are effectively still farmed in and so bearing some of the campaign costs which could be a good insurance policy. The c.$10M that they owe would then pay for 4 rigs. Highly acclaimed success rate in the North Sea which I believe worked out at 5 good wells per 7 drills. A big drilling campaign as per his stated intentions would need some sort of insurance. Cuda’s IOU for $10M seems to meet that..
"Possibility of accelerated miscible flooding program at Cole Creek"
Has Cole Creek been drilled?
I suggested last week:
Possibility of accelerated miscible flooding program at Cole Creek.
Drilling of licence areas ahead of schedule
Additional rigs could as you could be a massive ramp up.
My point highlighted last week Cuda position. If Art accelerates everything we are getting back 27.7% costs from them, as they don’t have the find to pay up front COPL will be adding this to the loan account, admin fees etc at and additional 18% interest charge.
My thought process would be to increase the debt owed to COPL. Already $9m plus $410 (+extras) for the $1.5m tp the gas company to increase capacity.
Even if we are getting paid back before the split of equity this will mean Cuda will be receiving nothing.
My rational is they still have over $64m worth of debt to pay and no funds to pay it.
You can see where this is going.
Art is forcing the hand of Cuda imo but o stand to be corrected
Thanks dougb.
We have money in the bank and income so if we were to start a campaign of further rigs then that could boost the SP further.
Would make sense as Miscible Flooding programme commencement means move onto the next thing.
I keep going back to Art’s last interview where he point upwards and says “this is going to go up and up”.
All debt is unwelcome . But in prioritising which debt to pay off,then Yacht is correct in principle in suggesting your Mortgage should be the last one to pay off
Of course a lot depends on the size of your mortgage and the gains you have made.
There does appear shaa, to be some extra expenditure which might match the purchase of an additional two rigs and which might explain where AM is going with his MDA statement of
‘..two oil producing units that were acquired further to Atomic Group acquisition..’
In layman’s terms then it reads that we have acquired an additional 2 rigs,
which suggests a very early & aggressive start to the ‘20+ rigs campaign’.
So, in itself, a fairly exciting new lead.
Lol, but ignore all the references to $xM worth of hardware,
which is the full extent of the paragraph as taken from the MDA as most of it is just confetti.
Oil & gas plants simply don’t operate unless there are already oil rigs in situ.
No, the interesting bit is the additional rigs, the ‘further acquisitions’ that most peeps are failing to recognise, but which was noted by Guitar.
One could then go into detail on the figures in the accounts under additional assets which then seems to match the going rate for two 2nd hand rigs, but one gets the feeling that this will be beyond 80% of the Pi’s currently onboard this evening.
Or at the worst, & as said earlier, it could just be another Copl word salad. Lol.
It’s looking good bud.
Ok thanks Evan, just got confusing.
Oh well, onto this week, Prospectus news might come also extension agreement with Essar might also be confirmed as well as WTI increase its upward trend.
"Maybe my brain is on Sunday mode so apologies guys but what is this thread about, has Art done something dodgy?"
No just someone misunderstanding something in the accounts about COPL getting $57m worth of equipment with the Atomic deal.
Great post Charlie. I’m certainly going nowhere. I’ve come to the conclusion the 80/20 rule applies to share BBs.
20% are worthwhile quality posts, insightful and well researched - you know who you are.
The rest - probably 80% - is time wasting dross. Well that’s my view anyway.
Take it for what it is and sort the wheat from the chaff.
Maybe my brain is on Sunday mode so apologies guys but what is this thread about, has Art done something dodgy?
Never trust an accountant
You know things are bad when the bankrupt accountant is acting as the bb’s financial guru