George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
Morning
As per the rna RS will release the report to copl and then copl will need to do an rna.
Sothe report published to copl next week then all we need is Art to do the rna. I hope there there isn't too much of a delay between the two.
With regard to the report will this indicate the percentage recoverable oil?
I think sentiment is starting to build.
MM's may take advantage if the June production has not increased from May so there could be another dip.
Copl at this stage must be low risk with huge potential in terms of growing as a company in its own right or being a takeover target.
Imo if the sp does not increase substantially then surely we will be a target.
If an approach is made then Anavio will have a great amount of control in terms of accepting an offer if they exercise the warrants.
I cant see them turning down a decent offer when their buy in price is 16.75p
Atb
Solo
Thanks so at the moment Anavio ,as far as we know ,don't hold any shares in copl.
Panama made an interesting point about the warrants. If they are exercised by Anavio and retained then it gives them around a 15% ownership and a great amount of control should copl receive an approach.
Very interesting
Morning.
I don't want to get ahead of myself but can you imaging if we get the rbl, redeem the senior lender loan and get rid of the hedge.
I'm not advanced enough to calculate the impact but
unhedged sales
possibly half the interest rate
The oil hedge must be doing Art's head in and I bet he can not wait to get rid of it along with the senior lender.
Atb
This from the rna
The Company is progressing its strategic objective of senior debt refinancing by way of a Reserve Based Loan in tandem with the Acquisition process.
I think that that we are very close to completing the rbl, It could be possible that the loan from the senior lender is redeemed and the purchase of cuda completed using the rbl at or around the same time.
If the loan to the senior lender is redeemed I think as part of the negotiations AM will get us out of the oil hedge
Very exciting times
Well Art has certainly loaded the rna gun.
What if the bridging loan is going to be kicked into touch and the cash part is funded by the rbl
What if Art has agreed to redeem the loan from the senior lender using the rbl
What if Art has agreed a deal to buy out the oil hedge.
and I love this last part of today's rna
"Further announcements on the Acquisition will be made upon closing and the Company looks forward to updating its operational objectives following Closing the Acquisition."
What updates does AM have up his sleeve which can only be released following the closing of the acquisition
Exciting times for Copl
Atb
Morning
Quite rightly people are focusing on today as AM has made a rod for his own back.
AM's consistency is his inconsistency.
AM's MO is expect the unexpected.
RNA will come i'm sue but whenever the time is right for Art.
He does not care about the short term pain for us PI's as he is totally focused on the long term prospects for copl.
This is painful for those who have had enough and want out but offers security for those who are happy to hold until the time is right.
Until completion of Cuda we are receiving the revenue but are not paying the interest on the bridging loan so from this point of view it stacks up to delay completion.
We could get the mother of all RNA's - cuda, rs report and rbl details all in one. Who knows
Atb
Morning
Illusion - Thanks for your post, it does help build confidence back up when knowledgeable posters like yourself and Tiburn post your thoughts.
With Copl it is a case of balancing the finances, using our revenue to the best effect making sure that our wonga lender does not impose penalties on us.
When that RBL comes in it will be such a relief for us.
My overview on Copl and its value to say a bigger company looking at us.
At the moment lets say we produce 1500 bopd and by the end of the year lets assume 4000 bopd. So that's a gross annual revenue range of £60.225m to $160.6m.
We are held back in terms of value by our debt. If someone came in for us and would not have the same debt payments as Copl then surely there are 2 values which can be attached to us.
1 Value as we stand
2 Value to another company which would have the cash to plough into Copl asset.
The value ascribed to 2 must protect our investment.
AM has built a personal wall around Copl to give him a great amount of control if an approach was made.
It would be very interesting if an approach was made and it was put to a shareholders vote as If the offer was decent I would have a tendency to vote for it.
From the information I have received from fellow LTH's I think on this board we are looking at a PI holding of around 10% of the company.
Atb
I think Xop looks worse than it is.
Someone sold 13500 shares for .215. For Canada I think this is a large trade.
The next bid on the books looks like 500 shares @ .235 and on the ask there is 500 shares @ .26 and then 5,500 shares @ .27.
I don't fully understand how Canada trade but it looks very transparent.
Atb
Just had another listen to the investors presentation.
A couple of points, AM mentioned that the BOD are in a closed period because copl are in refinancing discussions.
The other which could be interesting.
AM mentioned the cash warrants are based on the net value of Copl America inc.
During the lead up to buying Cuda there was talk of the value of Copl being kept low as this may well reflect the value of Cuda.
As the RBL looks like being on the cards and once completed Copl America will pay the cash warrants would it be beyond reasonable to perhaps consider that the sp is being controlled to keep the value of Copl America at a very low level?
At some point in the near future we will have Cuda and a RBL.
As part of the restructure we will pay off the Wonga lender, buy out the oil hedge and pay off the bridging loan.
After this we have a minimum of 1500bopd unhedged.
gross based on wti @$100 that's $54,75,000 pa.
It has been painfully slow but we know what is coming
Atb