Member Info for 1509

Wwa
As Art's middle name is sherman I will go for The Sherminator

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

Hi Lake
As i understand it the convertible bond is basically a loan and if not repaid the bond holder can convert to shares so until the conversion date the bond holder does not hold shares.

*they

Morning
Tiburn Have the acquired shares or just bought the convertible bonds and the right to exercise the warrants

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

Morning
I think Art must be bursting at the seams to give the market the news he has held back.
I would love a surprise rna sometime this week but practically I think it will be on 26 July for the LSE.
Atb

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

Next rna could it include Cuda and rbl?

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?

Drago
From one of the recent presentations I got the impression that because copl are in discussion regarding the rbl, AM and the gang are in a black out period.
Been NT on Hl for about an hour for £1500
Atb

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

Looks like well BFU 44-21V was off line for 5 days April and May production from this well 4198 and 2631

Nmike
Thanks for your insight.
It’s just dawned on me to be careful reading the dates on the forms as they put the month first.
Atb

Hi Jiff
Thanks for your posts

Morning,
Having a quick google about the grounds for objection following a ruling bu a Judge.
I had a thought that it may be based on the procedure which has been followed.
I came across this
"It is important to remember that a bankruptcy appeal will only be successful if there was wrongdoing or failure on the part of the bankruptcy judge."
If the above is correct and the Judge has done everything they should have then we could be in the clear.
I would have thought that procedurally this bankruptcy was straight forward so the chances of an objection must be very limited
Atb