George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Morning
NoEasy
Thanks for the link 6% above libor = dreamland.
This is copied from Vaalco's final results.
"Year-End 2021 Reserves
VAALCO's SEC proved reserves at December 31, 2021 were 11.2 MMBO, with 7.2 MMBO in proved developed reserves and 4.0 MMBO in proved undeveloped reserves. "
The company produce oil out of West Africa. If they can get a rbl on these reserves surely the prospects for copl getting a rbl are very good.
Any oilers our there how do you think Vaalco compare with Copl?
Alb
For me the good ship copl has managed to sail through the storm and is now entering much calmer waters.
It has decent revenue which can service its debt.
To raise the the finance along the way Art probably got the best deal he could and now we can take stock and have control of our own destiny
Compared to other companies out there not just o and g, Copl has now got everything going for it.
Cash to get the oil out of the ground, WTI at circa $110.
Revenue to service the debt.
RBL in the pipeline.
Huge potential 2p reserves.
Reliance on Butane reducing.
As a previous poster mentioned, am I missing something?
Art is a bit rogue but he has got us to this position and has appointed people to move us forward
Afternoon
Just watching the snooker Trump vs Williams best of 33 frames.
No spoilers but it is quite a match
I am being very boring - waiting for copl and moving money from trading account to isa.
HL let me down as the money on the settlement date came in after 4.30 so could not transfer the money to my isa and buy back in
My picks will be the same as last time.
Shares in issue pre cuda say 195m sp sitting around 30p mcap £58.5m
Post Cuda shares in issue say 245m sp around 20p Mcap £49m.
I see Cuda as adding great value and at the very least our Mcap should have increased.
Seems crazy with all the benefits CUda brings that our Mcap is so low
I appreciated that in the build up to the rna the sp took a hit but even so 30p pre placing looked comfortable
I am smarting like most PIs.
We bought Atomic for £54m (inc plant and machinary) when wti was say $40 at that time production by swp gross was 1,100 bpd 50% to copl 638bpd
Cuda bought for say say $20m wti $103 Gross production by swp published for Feb was say 1,600 bpd 27% to Cuda 432 bpd.
I know the percentages are more involved but the above is the basic information.
Can one of the heavy posters on here give their opinion on the accretive value to shareholders in terms of Atomic vs Cuda and the affect on the two now being combined
Alb
Morning
As far as I am aware FTI are allowing SWP to retain the money from the sale of Cuda’s oil in order in order to keep Cuda alive as a going concern.
Any profit made by SWP which is over and above that which SWP are entitled to I assume would be repaid to FTI
Morning
Yes seems to be positive
There seems to be so many stars aligning for copl, this statement by Biden is just another one.
With regard to a big fish coming in, CNOOC's usa interests may attract general interest which in turn may cause the big fish to take a closer look at copl.
On the cuda front each day that goes by they become more indebted to swp. I find it difficult to see if a small/mid cap company would have the stomach to take it on so I can only see copl or a bigger company buying it. If the latter would they really want to get into bed with AM?
I think there could be two outcomes copl buy out cuda and AM try his utmost to buy out CNOOC's interest or a major player comes in and takes over copl , cuda and CNOOC.
The next rna copl make in relation to cuda will be very interesting. If we don't get it then I think the possibility of a takeover will increase substantially.
Alb
Hi Jiddy
I think i just want to understand the mechanism for the process. I have been refreshing the courts calendar daily and now I find that it may not actually be shown on it.
If I can find out when FTI reported back to the court The time line for disclosing the winning bidder may become clearer.
The more information we can gather the better informed we will be.
If FTI only reported back to the court last week then we know that we are into at least a few weeks before AM can release any information.
Stas
I ended up finding an email address for a court in Colorado where judge Cathleen D. Parker also serves.
Her pa got back to me and gave me general information on the process after the order has been made and the receiver has reported back to the court with details of the sale.
It would be helpful if FTI would say if they have reported back to the court and if so when. If they have and no objections were received then we could have a formal decision imo 5/6 weeks after FTI made its submission.
I will email FTI on Monday to ask about reporting back to the court - not holding my breath that a get a constructive reply though
ALB
I have searched for an email address for the Bankruptcy court of Wyoming but have drawn a blank .
I messaged another court and it appears that once the sale is reported back to the court this is the process:-
"The motion to approve sale will go out on notice. If objections are filed, hearings are typically set about 3-4 weeks out. If no objections are filed, the parties can request an order from the court."
The upshot being that a hearing may not be held . If there are no objections it will not show on the Judges calendar.
The Judge will just approve the sale if I assume FTI request it.
If we can find out of FTI have reported back to the court then a decision may come out say within 5 /6 weeks of reporting back to the court.