The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
To a certain point Anavio are in the driving seat in terms of what happens to copl.
If they decide to look for takeover bids they won’t be able to rely solely on their percentage to get it over the line.
Any price per share would have to be ok with AM and us Pi’s.
What this price is who knows but at the moment if someone offered me 50p a share I’d take it
Morning
Can’t see copl going bust as the senior lender and cornerstone bh have too much to loose.
Cast your mind back to Cuda’s senior lender they list millions.
We are surely on the cusp of production covering costs so for our senior supporters letting this go to the wall just doesn’t stand right.
If we need working capital to see us over the line the cbh would support us.
Atb
Artemi5
Nice posts
I thought I new most things about Art but not that he had been a registrar.
Best thing in the last rna was the cornerstone investor is still on board.
Ok we may need another hand out but ultimately the fields will come good hopefully with the jvp.
With big oil companies having money coming out of there ears I am hoping that they will make copl and offer that we can’t refuse.
In order to avoid any share holder issues I’m think £1 per share.
After all we are producing circa 40k boo per month. If it wasn’t for the senior loan we would be in profit
Atb
Wwa
The cash position at the end of June was 11.7m and at the end of September it was 5.6m
Say we burnt 6.1m over 3 months say 2m per month
We needed to raise in January we were in default of the senior loan so sub 2.5m
4m was injected in Jan.
I hope that the costly work to upgrading the field has been completed so the cash burn should reduce.
Our expenditure now seems to be the re completions at cc. One per month at say 400k
I think the loan repayment is around 1m per month.
It thinks remain as they are I estimate our cash burn to be around 1.5 to 2m per month
Coyb
Good time to play those across the park
Morning Bolton
Not much better in St Helens
I was wondering if the end of the month could be significant.
I feel the work on the infrastructure must start to feed through in terms of increased production.
Perhaps we are starting to see this coming through from now.
CC is exciting even if we only get 100bopd from each recompletion it will be great for cash flow.
Atb
I hope one of the oilers on here can explain things
But it sounds great
plus
Arthur Millholland, President and CEO Commented: "The results from the Frontier 1 11-27 recompletion is a game changer for our Company as the defined oil-bearing reservoir currently covers a large area at Cole Creek with evidence it extends further down dip on the east flank of the anticline.
I think Copl were sailing very close to being in default of the senior loan so Arthur has had an injection of cash to stop the default.
Copls cash burn being as it is, it is positive that he has only borrowed $4m which implies to me he must be every positive about agreeing a term sheet for the rbl
I think we will get a lump sum payment up front say $60m and 30% net revenue from what comes out of the ground.
The jv will pay for the exploration
$60m will be peanuts for a big player.
I am not sure if swp has the manpower so the jv partner could bring their own team in.
Another thing I get the feeling that Arthur has a soft spot for CC. I could potentially see some form of buy out leaving Copl with CC.
Alb